boohooMAN shares thoughts on fashion brands and NFTs
boohooMAN has revealed its predictions for the future of non-fungible tokens (NFTs) and fashion retailers.
Rise at Seven recently created and launched an NFT collection for the pureplay.
And that was just the beginning, according to John McKinney, Head of Digital Marketing at boohooMAN.
He notes that over the past 12 months search demand for NFTs skyrocketed 9,900%.
The total sales volume for NFTs reached $22 billion in 2021, up from just $100 million in 2020. And the market shows no signs of slowing down.
However, boohooMAN noticed the current space is not financially accessible for the everyday consumer as the floor price of many branded NFT projects is considerably higher than the average monthly wage.
“That's why we wanted our collection to echo our brand ethos by combining cutting-edge design with an affordable price tag, ensuring that we are pushing boundaries to bring consumers the latest trends for less,” says McKinney.
“We launched a competition, which received tens of thousands of entries. Being the first affordable fashion brand to release NFTs, we have cemented ourselves as a leader in the future of digital fashion. But not only that, we have made the ownership of a limited edition NFT more accessible to a wider audience.”
In 2022 and beyond, we can expect NFTs to see increasing prominence within the fashion industry. As the world moves online, fashion will do the same.
“Digital fashion is a key area of interest for fashion retailers. In the near future we expect to see more physical garments available in digital form,” says McKinney.
“If fashion brands can smoothly integrate digital fashion pieces onto social media through custom filters and lenses, we will see an even greater uptake of the technology.”
“As we already know that Instagram and Twitter are developing new features to facilitate the use of NFTs, this is definitely a trend worth keeping an eye on.”
He concludes: “This is just the beginning for boohooMAN and other brands in our space."
