Written In Partnership with Digital Nod
Non-fungible tokens, aka NFTs, are gradually becoming mainstream in the ever-expanding metaverse. As per BBC, the use of the acronym grew by 11,000% in 2021, while CNBC reported that trading in NFTs amplified by 21,000% in the same year. It seems there’s no looking back to this trend as brands across various industries are ready to hop on the bandwagon.
As per NFTs expert Nest Arcade, “the digital artwork is attracting brands to expand beyond traditional marketing mix. Whether it’s Coachella offering digital blooms to paid participants or Super Bowl turning tickets into collectible NFTs, 2022 so far has witnessed some of the most exciting ways brands have utilized NFTs to engage with audiences.” From Dolce & Gabbana to Coachella and Adidas, numerous brands are leveraging NFTs in their marketing campaigns.
Nest Arcade shares that this trend will only grow from here. “NFTs have struck a chord with the fashion industry, among many others. Renowned brands are selling their clothing as non-fungible tokens besides participating in virtual fashion weeks,” he adds.
Companies like Adidas have expanded their brand strategy into the metaverse. “Their collaborations with Bored Ape Yacht Club (BAYC) and Punks Comic are the baby steps towards their mega plan to influence the metaverse,” says Nest Arcade.
Besides attracting brands, NFTs have become a dependable medium for artists worldwide. Today digital artwork is selling in millions on NFT platforms, and artists receive royalties every time their art exchanges hands. Nest Arcade believes that “the NFT world has rewarded artists like never before. Artists consider NFTs as the future of their craft.” Talking about virtual real estate, Nest Arcade reveals that the NFT ecosystem is also witnessing massive sales of lands on platforms like Decentraland and The Sandbox. Creators on these platforms offer immersive experiences to audiences that span from mazes to colonies on planet Mars.
Lastly, NFTs and crypto tokens across the globe thrive on the foundation of a young active community. NFTs are proving to be more than just hype. “The real users behind these digital assets are leaving no stone unturned to make their projects a super success. With the #WAGMI spirit felt unanimous in its communities, the future of NFTs looks bright and surreal,” elucidates Nest Arcade.
In a nutshell, NFTs continue to innovate the metaverse and touch our lives in several ways. The hypergrowth of NFTs is poised to prosper in the coming years. It’s a tsunami that will take over the metaverse and build it block by block.
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