Web3 and NFTs will continue to evolve for creating new marketplaces

The NFT Marketplace has exploded into the mainstream recently. This is because of incredible blockchain technology that promises to remake the internet and redefine how people think about ownership. The fact is NFT has the technology that existed then can seamlessly and flawlessly track authenticity and provenance in a decentralized, tamperproof manner. All this talk about Web3 can be a little disconcerting. After all, most of us are still adjusting to the new socio-political reality that social media created, so the thought of a new version of the internet can be overwhelming.

Whereas, the NFTs shift the crypto paradigm by making each token unique and irreplaceable and thereby making it impossible for one non-fungible token to be equal to another. This is because they are digital representations of assets and have been likened to digital passports because each token contains a unique and non-transferable identity to distinguish it from other tokens. The world of crypto-bros and digital creators is no longer limited to non-fungible tokens. Luxury brands are also joining the fray by 2022. Taking advantage of the value NFT ownership provides as well as the technological innovation they offer, a growing number of brands are partnering with market-places, crypto-artists, and other NFT-experts.

Web3 is a world-changing opportunity to make a better version of the internet and wrest it away from the behemoths who control it today. Web3 will make some people a lot of money. But many other people will lose their shirts on it. At the same time, NFTs are valued by market demand, and their individuality often drives this value higher. It’s the same principle the luxury industry uses, such as Hermès’ limited edition Birkin bags that drive a frenzy about obtaining them. So much buzz is being generated around their potential explosive combination partly because NFTs and luxury goods are both based on scarcity.

It is also worth exploring whether NFTs can help resolve some pain points in the luxury industry. In fact NFTs are like digital fingerprints like they are not a fad, they are the future and they will be ubiquitous in daily life, serving as concerts tickets, certificates of authenticity, guarantors of intellectual property rights, collectables, game passports, real life passports, and digital deeds. Going forward, Fashion will be a driving force in the NFTs, not only because of the fashion houses and designers themselves but also because of the many companies that will create resources for them. Finally, the marketplace for luxury goods could be dominated by metaverses, games, and NFTs by 2030.