Because of developing technologies such as blockchain and non-fungible tokens, the fashion industry is undergoing a historic upheaval. Many luxury brands, like Gucci, Dolce & Gabbana, Tiffany & Co., Moncler, and Burberry, have already entered the NFT competition. Gucci created the 10KTF Gucci Grail series in collaboration with digital artisans Wagmi-san and Alessandro Michele. Moncler’s first NFT is a recreation of Antoni Tudisco’s new Moncler Maya 70 jacket. In 2022, the number of users on OpenSea, the largest NFT marketplace by volume, decreased dramatically. This has had a significant influence on NFT sales.
Related post: Luxury brands recognize potential lying in the metaverse
With the recent ETH price drop and falling demand, the floor prices of several NFT sets have fallen considerably below the mint pricing. Despite the price decline, many luxury manufacturers regard the NFT market as an important component of their company. Despite the drop in interest, Morgan Stanley predicts that the metaverse, gaming, and new financial technologies (NFT) sectors might account for 10% of the luxury goods market by 2030.
