The NFT boom in 2021 finally got a slow down in June 2022. This June recorded a slow down in the NFT market in terms of sales and demand. The total sales volume went down to $1 billion, which was the lowest in the last 12 months. NFT trading platforms like Opensea are also facing a setback in their NFT sales. Yet there, a number of popular brands are coming out with their own NFT collections that are making a huge change in the market. How are brands contributing to the uplift of the NFT market?
Brands and NFTs!
You might wonder how brands can contribute to the uplift of the NFT market, which is nowhere related to blockchain. Can NFTs of popular brands cause a significant change in the market by just announcing their launch? You might be skeptical about this fact. Yet, many instances that came recently proved that there is a potential for NFTs to come up again with popular clothing, accessories, and footwear brands. Yes, you heard it right.
Tiffany which announced its NFT collection recently, the NFTiff created a buzz on several top NFT trading platforms. The NFT enthusiasts who own Cryptopunks can claim NFTiff. And every NFTiff holder can claim a custom-made pendant from Tiffany. This created a roar in the NFT market. The floor price of Cryptopunks increased around 9%, which took it to 74.69 ETH.
Not just this, Gucci announced that it would accept Ape coin cryptocurrency as a payment option. This made the value of the Ape coin rise up considerably in just a few hours of its announcement.
The bottom line
So this might have given you a clear answer on how popular brands are getting to the bottom with NFTs to reach their customers. They find this as a promising way to get a better customer experience and engagement.
