Retailers are flocking to NFTs. Why?

As you’ve likely heard, the NFT hype cycle has gone nuclear in the last year.

While early use cases for brands seemed fuzzy, the retail sector seems to be figuring it out. Depending on the brand, different players are chasing different use cases for the emergent technology.

For instance:

• Gucci partnered with Superplastic, a global collectibles brand that creates animated celebrities, to release a limited series of digital and physical collectibles
• Nike acquired RTFKT, a virtual sneaker company that makes NFTs in a push to outfit the footwear of the metaverse
• Walmart filed patents to sell virtual goods in categories you might find on its shelves (e.g., electronics, appliances, and sporting equipment)

The takeaway?

Retail’s NFT gold rush is largely rooted in self-preservation.

Each brand wants to make sure if the metaverse does manifest, no one steals its existing value prop.