The NFT as a proper technology and implementation has now become something to be jealous of
•NFTs have become one of the hottest trends from the world of crypto to go mainstream, drawing heavy attention from the art world, luxury brands, and celebrities and other public figures.
• Ledger’s Chief Experience Officer Ian Rogers and RTFKT Studios co-founder Benoit Pagotto discussed the intersection between luxury and NFTs.
- According to Rogers, big name brands will want to get in on NFTs because they provide more value than physical goods alone. He predicts that this will happen much more quickly than when consumers demanded digital music in the late 1990s.
- Pagotto believes that luxury brands have an opportunity to capitalize on NFTs because of their legacy and history. However, he thinks they will struggle because they are not as connected as new brands like RTFKT to young talent and cultures that understand crypto-culture.
NFTs, or non-fungible tokens, have become one of the hottest trends from the world of crypto to go mainstream, drawing heavy attention from the art world, luxury brands, and celebrities and other public figures. Ledger’s Chief Experience Officer Ian Rogers and RTFKT Studios co-founder Benoit Pagotto recently discussed the intersection between luxury and NFTs in a recent podcast.
According to Rogers, big name brands will want to get in on NFTs because they provide more value than physical goods alone. He cites examples like NBA Top Shot — where people are paying huge amounts for digital basketball cards — as proof that NFTs are here to stay. He predicts that this movement will happen much more quickly than when consumers demanded digital music in the late 1990s because everything is moving faster now.
Pagotto believes that luxury brands have an opportunity to capitalize on NFTs because of their legacy and history. Customers could use them as a way of validating their purchase decisions by knowing they own something from a trusted name brand. However, he thinks these traditional brands may struggle because they are not as connected as new brands like RTFKT to young talents and cultures that understand crypto-culture. In order for luxury brands to benefit from this trend they will need to find ways of connecting with this demographic in order to tap into their enthusiasm for NFTs.
NFTs have many possibilities
The possibilities for how luxury brands can use NFTs are only beginning to be explored. Luxury goods companies could tokenize rare items such as limited edition pieces or special collections with unique attributes or stories attached in order to create digital collectibles which would be suitable for reselling on secondary markets or keeping private collections stored away safely on blockchain networks while retaining full ownership rights over the tokens. For example, watches could be ‘tokenized’ at different price points allowing customers who may not be able to afford a real watch but can still obtain some form of ownership over it through an NFT token which reflects its value accordingly on secondary markets if resold later down the line.
NFT technology also offers new avenues for customizing products with exclusive designs or limited editions which could then be tradable amongst customers who wish to trade or auction off their prized possessions securely using blockchain platforms. This would give customers greater options when it comes to personalizing their items with unique designs or stories whilst ensuring that all transactions remain secure and transparent due to being tracked publicly on blockchain networks such as Ethereum or EOSIO blockchains.
As we continue exploring how NFT technology can revolutionize the world of luxury goods, it’s clear that there is huge potential waiting to be unlocked by both traditional and new age brands alike in this emerging market sector. With creative marketing strategies already being developed by leading companies such as Louis Vuitton who recently announced its collaboration with artists Kaws & Assume Vivid Astro Focus (AVAF) launching an exclusive collection of six figurines which were made available exclusively through OpenSea auctions — we are only just scratching the surface when it comes understanding how revolutionary non-fungible tokens can truly be for companies across all industries including luxury goods businesses who wish access such technologies without having pay exorbitant fees associated with expensive consultants or developers working on complex projects behind closed doors!