2022.07.18
Beauty NFTs, challenges and opportunities
The metaverse is a buzzword across most industries, and it's driving discussion of long-term implications for society, the environment and business. NFTs, blockchain and cryptocurrencies represent a paradigm shift in beauty that will revolutionise manufacturing and consumer behaviour.
In this article, we explore the beauty opportunities connected to NFTs, the strategies and usages by the industry’s early adopters, and where beauty NFTs will go next.
Action points
1. Consider the environmental impact
NFTs can be energy- and carbon-intensive, hampering sustainability efforts elsewhere in operations. Take steps to reduce the impact by prioritising proof-of-stake systems and partnering with environmentally considered NFT platforms
2. Educate your audience
Ensure you are not launching NFTs on a cold audience by educating your customer base about their purpose. Breakdown the semantics and technical details simply, and emphasise the opportunities for creativity and engagement
3. Expand the applications
While NFT artworks are generating headlines, explore the possibilities elsewhere in your business, like supply chain transparency, proof of provenance, authentication and certification, to strengthen your sustainability claims and brand proposition
4. Tackle China separately
Chinese consumers are open to NFTs. Given the key differences in oversight, opportunities and cultural expectations, launches within China should be siloed from others to answer the specific demands of the market
Please refer to the attached file to read the whole article.
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- This material is based on articles published by WGSN.
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- Written by : CMI Team
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- Resource
https://www.wgsn.com/beauty/article/93587
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