Summary: The article analyzes the growing use of NFTs by luxury and fashion brands, explaining their utility for revenue, experiences, and communities, key trends in the space, and profiling the top brands experimenting with NFTs.
Brands entering the NFT space:
- Big brands like Nike, Gucci, Dolce & Gabbana generating millions in NFT sales.
- Attracted by new revenue streams and marketing potential.
Utility of NFTs for fashion/luxury brands:
- Revenue driver - Nike made $120M+ from NFT sales.
- Create exclusive experiences and benefits.
- Build and engage communities.
Key trends and developments:
- Merging physical and digital fashion.
- Online fashion growth enables digital NFTs.
- NFTs becoming digital "consumables" with utility.
- Outreach to web3 natives still limited.
Top 10 fashion/luxury NFT projects:
- Nike x RTFKT, Gucci, Dolce & Gabbana, Adidas, Prada, etc.
- Leverage NFTs for marketing, events, fractional ownership.
- Not a fad but still early days, issues remain.
- Brands figuring out NFT utility for customers.
- Full article: