Unlocking utility is key for fashion brands launching NFTs in 2022 By Cointelegraph

Unlocking utility is key for fashion brands launching NFTs in 2022

CryptocurrencyJan 02, 2022 04:00PM ET

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Unlocking utility is key for fashion brands launching NFTs in 2022

Nonfungible tokens, or NFTs, have become one of the most discussed markets in the crypto space this year. A recent report from Cointelegraph Research found that NFT sales are aiming for a $17.7 billion record by the end of 2021.

This may very well be the case, as a number of mainstream brands have begun launching NFTs. According to recent research from Bain & Company and the online luxury fashion platform Farfetch (NYSE:FTCH), digital interactions with consumers are becoming increasingly important for brands. The report specifically states that “digital interaction with peers is on the rise when choosing to purchase a product.” As such, nonfungible tokens tied directly to brands and their consumers are now more important than ever before.

"Bella the Penguin" from the Coach NFT collection. Source: VaynerNFT

Source: Pet Krewe

Andy Milonakis KWC NFT. Source: Mishka

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