One-off experiences and unique moments in time can now be captured, exchanged and treasured, which is something that all brands could use to establish a much more permanent tie with their clients. Memorable items can increase customer loyalty. The key angle for brands here is to establish a new world of sale engagement and digital interaction with customers. Brands that are already using NFTs today allow users to acquire unique digital artworks and digital collectibles like albums, gig tickets, clothing, original forms of art and even unique experiences. If designed and marketed properly, various forms of creative works can be turned into collector items. Launching a few unique NFTs to test the waters could also be a good early adoption test. Collaborations with famous fashion designers and artists could be one way of tapping into this market. Up-and-coming brands in the fashion and art industries should follow along with NFT updates and other similar trends. NFTs bring democratization, decentralization and demystification of artwork and design pieces. In my opinion, NFTs will also impact advertising and digital storytelling, as consumers are increasingly more interested in stories behind the brands they buy.

NFTs could change the rules of this luxury game forever as they are meant to be timeless. In the past, second-hand markets struggled with attracting the most exquisite buyers and collectors. The creators of NFTs can receive royalties every time their creation is sold or changes hands. The recent Netflix documentary Made You Look on art fraud shows how important it is to have authentication in the art world. It is turning the art market into a stock market by selling fractions of paintings by famous artists. Masterworks has emerged as a new investment platform of iconic artworks. Abu Dhabi recently launched a new art platform called Hart, which allows artists to digitally tokenize and sell their artworks.

New digital platforms are emerging daily. Even art galleries are becoming more and more digital. The auction house recently sold a digital art collection for more than $17 million. Sotheby became one of the most recent established names in art to adopt NFTs. While in the past, transfers of ownership depended on intermediaries, trustworthy blockchain transactions will become automated. The concept of ownership is also changing. The future of NFTs will likely also be linked with virtual and augmented reality, and soon you will be able to view your rare collector piece like Raf Simons' parka in your own house. This is a clear spill-over effect from the digital into the physical world. The future of art and design is a highly hybrid future that mixes traditional physical expressions of originality and creativity with highly digitalized ways and means of selling art. Buyers can already purchase wearable NFTs modeled after digital designs. NFTs are like social assets that can offer customers a certain status, and they offer a new market for traders and investors. They acquire expensive items because they want to be part of the luxury culture, heritage and unique story that a certain brand has built. Customers will soon be able to create images of themselves wearing 3D clothing and then share them on social media.Īs all luxury brands know, customers do not buy yet another pair of expensive shoes or a handbag because they need it desperately. However, this mindset is changing rapidly as millennials, Gen-Z and generation alpha enter the luxury market. Until now, the idea of spending real money on virtual clothes was farfetched.

Luxury fashion companies like Gucci have already announced they are launching their own NFTs. When looking at specific garments, sneakers and streetwear have been among the first categories to adopt NFTs.

Abstract fashion art