The Problem
Technology Barrier
There is a lack of understanding for both brands, creators and consumers when it comes to Digital Collectibles (NFTs) which create barriers to entry for the mass market.
The majority of NFTs are focused purely on digital art with a disconnect from physical goods.
NFTs are mainly purchased on NFT marketplaces which are often complicated, and used predominantly by crypto natives.
There is a significant lack of automation in the process of connecting digital collectibles with their physical item, and the process of transferring it to the buyer.
NFTs are mainly sold via dedicated NFT marketplaces which are separate from the brands website or eCommerce store.
Counterfeit Goods
Luxury goods remain among the most popular product categories for counterfeit goods, sold both online and in physical marketplaces.
Counterfeiting is a highly lucrative activity for the criminal networks involved, which reap large profits while running relatively few risks.
Fake products and merchandise caused significant losses to businesses, as well as damaging the brand itself.
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