Non-fungible tokens — aka NFTs — are no longer reserved for the circles of crypto-bros and digital creators. In 2022, household luxury names are getting involved, too. Finding security by collaborating with those who know the space best, a growing number of brands are partnering with marketplaces, crypto-artists, and other NFT-experts to utilize the value of ownership that NFTs provide and the technological innovation they convey.
But does anyone actually know the most reliable strategy to implement? As CEO and founder of Brand New Vision, Richard Hobbs, said: “A lot of brands are doing something, but not all of them have a long-term vision because, well, who can? This world didn't exist a year ago. So, everybody just knows that it's going to happen, and it will be big.”
Outlining just how far luxury crypto-collaboration has come in 2022, Jing Collabs & Drops’ latest market report, NFT Collaboration: Luxury’s Metaverse Opportunity, discusses the realm's untapped potential while acknowledging the most successful practices already implemented. Through interviews with leading names in the space — from the likes of 3D virtual world Decentraland and digital fashion house The Fabricant to Prada and KnownOrigin — it explores how crucial collaboration is when entering Web3 as a luxury label.
This realm is literally a product of collaboration as crypto-billionaires and artists have physically created it, meaning it has an element of community that cannot be ignored by those wanting to benefit from it. “Brands have to work out how [NFTs] build value to their community,” explained The Fabricant’s head of content & strategy, Michaela Larosse. “The metaverse is about collective participation, collective ownership of spaces. It’s a completely new way of thinking about fashion and thinking about participation, and we've only just begun the story.”