Apparel, luxury goods sector tops brands launching NFTs: Report

10 Oct '22

2 min read

Pic: Shutterstock

More and more brands are jumping on the non-fungible token (NFT) bandwagon and major brands are creating their own NFT collections and some are entering the metaverse, according to a study by cryptocurrency data aggregator CoinGecko. Apparel and luxury goods outpaced all other industries, with 19 such brands out of 52 (36 per cent) launching NFTs since 2020.

An NFT is a unique digital identifier that cannot be copied, substituted or sub-divided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.

Apparel brands in the study include Louis Vuitton, Playboy, Dolce & Gabbana, Original Penguin, Givenchy, Adidas, Gucci, Gap, Balmain, Nike, Hublot, Bulgari, Burberry, Lacoste, Prada, Macy’s and Puma, CoinGecko said on its website.

Adidas fronts this sector with its ‘Adidas Originals into the Metaverse’ NFT collection, having a total trading volume of 47,000 ether (ETH) to date since its launch in December 2021.

Nike, Dolce & Gabbana and Gucci come after Adidas, with higher trading volumes amongst other brands in this sector.

Puma’s Nitro Token and Nitropass, and Tiffany & Co’s NFTiff collection are the latest launches by brands in the apparel and luxury goods industry in August this year.

The media industry takes second place, with 19 per cent of brands falling into this category. Beverages, food and staples retailing, entertainment, automobiles and personal products are industries with only four to five brands with their own NFT collection.

Some of the industries that have not explored nor dabbled with NFTs are health care, construction, utilities and real estate.

Fibre2Fashion News Desk (DS)

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