How do brands see NFTs during the crypto downturn?

Posted by osamudazai on August 5th, 2022

Exploring the web3 world has been the primary aim of brands since its emergence. Is it the Metaverse? Or the Non-Fungible Tokens or the Crypto-based payment methods? Everything seems interesting for brands that they wanted to include this new technology as they see it as a promising way to bring customer engagement. Of course, going with the technology indeed is the right and most preferred way to get to the customers. But do they have that audacity to do the same when they are in their downturn? NFT trading platforms have constant daily active wallets, which depict the active demand for the NFTs. Are NFTs worth the hype from luxury brands even during the crypto winter? Here is what is happening in the web3 circle.

Brands getting into web3.


Many brands went on the headlines for entering the web3 world. Meta, a.k.a Facebook, would be one among them for their mission of bringing Metaverse to billions of people in the world. Rather than that, the concept of NFT invited platforms like Instagram and YouTube on the mission of bringing NFTs or launching their own NFT trading platform. Following that, many clothing and accessories brands like Nike, Louis Vuitton, and more are few that took up NFTs to reach the customers better. 

Gucci went one step further and announced that they would accept cryptocurrency as a mode of payment. Today 70% of the Gucci Stores in the US accept over 10 different cryptos as payment, including the Ape coin, which is a recent addition. Gucci and Tiffany are announcing their dive into NFTs further. 

The Bottom Line

In a broader view, brands introducing their NFT projects or their announcement on taking up a particular cryptocurrency as a payment option is making their worth grow. This is contributing a lot to bringing up the market again to full swing. People indeed are keen on knowing and using new technologies. Web3 is in its too early stage to predict its future, but it indeed shows signs of being nascent thought.

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