NFTs become physical experiences as brands bring in-store typing
Creating NFTs in physical locations could be the next big trend for brands entering Web3.
Analysis
Non-fungible tokens (NFTs) have taken the world by storm over the past year. Digital collectibles that were characterized only as CryptoKitties in 2017 have since evolved into famous works of art, digitized music, premium mode for the metaverse, and a way for communities to connect with others at worldwide.
Even with the current crypto bear market, recent findings from research firm Security.org found that NFT ownership has doubled over the past year, from around 4.6 million people to 9.3 million people. The report also revealed that while the vast majority of Americans are not ready to buy NFTs, approximately 16.3 million potential customers are likely to buy non-fungible tokens over the next 12 months.
Consumers experience NFTs with IRL mintsGiven the potential of NFTs, it's no surprise that a handful of retailers and brands are beginning to integrate non-fungible tokens into their product offerings. Although it has been proven by brands linking physical goods to digital NFTs, a handful of retailers are now integrating NFT technology into physical stores.
This was recently demonstrated by the Italian luxury brand Salvatore Ferragamo. Ferragamo's new concept store opened on June 24, 2022 in New York's Soho neighborhood, the day after NFT NYC concluded. From the outside, the Ferragamo store at 63 Greene Street looks ordinary, but once consumers step inside, they can experience Web3 first-hand through immersive shopping features.
Daniella Vitale, CEO of Ferragamo Nor...
Creating NFTs in physical locations could be the next big trend for brands entering Web3.
Analysis
Non-fungible tokens (NFTs) have taken the world by storm over the past year. Digital collectibles that were characterized only as CryptoKitties in 2017 have since evolved into famous works of art, digitized music, premium mode for the metaverse, and a way for communities to connect with others at worldwide.
Even with the current crypto bear market, recent findings from research firm Security.org found that NFT ownership has doubled over the past year, from around 4.6 million people to 9.3 million people. The report also revealed that while the vast majority of Americans are not ready to buy NFTs, approximately 16.3 million potential customers are likely to buy non-fungible tokens over the next 12 months.
Consumers experience NFTs with IRL mintsGiven the potential of NFTs, it's no surprise that a handful of retailers and brands are beginning to integrate non-fungible tokens into their product offerings. Although it has been proven by brands linking physical goods to digital NFTs, a handful of retailers are now integrating NFT technology into physical stores.
This was recently demonstrated by the Italian luxury brand Salvatore Ferragamo. Ferragamo's new concept store opened on June 24, 2022 in New York's Soho neighborhood, the day after NFT NYC concluded. From the outside, the Ferragamo store at 63 Greene Street looks ordinary, but once consumers step inside, they can experience Web3 first-hand through immersive shopping features.
Daniella Vitale, CEO of Ferragamo Nor...
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