Kevin McCoy minted his non-fungible token “Quantum” in 2014, long before the crypto art market exploded. A version of the first non-fungible token (NFT) ever created has been sold for $1.4 million.
Mike Winkelmann — the digital artist known as Beeple — sold one of his NFTs $69 million at Christie’s. The sale positions him “among the top three most valuable living artists,” according to the auction house.
Eminem made $1.8million from first ‘Shady Con’ NFT collection. The collection featured action figures and original instrumental beats.
There is one thing in common in these three NFTs. They’re all expensive.
Blockchain NFTs are making inroads to establish a dominant presence in the luxury sector.
Quite honestly, I saw this coming. Those with money got their money because they know how to invest and they do it early.
NFT is an early technology and only those who have the guts to bet will win it big. But I do not think NFT will be an elite club. When the market understands the technology and its potential and when NFT addresses some fundamental threats, adoption will be faster.
Here are some issues NFTs need to address:
1- Sustainable goods.
According to stats by NielsonIQ, 73% of millennials and 66% of global consumers will rather purchase sustainable goods. Smart brands have adopted the tokenization of physical assets, demonstrating transparency by allowing customers to see where products are sourced from, using blockchain technology.
This functionality gives people a transparent view of the entire process.
Fraudsters and Ponzi schemes flood cyberspace all the time. Pointpay and Fair Token Project are two projects that aim to capture front-running bots that scam investors and destroy projects.
Contracts that deploy the Fair Token Project’s FTPAntiBot will be able to identify malicious bots and prevent them from participating in trades.
3- Identity Verification
Identity verification is a problem that is currently plaguing the digital world. Until we find the correct methods that work for everyone, we will continue to lose clientele. Nobody wants to be called every time they log in or transact. We need to a more convenient way to verify our identity than having to wait for a 6-digit one time passcode without losing
We need a secure verification service to allow faster customer access while still blocking fraud.
If these 3 or of the most immediate problems are solved, NFT adoption will be faster and wider.
Luxury fashion brands are, in fact, waiting in the wings.
According to Vogue business, crypto billionaires not only support the sales of NFTs but rather see a great future ahead. Based on these findings, fashion brands have studied the odds and have seemingly taken a leap of faith to delve into this new way of doing business.
Gucci recently confessed that it’s “only a matter of time” before they release an NFT. It is most likely because fashion brands were slow to catch up with the goodies that came with Ecommerce, many are willing to embrace new technologies such as Blockchain NFT and come what may.
You should take a closer look at NFTs and examine how you can get in. Your financial advisor or business managers might have some inputs.
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