The volume of the market for non-fungible tokens (NFT) by 2030 may reach $300 billion. Of which $56 billion will relate to the luxury goods industry. A study by analysts at investment bank Morgan Stanley contained such estimates, writes CoinDesk.
Thus, manufacturers of premium goods will increase revenue through the development of NFT and metaverse gaming tokens. “These directions will allow owners of luxury brands to monetize intellectual property rights created over decades,” the experts explained.
As an example of “virtual and hybrid luxury goods”, analysts cited the sale of Dolce & Gabbana in October of the first NFT collection for 1885.719 ETH (about $5.65 million at the exchange rate at that time). The most expensive NFT was The Doge Crown – a crown with precious stones for 423.5 ETH (about $1.27 million). Some tokens contained physical clothing or jewelry. Furthermore, the buyer of the token was Red DAO, an organization for collecting clothes and accessories in digital form.
Increasing the target market volume by 10%
Other companies are also discussing possible cooperation with blockchain teams to implement similar initiatives.
According to Morgan Stanley calculations, thanks to new technologies, industry players will be able to increase the volume of the target market by 10%.
Moreover, profit before interest and taxes by 25%. The firm believes that this may increase the overall addressable market for the luxury industry by $10-20 billion.
Luxury brands releasing NFTs
The CEO and founder of the Neuno marketplace, Natalie Johnson, told the publication that the platform is working with five luxury fashion houses on the launch of NFT. “We want to be a universal 3D cabinet that connects to everything. For example, imagine that someone bought an iconic JLo Versace dress on our website,” Johnson said.
In March, the trading volume of NFTs on nine leading platforms exceeded $600 million. Leading NBA TopShots ($196.3 million), Nifty Gateway ($140.8 million) and OpenSea ($137.1 million).