The nonfungible token (NFT) market is hot right now, and the future forecasts that it will only be getting hotter. The creation of the Metaverse opens the gateway for NFT luxury brands to reach $56 billion by 2030. As the production of NFTs continues to create new forms of fashion consumption, more and more premium brands are jumping on this fast-moving train, investing in their new digital collectibles businesses. As more aspects of people’s lives are moving online, the demand for digital fashion and goods will increase significantly in the coming years.
The Metaverse, virtual spaces where people can interact with each other and with digital objects through personalized avatars, is a groundbreaking concept currently being developed and built. Yet, it still has a long way to go. Still, within this short time frame, the spaces that are available to us now create opportunities for luxury brands to benefit from digital collectibles and the rise of so-called “social gaming.”