Why Brands Still Care About NFTs #NFTBNB
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Despite a decline in NFT sales, brands continue to recognize the potential of NFTs.
Amidst a dip in NFT sales this year compared to the highs of summer 2021, brands like Casio and celebrities such as Caitlyn Jenner are demonstrating continued faith in the potential of digital collectibles.
Statistics show that NFT transactions are significantly lower this year. In addition, once valuable NFTs are now being sold for much less than what they were purchased for a few years ago.
For example, CryptoPunk #5822, which holds the record for the most expensive CryptoPunk sale, sold for 8,000 Ether in 2022, valued at around $23 million at the time.
On August 19, the NFT was transferred to an anonymous crypto wallet for an undisclosed amount. However, this downward trend hasn’t deterred everyone from engaging with NFTs.
Brands Embrace NFTs Despite Market Fluctuations #nftfuture
Despite declining interest in digital collectibles, brands continue to launch NFT collections.
The Japanese multinational electronics company Casio recently announced a collection of NFT sneakers. Casio teamed up with STEPN GO, the Web3 lifestyle app, to launch the sneakers as part of the “virtual g-shock” project.
A limited number of 800 sneakers were made available through a raffle mint event held during August 26 to 29 on the Mooar gamified marketplace. #sneakers
Yawn Rong, Co-Founder of FSL – the Web3 product platform that launched STEPN GO on the Apple app store – told Cryptonews that the “G-SHOCK x STEPN GO” NFT sneakers are unique. Rong noted this is because they are the first-ever tradable Genesis Sneakers within the STEPN GO ecosystem. #ecosystemgrowth
“This gives them intrinsic value and rarity, making them highly sought-after by both collectors and players,” Rong said. “These NFTs also integrate utility within the STEPN GO app, allowing owners to earn rewards.” #NFTRewards
