Inside Retail: NFTs in fashion retail?
In this article for Inside Retail, Arnold Ma shares how NFTs can be used in retail.
He says that NFTs can act as a digital token for limited-edition products. Brands and retailers can issue/sell NFTs to loyal customers or competition winners. They can then use the NFTs to purchase the offline product. Customers can also keep NFTs as a piece of digital collectable attached to the offline product. This can generate more revenue opportunities and truly integrate O2O (online to offline).
Arnold also thinks that the popularity of NFTs could be its downfall likeing it to that of ICOs (Initial Coin Offering). Too many took advantage of the concept, exploited trust, and tinted the concept of ICOs and blockchain in general.
Read the full (subscription) article here.