Why Brands Still Care About NFTs
Rachel Wolfson has been covering the cryptocurrency, blockchain and Web3 sector since 2017. She has written for Forbes and Cointelegraph and is the host and founder of Web3 Deep Dive podcast.
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.
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.
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