NFTs are dead…long live the digital collectibles!
The general public discovered NFTs just 1 year ago and yet this word will be replaced in the next few months by “digital collectibles”.
The term NFT presented several difficulties. First, “NFT” is an acronym. Secondly, 2 out of 3 words in this acronym are unfamiliar: Non Fungible Token. Digital collectibles can be understood in one reading. To facilitate the adoption by the general public of NFT, brands are already starting to use this term, for example Nike with its web3 marketplace of digital collectibles “.SWOOSH”.
This change will have a significant impact on future digital collectibles initiatives in the fashion and luxury industry. To better understand this trend, I have reworked Gartner’s famous “Hype Cycle” by transposing it to the NFT initiatives of fashion and luxury brands from 2021: “Hype Cycle for NFT in fashion & luxury “.
By 2021 D&G, adidas and Nike have positioned themselves ahead of the curve in the NFT ecosystem. Shortly after the January 2022 OpenSea transaction volume peak, Gucci, Prada, Lacoste and Tiffany initiated their collections. At that time, the NFT collections that generated the most transaction volume were the profile picture avatars: the famous PFP collections (CryptoPunks, Bored Ape Yacht Club, CloneX)
As PFP collections are fading, the most important thing for brands is still to create a link with physical products and offer an innovative and digital first customer experience: this is the beginning of digital collectibles!
Curious to have your opinions on this “Hype Cycle for NFT in fashion & luxury” 👀
