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MGR eCommerce Edge Weekly | March 24, 2021
Top News This Week
NFTs May Take Over the Fashion World
If you’re into fashion culture, you’ll know that everything is based around exclusive drops, collections, and collaborations. Fashion brands thrive off the idea that an item is available for a short amount of time and then gone forever, in this sense NFTs are a perfect match.
It’s already started with sneakers, and is certainly going to become more common. RFTK studios, a pioneer in the space, has already sold $3.1 million worth of sneaker NFTs, proving many skeptics wrong and catching the eyes of industry titans like Nike.
Another key problem that NFTs solve for in fashion is counterfeiting. By creating a unique identifier for each piece in a collection or drop, and having that identifier correspond to a blockchain ledger, it allows anyone who buys on the resale market to verify that the item is real.
The biggest challenge will be educating the general consumer on what NFTs are and why pairing them with items is superior to just selling products the traditional way. As is true with all new technology their will be critics and early adopters, but in the long term NFTs are here to stay.
Other Notable Links:
1. Jay Z sells 50% of his Champagne brand to LVMH – WALL STREET JOURNAL
2. Youtuber Logan Paul sells $5 million worth of NFTs – COIN TELEGRAPH
3. Should hotels be in the subscription business? – INSIDE HOOK