Competition in the NFT market space continues to grow. In April, Coinbase launched the beta version of CoinbaseNFT, in which users can buy non-interchangeable tokens with a credit card. The platform is built on the Ethereum (ETH) blockchain and offers NFT projects, including Cool Cats and Doodles.
With increased competition, OpenSea has filed trademark applications. The move is expected to support greater participation in Web3 by the majority of users. Retail stores are also exploring NFT and launching their own markets.
This month, prestigious Hong Kong (HK) department store Harvey Nichols (HN) announced the launch of its NFT marketplace HN NFT Vault. Unlike more traditional NFT marketplaces, the HN NFT Vault is an in-store concept, and Harvey Nichols is showcasing non-interchangeable tokens in a “retail concept space.”
Harvey Nichols retail distributors can purchase curated NFTs with crypto and a credit card.
“With the new space, we aim to make NFTs more accessible to a wider audience by introducing a range of NFTs from some of the most successful projects around the world, available to view and purchase in-store. The collection is designed to cater to both first-time shoppers and NFT experts, with prices ranging from HK$5,000 to more than HK$1,000,000.”
The department store representatives added: “As part of the new concept, we will also launch a service that allows token holders to display and sell their tokens through HN NFT vault.”
Last December, American retailer Fred Segal joined the NFT market by launching Artcade, an interactive gallery and store released in partnership with Subnation Artcade.
In collaboration with UNXD, Dolce & Gabbana released Collezione Genesi, “a one-of-a-kind collection of nine pieces personally designed by Domenico Dolce and Stefano Gabbana exclusively for UNXD.” It includes both physical and digital pieces.
The collection reportedly sold at auction for 1,885,719 ETH, the equivalent of about $6 million at the time of sale.
The market for non-interchangeable tokens has taken off at a huge rate in 2021. However, numerous skeptics believe this bubble is about to burst. This view was especially reinforced after the failure of Jack Dorsey’s first tweet, which was bought in 2021 for $2.9 million. However, it did not fetch even $7,000 at auction this month.
Still, it is too early to talk about the maturity and shape of a market that is not even two years old. NFTs hold tremendous promise in the digital economy, giving the ability to validate ownership of any object, digital or real. The first users are trying this “candy,” while the marketplaces are feeling their way in the dark trying to shape the new rules and technology.
Most likely, NFT in the form of crazy pictures will go with the hype, but there will be much more to stay. The legal framework of WEB3 is what makes the future of NFT secure.