NFTs in Retail
NFTs, aka non-fungible tokens, have created a major buzz in the art world. Despite the fact that they have existed since 2014, NFTs have only recently become popular. This is especially apparent when the industry experienced massive growth last year, especially in its third quarter, where trading hit approximately $10.7 billion. Hence, the NFT sector evolved from being a specialized area for technology and crypto enthusiasts to being more accessible to the masses.
Real World Examples of Retailers Utilizing NFTs
Examples of big brands or retailers stepping into the NFT space include Coca-Cola, Taco Bell, and Nike. Taco Bell, for instance, released its very own NFT collection last year in March. They also posted a tweet about selling taco-themed GIFs and pictures on an NFT marketplace, and demand for them at the time was high. They were able to sell all of them within half an hour, which highlighted the sheer potential they possess for the retail sector. On the other hand, Coca-Cola has also made its mark on the NFT landscape. Last year, in July, they were selling NFTs that were a part of a “loot box,” which was comprised of multiple items, like a Coca-Cola bubble jacket that can be worn by the avatars in Decentraland, a 3D virtual reality platform. That said, the company provided something that was a bit unique…
