Experts Believe Top Brands Will Push NFT Adoption In 2023

Market trend analysts see top brands pushing NFT adoption in 2023 as they look for new revenue avenues. Forrester, a corporate growth consulting firm, believes NFTs will serve as a critical touchpoint for brands in the new digital universe.

Thus, the likes of Nike, Gucci, Samsung, Nickelodeon, and the rest should build on their 2022 efforts. It’s a move geared towards freshening their brands, attracting new revenue streams, and positioning themselves in the metaverse.

So far, a few brands have come up with exclusive privileges for their Web3 clients. Some of these privileges include financial incentives and bragging rights. Starbucks is a good example of this with their NFT-based loyalty program. Holders of the NFTs have access to real-world rewards.

Another giant leaning on NFTs to grow its revenue is Nickelodeon. The entertainment giant is betting on attracting old fans to its Recur Forever Inc. NFT platform through nostalgic Rugrats profile pictures.

The likes of Nike and Adidas have also taken to the metaverse concept and see the potential. To position themselves in the upcoming digital universe, they are offering a futuristic hybrid model. One where physical merchandise owners can kit their avatars with the same gear.

The Bear Market Has Done Little To Dampen NFT Adoption

The metaverse has become something of a buzzword in the NFT space, but it has yet to be fully defined. However, there exists a rough idea of what this digital universe will look like once it is fully conceptualized and built.

Matthew Ball, a venture capitalist, in his book, The Metaverse, defines the space as

“a massively scaled and interoperable network of real-time rendered 3D virtual worlds that can be experienced asynchronously and persistently by an effectively unlimited number of users with an individual sense of presence and with continuity of data, such as identity, history, entitlements, objects, communications, and payments.”

The bear market might have hit the NFT space hard; however, experts see tremendous growth in 2023. The latest NFT.NYC conference offered a glimpse of what brands are doing to stay ahead in this space. Many have Web3 plans that stretch into the future.

Author

  • Basil Kimathi

    Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating fintech content for various media outlets around the globe. His work has been published on top websites such as usethebitcoin.com, European Blockchain Convention, NFTNewsToday, coinjournal.net, coinlist.me, and many others. When not thinking about disruptive technologies, Basil is busy exploring the outdoors.