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Newzoo: NFT companies will transform into luxury and lifestyle brands

Fashion brands will be “early winners” in the metaverse

In a new report from Newzoo, the firm has outlined the key trends that it expects to see in the metaverse and blockchain space in 2022.

The firm predicts that NFT companies will transition into luxury and lifestyle brands and that exposure from social media influencers will boost the reach of NFTs to the wider public.

For example, Newzoo points to the Bored Ape NFTs and its popularity amongst celebrities, such as rappers Snoop Dogg and Post Malone, who each have a large social media following and are advocates for the collection.

Newzoo believes that this echoes the luxury fashion industry in that exclusive NFTs can serve as “status symbols” to other like-minded individuals as well as the broader public.

Luxury goods

Following on from the previous point, another trend the firm expects to see is that fashion brands will be “early winners” in the metaverse.

The firm claims that as the brands can increase their audience reach and preserve the value of their real-world products, they are poised to succeed in the highly attractive metaverse markets.

This can be seen from the various partnerships fashion brands, such as Ralph Lauren and Nike, have had in Roblox, and the popularity of such collaborations. Metaverse platforms provide brand awareness that can be paired with the real-world products, allowing consumers to identify with the brands both virtually and in reality.

The full report from Newzoo can be read here.

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