What are they and what are their applications in the metaverse

NFTs are digital and unique goods that have established a method to convey exclusivity and brand essence. Cryptoart is a new way of collecting art that, thanks to Blockchain technology, allows interior designers, designers and brands to exhibit and sell their work on marketplaces in real time. By holding copyright, artists will also receive royalties from secondary sales of their NFTs. Just as there is only one Da Vinci Gioconda, each NFT is a singular element in itself. And, although it can be copied, the owner has a certificate of authenticity that grants him the rights of acquisition.

NFT's manage to transfer the authenticity of the analog world to the digital world. A great opportunity to commercialise the design.

Conversion funnel optimisation

Apart from trading goods, NFTs can be used to encourage users to consume content or products, such as exclusive events or access to digital or physical platforms.

Protection of intellectual property

Large wine brands such as the Californian winery, Yao Family Wines, use the NFT Blockchain technology as an anti-piracy system and thus corroborate the denomination of origin of their wines.

Success stories in the metaverse

From historic fashion houses to premium beverages; luxury brands lead the emerging economy of the metaverse.

An example of this is the Collezione Genesi, an exclusive collection of Dolce & Gabbana, which had digital and physical pieces. Last September they were auctioned and the equivalent in cryptocurrency of 6 million euros was raised for the digital version, exceeding the total value of the physical collection.

Ralph Lauren, Jacob & Co., Adidas and Prada are other examples of luxury brands that have sold the digital versions of their products in the metaverse for a higher value than their physical version.