NFTs Are Making Waves in Luxury Brands? Marketing Strategy
Luxury brands seek to present fashion in every form possible such and NFTs represent a new way of conceptualising fashion's role.
The post NFTs Are Making Waves in Luxury Brands? Marketing Strategy appeared first on LUXUO.
Image: Prada
Some luxury brands are releasing exclusive editions of digital wearables and ?digital twins? as non-fungible tokens (NFTs) collectables to open up new revenue streams, build brand loyalty or raise money to give back to society. Others use them to boost their branding, tell a story or reach new audiences. While NFTs started to gain traction in 2021, it only became popular in 2022 and a key player in the trillion-dollar marketing industry. Marketers are increasingly creating distinctive brand experiences and awareness to encourage more interaction within the popular market of NFTs.
Luxury Brand?s Digital Twin To Promote Community Building
In the fashion industry, counterfeits are a big problem around the globe. Luxury labels lost US$98 billion worth of sales to counterfeits in 2021 alone. These losses could potentially damage any luxury brand?s profit growth and reputation. This is one reason companies are looking towards technology, specifically NFTs to decrease losses and retain consumers. Another significant reason is the popularity of the NFT market, which luxury brands could potentially tap on to improve their marketing efforts.
Image: Cointribune
Although being competitors, luxury brand conglomerate Louis Vuitton Moët Hen...
The post NFTs Are Making Waves in Luxury Brands? Marketing Strategy appeared first on LUXUO.
Image: Prada
Some luxury brands are releasing exclusive editions of digital wearables and ?digital twins? as non-fungible tokens (NFTs) collectables to open up new revenue streams, build brand loyalty or raise money to give back to society. Others use them to boost their branding, tell a story or reach new audiences. While NFTs started to gain traction in 2021, it only became popular in 2022 and a key player in the trillion-dollar marketing industry. Marketers are increasingly creating distinctive brand experiences and awareness to encourage more interaction within the popular market of NFTs.
Luxury Brand?s Digital Twin To Promote Community Building
In the fashion industry, counterfeits are a big problem around the globe. Luxury labels lost US$98 billion worth of sales to counterfeits in 2021 alone. These losses could potentially damage any luxury brand?s profit growth and reputation. This is one reason companies are looking towards technology, specifically NFTs to decrease losses and retain consumers. Another significant reason is the popularity of the NFT market, which luxury brands could potentially tap on to improve their marketing efforts.
Image: Cointribune
Although being competitors, luxury brand conglomerate Louis Vuitton Moët Hen...
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