NFTs are taking the world by storm and it seems like famous brands have recognized their value. According to available sources, luxury brand Gucci is all set to launch their own token.
Five other luxury fashion brands are also reportedly working on launching NFTs in collaboration with Neuno – a fashion collectibles platform built on Flow Blockchain developed by Dapper labs.
Non-Fungible Tokens are unique digital collectibles traded on the blockchain. They have become something of a phenomenon in the past few weeks with many mainstream and digital artists making millions off of them.
While NFTs are traditionally traded on Blockchain, Neuno CEO Natalie Johnson has announced that customers can also use credit cards to buy them, making the transactions much easier.
NFTs are making even more noise than cryptocurrencies at the moment. Last month, Crypto.com launched a platform, taking megastars like Snoop Dogg on board.
In another interesting development, a Jewish American couple exchanged NFT tokens instead of rings for their marriage last week.
The subsector is helping digital artists make millions, they are also solving major issues of art theft and fraud. Once on the blockchain, no one can take away the ownership of an artwork from its original artist.
NFTs have made a lot of waves recently but not everyone is happy with the latest blockchain trend. Many have pointed to the adverse impact they can have on the environment while others have called it a dangerous trap.