What’s in store for NFTs after the hype? – Board of Innovation

Incorporating NFTs as a reaction to hype is not an illegitimate marketing approach. But, because we believe NFTs should be treated like any other digital tool, we know there are holistic ways to leverage their potential.

This is the value proposition of NFTs, and this is how they can meaningfully come into play in various industries. Whether they’re used to price digital assets, grant access to ownership rights, or even access real-world events, NFTs represent human identity through ownership in both worlds.  

Because of how flexible their applications are, the uses of NFTs can’t be limited by single-use cases. The many roles they could play will depend on how much traction they gain from any market’s key stakeholder: consumers. 

NFTs could be the first step towards a future where tangible products and their online versions are offered as one, completely disrupting the traditional user experience. Working as a binding agent between the real and the digital market space is one of the many possibilities of what the future holds for NFTs as next-generation digital tools.

As long as the digital reality impacts the physical world, we cannot separate the two. This impacts the role digital tools play in our personal lives, in consequence changing the market requirements of the services and products of tomorrow.

Because of their digital nature, the future use of NFTs is ‘up in the cloud’. But, there are current examples of how they are already being used to offer new consumer experiences. And the consumer goods sector is one of the spaces leveraging this idea. 

NFTs are already being used as sustainable solutions to fast fashion trends without compromising the essence of an industry – expressing identity through fashion. Companies like DRESSX provide zero waste solutions to meet the consumer demand of rapid-changing trends, and without costing retail consumers their value proposition. Recently, fashion megabrand H&M launched a digital clothing collection in collaboration with DRESSX, proving that not only boutique brands can play in this space.

This example outlines the potential of NFTs as tools that can lead to drawing parallels between the consumer space and all their possible applications, ultimately expanding the reach of businesses that use them in both – the digital, and the real world.