In addition, companies like RTFKT or PlattformE offer NFT
Posted: Tue Jan 07, 2025 4:14 am
Over the past year, sales of digital products with NFTs attached have skyrocketed. Morgan Stanley estimates, for example, that NFTs will account for 10% of the luxury market by 2030.
By leveraging NFTs, luxury brands can create fully customized items. The first virtual sweatshirt from the Overprized brand was sold on BlockParty for a whopping $26,000.
owners the opportunity to ge croatia number data their hands on analog versions of their digital possessions by relying on flexible production processes such as 3D printing. The flexibility embedded in such processes allows for the possibility of manufacturing products on demand when the user has already had the opportunity to try them out in the digital world, thus eliminating in one fell swoop the problem of excess stock, which is particularly poisonous in the fashion industry.
Ingredient 2: Exclusivity
In the digital world, we can present ourselves as we wish (and change the personalities we create there with great speed). Some luxury brands are already exploiting the opportunity that all this represents. Balenciaga, for example, has developed a virtual fashion collection in Fortnite , and Burberry is experimenting with NFTs in the video game Blankos Block Party.
The trading platform DMarket estimates that the market for virtual fashion and in-game purchases can generate sales of around 40 billion dollars a year. By wearing certain clothes, the user can project a certain identity or a specific status on digital platforms, and this definitely increases the value of products of a digital nature.
It should be noted, however, that digital items are not only growing in the gaming world. Online communities such as Bored Ape Yacht Club or Pudgy Penguins are also gaining popularity among collectors of digital products. Membership in these communities is acquired by purchasing an NFT linked to an image, and the tokens are the gateway to purchasing digital products that are the coveted object of desire of collectors.
By leveraging NFTs, luxury brands can create fully customized items. The first virtual sweatshirt from the Overprized brand was sold on BlockParty for a whopping $26,000.
owners the opportunity to ge croatia number data their hands on analog versions of their digital possessions by relying on flexible production processes such as 3D printing. The flexibility embedded in such processes allows for the possibility of manufacturing products on demand when the user has already had the opportunity to try them out in the digital world, thus eliminating in one fell swoop the problem of excess stock, which is particularly poisonous in the fashion industry.
Ingredient 2: Exclusivity
In the digital world, we can present ourselves as we wish (and change the personalities we create there with great speed). Some luxury brands are already exploiting the opportunity that all this represents. Balenciaga, for example, has developed a virtual fashion collection in Fortnite , and Burberry is experimenting with NFTs in the video game Blankos Block Party.
The trading platform DMarket estimates that the market for virtual fashion and in-game purchases can generate sales of around 40 billion dollars a year. By wearing certain clothes, the user can project a certain identity or a specific status on digital platforms, and this definitely increases the value of products of a digital nature.
It should be noted, however, that digital items are not only growing in the gaming world. Online communities such as Bored Ape Yacht Club or Pudgy Penguins are also gaining popularity among collectors of digital products. Membership in these communities is acquired by purchasing an NFT linked to an image, and the tokens are the gateway to purchasing digital products that are the coveted object of desire of collectors.