TechInsight360

TechInsight360       Non-fungible tokens (NFTs) had gained widespread popularity among both brands as well as consumers. Many of the leading domestic and global luxury brands have launched NFT projects to better engage with their customers while driving the popularity of their brands in a tough and competitive market. Amid the surging popularity, leading tech giants have launched NFT marketplaces over the last two years, thereby allowing Chinese individuals to buy, sell, and trade their digital collectibles. However, unlike the rest of the world, buying NFTs using cryptocurrencies is prohibited in the country. Read More - Adaptation of NFTs by luxury brands in China While the Chinese government had banned cryptocurrencies, it has consistently shown interest in the NFT segment. The launch of a state-backed NFT marketplace is a testament to its interest. According to a report published by the Chinese official media source China Daily, the governmen...

  TechInsight360   As part of its strategy to move into the world of Web3 technologies, Starbucks has extended its rewards program to the blockchain. In December 2022, the popular coffee chain launched a beta version of its Odyssey program, combining customer rewards with non-fungible tokens and other gamified elements. The new initiative allows loyalty program members to earn a wide range of rewards and has therefore garnered strong interest from consumers. While the firm did not disclose how many of its customers have signed up for the waitlist or how many have been given access in the beta launch, the firm did announce that Starbucks has received unprecedented interest in its NFT-powered loyalty program . The firm first announced the experiential rewards program earlier in September. Built on the Layer-2 Ethereum scaling protocol, Polygon, Starbucks Odyssey introduces a new platform where members can engage with interactive activities known as Journeys. When completed m...

  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 lead...

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 int...