Why are luxury brands interested in NFT?
The drop in cryptocurrency prices hasn't hurt the top luxury brands, and they still accept digital assets.
While the bear market in crypto continues, it looks like the dominance of non-fungible tokens (NFTs) is here to stay among many luxury brands. High-end retailers such as Gucci and Tiffany are the latest brands to hop on the NFT train with their new offerings.
Gucci announced that ApeCoin will be accepted for payment in selected US stores. Tiffany & Co. also announced that it is launching collectible passes, which they call N-F-Tiffs. Additionally, only the elite group of people who own CryptoPunk NFTs can redeem these collectibles for a unique piece of jewelry.
"I'm hearing lots of brands are actually happy that the price speculation has fallen away," said Simon Taylor, head of strategy and content at crypto fraud prevention startup Sardine. "Brands that were concerned about being perceived as trying to make a quick buck are now less worried." "The recent launches show belief in the utility of NFTs to engage their consumers and customers to do new things in the digital world."
analyst opinion
The drop in cryptocurrency prices hasn't hurt the top luxury brands, and they still accept digital assets.
While the bear market in crypto continues, it looks like the dominance of non-fungible tokens (NFTs) is here to stay among many luxury brands. High-end retailers such as Gucci and Tiffany are the latest brands to hop on the NFT train with their new offerings.
Gucci announced that ApeCoin will be accepted for payment in selected US stores. Tiffany & Co. also announced that it is launching collectible passes, which they call N-F-Tiffs. Additionally, only the elite group of people who own CryptoPunk NFTs can redeem these collectibles for a unique piece of jewelry.
"I'm hearing lots of brands are actually happy that the price speculation has fallen away," said Simon Taylor, head of strategy and content at crypto fraud prevention startup Sardine. "Brands that were concerned about being perceived as trying to make a quick buck are now less worried." "The recent launches show belief in the utility of NFTs to engage their consumers and customers to do new things in the digital world."
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