NFTs have been making headlines, but they are more than their use-case trends.
Like many blockchain technologies, NFTs can be considered solutions in search of a problem. With behavioral design and consumer motivations driving the innovation space, we’re seeing a rising interest around which innovation challenges could be solved using NFTs. Here’s one take on it.
A take on the hype
The role of digital tools in a hybrid world
Tools for markets that service the consumers of the future
When the digital and physical world become one
H&M's digital fashion collection featuring Maisie Williams © H&M
As long as the digital reality impacts the physical world, we cannot separate the two. This impacts the role digital tools play in our personal lives, in consequence changing the market requirements of the services and products of tomorrow.
Because of their digital nature, the future use of NFTs is ‘up in the cloud’. But, there are current examples of how they are already being used to offer new consumer experiences. And the consumer goods sector is one of the spaces leveraging this idea.
NFTs are already being used as sustainable solutions to fast fashion trends without compromising the essence of an industry – expressing identity through fashion. Companies like DRESSX provide zero waste solutions to meet the consumer demand of rapid-changing trends, and without costing retail consumers their value proposition. Recently, fashion megabrand H&M launched a digital clothing collection in collaboration with DRESSX, proving that not only boutique brands can play in this space.
This example outlines the potential of NFTs as tools that can lead to drawing parallels between the consumer space and all their possible applications, ultimately expanding the reach of businesses that use them in both – the digital, and the real world.
Are NFTs a risk worth taking?
We took an informal temperature of our industry to see what innovators are thinking about NFTs.