NFTs Facilitate Metaverse Commerce — But Corporate Giants Might Spoil The Fun

The Non-Fungible Metaverse

In the physical world, many brands perceive the metaverse as a lucrative opportunity to expand their digital presence. Consumer-facing brands whose items serve exclusivity were some of the first to enter the metaverse leveraging NFTs’ counterfeit-proof properties. Nike acquired a virtual shoe maker RTFKT. Louis Vuitton, Balenciaga and Gucci have all embraced NFT technology to offer unique experiences. It is not just luxury brands marching in. Furniture brands like IKEA have been offering AR services to assist shoppers.

As digital merch business led by well-known brands make headlines, metaverse platforms rush to create spaces where they can display their products. A new metaverse platform SPACE, backed by Animoca Brands, Dapper Labs, Digital Currency Group and many others, is focused on the commerce side of the metaverse and enables users to easily design their own virtual spaces like shops, galleries and music halls with point of sale tools integrated. — Jessica Kang

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