The Problem
- 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.
- 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.
Last modified 5mo ago