We are witnessing a rapid rise of a new phenomenon in the digital world: non-fungible tokens, or as we call it “NFTs”.
NFTs are based on the same blockchain technology that runs cryptocurrencies, and they essentially represent ownership of unique digital assets like images, GIFS, videos, music etc.
Commercialising digital art through sale of unique ownership in the form of NFTs is a successful approach that allows brands to diversify their revenue streams and attract a new segment of consumers that believe in collecting exclusive ownerships.
The bulk of NFTs are utilised to commodify digital art productions, and they’re excellent for obtaining ownership of works like digital art, audio files, and video games.
It also simultaneously guarantees purchasers and collectors that they own a one-of-a-kind, unchangeable work of art while making their collections accessible to a wider audience, attracting new audiences who may not otherwise invest in conventional art.
NFTs in fashion and luxury can take many forms, including digital doubles, rare digital assets for the metaverse, and even a new range of digital collections.
Dolce and Gabbana recently offered an NFT line of nine garments and jewelry, valued at 6.6 million euros.
They become the proud proprietors of a work or an authentic item that cannot be replicated or falsified.
With thousands of unique digital art pieces available for sale online, it takes a lot of research and knowledge to find the correct NFT that can make you a ton of money.
NFT marketing will be necessary for the near future to boost sales of NFT collectables, and specialist NFT marketing organisations will provide services to build communities and boost sales.