NFTs: the missing link between physical and digital retail
What: NFTs are an application of blockchain that is entering and changing the fashion industry as we know it.
Why it is important: Brands such as LVMH and Nike are leading the way, innovatively implementing NFTs into their business models for the long run.
The global pandemic has accelerated trends, especially in terms of technology and transparency. Although many buzzwords are being thrown around, it is not very easy to understand how blockchain technologies, cryptocurrencies, and NFTs (non-fungible tokens) could impact the way businesses offer their products to consumers. The big question that arises now is do we need to act fast, or can we ride out this latest tech wave until it passes? In order to answer that, we first need to understand what exactly the technology offers and what opportunities have arisen since its inception.
IADS provides its members with a weekly in-depth analysis on retail-oriented topics. This is an example of the themes the Association regularly addresses, and the topic of an article from the IADS members-only newsletter date 12 May 2021.