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Need for brands to be in the NFT space. The digital trends are growing around the Non-fungible tokens (NFTs) space and it is becoming the talk of the town for brands to be present in this space. Brands are building campaigns across it to advertise. So let us see why marketers must tap into the metaverse in the coming future. According to eMarketer research, US Augmented Reality (AR) and Virtual Reality (VR) users will reach 110.3 million and 75.4 million respectively. This area is mostly covered by gaming brands. JP Morgan estimates that NFTs already have a total market value of $41 billion. In game, ad spending is set to reach $18.41 billion by 2027. Brands are trying to embrace it. Roblox hosted Gucci Garden, a place where visitors could try on and buy digital Gucci products to dress their avatars. Nike brought virtual sneaker designer RTFKT in December. Nike
also created Nikeland in Roblox. Adidas released it's Into The Metaverse collection of 30,000 NFTs, partnering with the Bored Ape Yacht Club. A few examples to add would be Dolce & Gabbana, Barbie/Balmain, Stella Artois, and McDonald's. The NFT can be anything that people want to own online. A few examples are Look Labs sold a digital perfume as an NFT, and The New York times has sold articles as NFTs. A strange YouTube video shows a man burning the original print 'Morons' by the famed street artist Banksy with a fire starter. The fire has destroyed the sculpture. The broadcast was organized by the 'Burnt Banksy' crypto-art collective, which lawfully purchased the print for $95,000 from a New York gallery before incinerating it. The remainder of the Banksy painting was sold for $380,000 as NFT.
According to emarketer, we can see that adult in Great Britain feel more favourable toward a company if it started offering NFTs. We can see that it's just the time and literacy of NFTs that are required to reach every person. The NFTs, or metaverse, are here to stay, and I believe it is gaining traction. Just as social media sites were new and people were just getting started in 2010, and now no one can stay away, the NFTs and Metaverse have a bright future. As a result, brands must be present and connected to this reality. Citation Boom, D. V. (2022, April 29). These Nike NFT 'Cryptokicks' sneakers sold for $130K . CNET. Retrieved May 25, 2022, from nike-nft-cryptokicks-sneakers-sold-for-130k/ Canaves, S. (2022, April 7). Analyst take: Brands Tap Into the power of nfts to explore new markets . Insider Intelligence. Retrieved May 25, 2022, from
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