🎟Use Case (7SeaNFT) 👗👜👘
The concept of combining tokens with physical counterparts is being used to appeal to consumers all over the world. According to Morgan Stanley, the metaverse could generate an additional $50 billion in sales for the fashion and luxury goods industries by 2030.Previously, a product’s digital twin could only be created after the physical model was completed. Today, with NFTs, a digital twin can be created at any point in the manufacturing or sales cycle. For many brands, digital twins can help improve production decisions and choices. And test different aspects of a product design, like fit, shape, and color.
NFTs in the form of apparel have gained appeal as statement items avatars may wear when they mingle with friends, go to a concert, or attend a conference in the virtual world, in addition to becoming collectors.
“PR and advertising for fashion designers, artists, creators and influencers will be able to reach a spread level never seen before. A designer’s clothes could be seen worldwide, and not just in a random ad-buy post on social media, but worn by people — potential customers and influencers who purchase the digital skins.”
Virtual stores are the three-dimensional, navigable, branded digital replicas of physical locations. They are now being designed to provide the best of both the physical and virtual worlds, creating a third mode of shopping that is neither a store nor a website.
Access is granted by customers connecting their crypto wallets and verifying their ownership of designated membership NFTs, which then gives them access to the brand’s store (or a specific section of the store) which may contain exclusive collections, perks, and more. Part of the value of NFTs is their verifiability for authenticity. Thanks to technology, brands and creators are now able to sell NFTs to their communities and through verification of these digital assets, grant access to exclusive options. Now merchants like Seven Sea can even use these membership NFTs in their retail stores, verifying and selling using their point of sale systems
With a NFT membership program, the sky’s the limit for the perks and benefits members can receive. NFT based memberships are somehow same like Amazon Prime Memberships or any other membership except customers have a digital asset instead of a club card, VIP wristband, or membership pass on a lanyard. The membership model intrinsically gives brands countless opportunities to engage with and reward their most loyal customers.
For example, merchants could offer NFT membership holders:
- Access to exclusive products
- Discounts on select products
- Access to virtual events with founders, other NFT membership holders, or celebrities
- Behind-the-scenes access at an event
- Early access to limited edition products
- Access to gated or premium content
The future of the internet promises to return ownership to the individual, and complete control over one’s online identity has been a unique selling point of blockchain technology and the broader Web3 environment it is working to develop. And NFTs, especially utility NFTs, could play a significant role in that. Utility NFTs are one-of-a-kind digital assets that are present on the blockchain, just like any other NFT.
Access to premium material, unique events, exclusive offers, and more can be obtained with the help of utility NFTs. And if a creator creates one with governing authority, some or all control in a particular project is entrusted to a cooperative community via a token-based method, much like how DAOs, or decentralised autonomous organisations, operate.
Utility NFTs improve the idea of digital assets in any application by giving owners a stronger grip on their own belongings and identity in the developing Web3 environment.
NFT’s first use case was in digital arts and collectibles. Individuals can use NFTs to signify ownership of digital assets. This lessens piracy and guarantees that authors are fairly paid for their work. These items can range from digital art to physical goods like baseball cards and action figures. The most popular platform for buying and selling collectibles is probably OpenSea, which has a wide variety of items listed on its site. It will be interesting to see how the collectibles market develops as more people become interested in non fungible tokens.