Analysts predict that next-generation consumer brand interaction will be powered by NFTs in 2023, bringing new audiences to the metaverse.
The metaverse was the subject matter of the business world in 2021 and early 2022, as developers rushed to create it, companies sought to advertise there, and employers sought to interact virtually there.
According to a Forrester analysis, non-fungible tokens (NFTs) will likely be a significant brand touchpoint in the metaverse by 2023.
Although the metaverse concept is still evolving, 2023 will likely see a steady advancement of corporate metaverse goals, with companies such as Samsung, Nickelodeon, Gucci, and Nike building on 2022 initiatives to revitalize their brands and attract new revenue sources.
Forrester forecasts a great season for the metaverse and NFTs, which will keep the market cool in the face of economic decline. This will be a good thing in the long run because it will free up technology providers and businesses to focus on building the infrastructure and use cases that will propel the industry forward.
Jeff MacDonald, a director at the marketing firm Mekanism, stated at the 2022 NFT.NYC conference in New York City that companies are giving their Web3 users exclusive privileges in exchange for rewards or bragging rights.
Jeff MacDonald stated:
“They’re showing real-world examples of how, if you are a loyal customer, or if you buy into our product early, you’ll see an upside, whether the upside be financial, or bragging rights.”
Starbucks has already established a brand loyalty program based on NFTs that provides holders of coffee-based NFTs special rewards in the real world. Nike, a leading sports and leisure fashion brand, is embracing a cutting-edge hybrid approach that enables actual sneaker owners to style their characters with the same accessories.
Polygon, a Layer 2 Ethereum scaling solution that has proven to be a top choice for business applications, will aid in the widespread adoption of this approach in 2023.
Many NFT initiatives are now shifting their focus to virtual longevity, with years-long product roadmaps and plans to expand beyond digital-art collectibles.
If you would like to read more market analysis like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
