Luxury NFTs could become a $56 billion market by 2030 and could see 'dramatically' increased demand thanks to the metaverse, Morgan Stanley says
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Luxury NFTs could become a $56 billion market by 2030 and could see 'dramatically' increased demand thanks to the metaverse, Morgan Stanley says
"As more aspects of people's lives move to the internet, demand for digital fashion and luxury goods is set to increase dramatically," MS said.
markets.businessinsider.com
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Hell yeah bröther!
![Photograph Frog True frog Organism Finger]()
Meh, NFTs in it's current form, yeah may pop. But NFTs as a use case are real and here to stay. It has a real use case especially in fashion (Chanel, Nike, Adidas, etc. are working with NFTs) but also for industries like education (degrees). Stuff like crypto punks, BAYC, etc. are debatable, but even then, the popular ones will be here to stay for a while.
Very few understand the technology and applications of NFTs and they think it's just an image that others can "copy & paste" eliminating the use case. It's FAR from that.
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You seem to know this matter well. Can you tell me the purpose of an NFT and why people get them?
Right now? Mostly hype and social/status reasons.
In the near future? New channel for brands to communicate directly (1:1) with customers. You buy a Nike shoe, you get a digital "NFT" as well that you can save to your "digital wardrobe". You can then trade those digital items, gain exclusive access to brand events, giveaways, etc. What about taking that digital item into your favourite game?
There's a ton of social use cases like gaming, social media, music, etc.
However, there are also a lot of institutional uses. Ever heard about University degrees as NFTs? No more concern for damaged degrees, lost degrees, forged degrees, etc. Of course you can still have a paper degree framed on your wall, but what about framing the NFT in a digital wall frame? What if you're applying to Med School? Do you really have to wait days for your University/College to process your request to send that school your degree? Or would you rather the process be instant in that you can have your degree sent instantly on a Saturday night? There's a few patents already being applied for this specific use case.
The technology behind this space is remarkable and SO early. There are so many opportunities for entrepreneurs to dive deep in this industry and create the next wave of applications. A lot of people think crypto currencies = blockchain. This is simply not true. Crypto currencies are "currencies". The blockchain technology is real and will soon take over industries lagging in technological advance for so many years. What if you can get a mortgage/loan for your new house instantly on a Sunday afternoon? What if you can buy a house instantly? What if you can invest in real estate as a limited partner instantly AND in the safest way possible with NO opportunity for anyone to "game" the system. Real Estate + Blockchain is coming sooner than a lot of people realize.
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That sounds complicated. I've read in gaming they do NFT's so you can get exclusive skins, which is kinda cool. Can you tell me how it works for physical world not digital. Say I go buy luxury watches, luxury cars, or luxury yachts etc. how would an NFT work/apply in that case? Also for music, say I have a record label and I commission DJ's/Producers to make songs, how would an NFT work/apply in that case?
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AFAIK NFT's are a (digital) asset, it's not a currency where you can trade like Bitcoin.
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Hermès Sues Digital Artist Over His NFT 'MetaBirkin' Bag
'Birkins' for the digital age?
www.elle.com
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Invest in cyber security since this just opens the door for more digital theft/hacking of people's virtual assets.
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Thats actually a good idea.
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I see a trend with luxury NFT's. Birkin purse is just the beginning. Luxury watches as NFT's? Luxury jewellery as NFT's? Shoes as NFT's? Luxury cars as NFT's? Luxury yachts as NFT's? Private jets as NFT's? And so on. You get the picture.Hermès Sues Digital Artist Over His NFT 'MetaBirkin' Bag
'Birkins' for the digital age?
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Oh wait, you mean like the Frank Sinatra song, That’s Life......”Flying high in April and shot down in May”? But, then again, remember it continues.............“back on top in June”.
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