What Luxury Brands Need to Know About the NFT Market
The NFT market is a versatile and dynamic space in 2022. Having seen a plethora of various waves of trading in the last few years, we are now experiencing fresh new flows of NFT collections gaining traction, with a series of major brands taking part.
As luxury brands continue to test the waters and invest in their own variation of NFT drops and reveals, we continue to find that the major arenas of exchange — the marketplaces themselves — are the key to building a following and creating hype around projects, as that is where the majority of users migrate regardless of who or what collection is being minted.
The decentralized marketplace is the free space where collectives can thrive, and the marketplace is where brands will continue to put their attention going forward. Designer collections from Gucci, Lacoste, Fendi have all taken off and it is the prime season to build and release a name brand designer NFT — first study the winners, watch the volume, take note of the hype, and continue to develop a strong whitelist.
What do luxury brands need to know about the NFT market then if they wish to succeed?
The formula for winning is clear and it takes hustle and developing powerful, artful NFTs that contain utility. The LuxFi approach, having proven itself to be a changemaker in the space, is to offer real-world utility and allow users to do as they wish with their property. As NFT technology continues to develop and become more accessible to the masses, there will undoubtedly be manifold opportunities for name brand products to seamlessly add their work to the historical record of first-movers.
The market for NFTs is active and growing, albeit still coupled to the greater crypto environment, there will be a reckoning soon which will make it clear that luxury brand presence in the metaverse is non negotiable.
The market does not lie, and neither do verified authentic designer brand products. To take part in the NFT market, companies must utilize marketplaces like LuxFi and take an active role in the sales and minting processes, rewarding their clientele thoroughly. This is how major brands should approach the NFT market if they wish to succeed.
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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