If you are a fashion consumer, you’ve probably heard of NFTs, but how can you make your purchases with them? If so, you may be wondering how top brands like Nike and Prada are using NFTs to drive sales. In this article, we’ll take a look at some of the most notable NFT projects and how they are bringing NFTs into the mainstream.
This week, Prada is launching its second round of NFTs on the Ethereum network. The Prada x Cassius Hirst drop will include 100 of these NFTs. Each shirt will have a unique number that buyers will receive with the physical merchandise. The collection will also include a digital collectible, like pill capsules. The price will be in fiat currency, but the NFTs are free.
While NFTs are exciting, there are several risks associated with their use by big brands. They can take their brand off track and distract from its core business. Conversely, they can become a lucrative source of investment. If you are a progressive culture brand, there may be some ethical issues that come with the practice. Ultimately, a successful company will be wary of the risks associated with NFTs, and see them as a new revenue market.
NFTs have already gained momentum in the fashion industry. Nike has released a digital shoe, and other top brands have followed suit. Meanwhile, celebrities are releasing NFTs. The NFL and NBA joined in, leveraging their fanbase to create their own virtual collection. As NFTs become more mainstream, they are likely to merge with the metaverse. Moreover, it is likely that NFTs will merge with other virtual worlds.