TechInsight360

  TechInsight360 Luxury brands have turned out to be the early adopters of non-fungible tokens and metaverse technology globally. With both high-end fashion and non-fungible tokens operating on the model of exclusivity and scarcity, luxury brands have been highly receptive to the digital asset class. From Europe to China, many of the global leading luxury fashion brands have already launchedinnovative NFT and metaverse projects , and the trend is now catching up with players in the United States. Read More - Adaptation of NFTs by luxury brands in China ·        The Council of Fashion Designers of America (CFDA) has entered into a strategic partnership with The Sandbox for conducting an exhibition on the metaverse platform. As part of the exhibition, CFDA will present 60 American fashion looks from over the last 60 years to celebrate its 60 th -anniversary celebration. Along with the event, exclusive NFTs are also up for grabs from some of the leading fashion brands inthe United St

Even though the metaverse has not gained widespread interest among consumers around the world, the emerging technology continues to find its way into the business plan of many brands across industry verticals. Either through mergers and acquisitions or strategic alliances, many of the global leading brands are seeking to boost their presence in the emerging market, while seeking to capitalize on the potential growth opportunity presented by the metaverse industry . For instance, ·       In November 2022, Sony, an entertainment and electronics giant, announced that the firm has completed the acquisition of Beyond Sports. Notably, Beyond Sports specializes in producing 3D animation through real-world data. The acquisition is part of the firm's strategy to foray into the growing metaverse market. With Beyond Sports and other firms in its portfolio, Sony is looking to offer a metaverse experience for sports matches. Read More - Meta continues to push its way into the metaverse worl