© Reuters.
The future of NFTs in the fashion industry carries significant potential. This is because the segment is expanding in lock step with the wider NFT market.
Looking at growth over the past couple of years, the global NFT market size was estimated to be $15.54 billion in 2021. Current projections indicate that it is likely to reach the $231 billion valuation mark by 2030, mostly driven by the widespread adoption of NFTs.
Due to the combined potential of AR and NFTs, a collective of established footwear and apparel companies have been collaborating with digital fashion specialist agencies to help them tap into the space. The companies include Nike (NYSE:)’s RTFKT, Off-White and Adidas (OTC:).That said, the value of NFT wearables is dependent upon a range of factors, such as their rarity, desirability and popularity, among others.That said, the meteoric rise of NFTs in the past couple of years has allowed their utility to extend across various industries. While the first NFT was created in 2014, their popularity has risen exponentially since 2021, when demand for NFT art started to grow. And now, the fashion industry is embracing them due to the unique benefits that they offer.
Cointelegraph
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