The business that surrounds the sales and ownership of NFTs are rapidly expanding into very many industries. From finance to real estate to gaming.
The Metaverse is making the most of this tech to develop a next generation Financial space for the future. Experts say that over the next few years, NFTs will be considered a major storage of luxury and wealth.
Luxury-branded non-fungible tokens could become a $56 billion market by 2030 and could see “dramatically” increased demand thanks to the metaverse, Morgan Stanley said in a note published in November.
It is predicted that there is the potential to grow up to 240 billion dollars in the general NFT ecosystem. Of this more than 56 billion is expected to be luxury goods from popular luxury brands.
The demand for luxury (especially around fashion and lifestyle) is on the increase over the past few years and will continue as crypto keeps making multimillionaires.
These recent multimillionaires will rather be more inclined to store some of their luxury in the form of NFTs. They thus help increase the worth of the NFT ecosystem while being offered great value for their assets and wares in exchange.
Already in the metaverse, there has been a sale of real estate that are to be described as the luxury apartments of the metaverse world. They sell for up to millions of dollars in NFT.
This is also increasing the rapid adoption of the NFT as a means of exchange especially among the super rich who can afford such luxury.
Luxury Fashion brands are also starting to partner with blockchain company development to create luxury NFTs. It is also projected that in the metaverse, these luxury brands will be able to own stores that will then be available to provide their luxury items for sale as metaverse NFTs.
This would cover soft luxury brands especially those in high end fashion of clothes, leather and general accessories.
Luxury brands also have the opportunity to expose a different audience to their products. A vast majority of users of the blockchain technology are young and most haven’t been exposed to luxury fashion brands. Adopting the use of NFTs to represent their brands especially in the metaverse space will appeal to a younger audience allowing them to be more acquainted with the brands.
It is indeed correct to say that blockchain is the future. And it is here.
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