Blockchain technology has spawned a true revolution in the digital economy and way information is tracked. Its capacity for transparency and online verification in a decentralized way make it an ideal ally for traceability.
And this is precisely where the fashion and luxury industries have recently decided they have a say. About EUR30,000 million P was lost to counterfeiting in the industry through online sales of luxury imitation goods in 2017, estimates the Global Brand Counterfeiting Report.
The recent blurring of the boundaries between the physical and virtual worlds of Generation Z consumers, for example, who prefer twice as much to play video games than to consume entertainment videos (according to Deloitte) is exposing clear trends towards tokenization and the use of collectibles under the NFT format.
Morgan Stanley recently noted in a report that metaverse games and non-fungible tokens could represent a EUR50 billion revenue opportunity for the luxury market by 2030, or 10% of the total addressable market.
Dolce & Gabbana’s sale of nine NFTs for USD5.7 million last October shows the potential of virtual luxury goods, a promising segment in an NFT market expected to reach USD300 billion by 2030, as projected by Morgan Stanley.
NonFungible.com has pointed out in its Q2 2021 report that the growing sales and popularity of NFTs is currently reflected in more than 175,000 wallets generating a volume of just over USD750 million in the first half of the year.
In this context, Jigen presents itself as a viable option as part of a market revolution in the luxury and fashion goods market driven by the power of NFTs and blockchain technology, using metaverses as a gateway. Our goal: Build a bridge to the world of non-fungible tokens (NFTs) for fashion brands.
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