July 20, 2022

NFTs: The $44.2 Billion Market in 2021

If you're still on the fence about NFTs, it's time to get off. Non-fungible tokens aren't going anywhere and they're only going to become more popular in the years to come. In 2021, users sent more than $44.2 billion of cryptocurrency through NFT marketplaces, up from just $106 million in 2020, according to a report by blockchain analytics company Chainalysis. That's a pretty staggering number and it shows that NFTs are here to stay.

NFTs and the eCommerce industry

In the fashion sector, NFTs have a lot of promise. The fashion business has long been at the forefront of trends, and NFTs are no exception: 17% of companies included in the Vogue Business Index have already used NFTs in some way. So how will NFTs influence eCommerce in the fashion and apparel industry.

Ecommerce success is built on a strong foundation of community engagement. According to a 2022 report on the future of commerce, 40% of firms plan to develop more ways for customers to interact with them in 2022 and beyond. This is why it is no surprise the NFT community has garnered such strong ties to the fashion space.

BOH and our NFT work

At BOH we've already seen an overwhelming appetite within the NFT space for customized apparel and merchandise, and because we only produce the highest quality products with the option of purely sustainable fabrics, it means that NFT owners can scale their products through highly wearable, on-brand and design-focused goods.

The benefits of customized merchandise for this space are unparalleled. Merch enables customers to engage with your brand and develop deep and long-lasting relationships with one another through a strong community, which surrounds every successful NFT project. Customers are then incentivized to bring more people into the fold by having the financial power to claim your brand's digital collectibles.

If you have an NFT that you want to bring to life through merchandise and apparel, please get in touch at hello@badgeofhonour.com.au