How are NFTs beneficial for eyewear brands?

Have you ever thought of creating a digital copy of your eyewear product and selling it for millions?

Well, that’s what NFT is all about! 

Perplexed? Fret not. We have everything about NFTs explained in this blog. So hang on.

1. 1. What are NFTs?
   2. NFTs and Eyewear
   3. 5 benefits of NFTs for eyewear brands
   4. NFT cryptos
   5. NFT markets
   6. Final words

Before moving the benefits of NFTs for eyewear brands, let us start by understanding NFTs.

NFT meaning

NFT stands for Non-fungible token. The term “fungible” refers to anything exchangeable or replaceable. For instance, for a sunglasses manufacturer, each model is replaceable with another piece of the same model. 

Now, when we say non-fungible, it negates the meaning of fungible. That means something that cannot be replaced or exchanged; Let’s take an example for this. 

How do NFTs work?

Imagine you are a premium eyewear brand that has designed particular eyewear. Now, you produce numerous units of that same design. Each of these units is fungible with each other. However, if you are selling a limited edition with only one piece of a particular design, then that is non-fungible.

You can apply the same logic to unique digital assets that can be coined as NFTs. In simple words, Non-fungible tokens are digital items that can be traded using digital currencies such as Ethereum.

NFTs and eyewear

NFT assets can be a domain, a photograph, music file, a GiF, or anything and everything digital. 

Brands like Mc Donalds and Tacobell have created NFTs of their edible products. Even luxury brand RTFKT has released an NFT of their digital shoe that attracted many eyeballs. So, why not eyewear? 

Let me tell you; even Gucci is soon to release its own NFTs.

What particularly interests brands in NFTs is the opportunities that come with it. So let us understand how eyewear brands can benefit from NFTs.

Five outstanding benefits of NFT for eyewear

Early movers benefit

NFTs are gaining momentum. The trend is predicted to stay and become even more secure. Since there is not much competition in the NFT market for eyewear brands, they can avail themselves of outrageous opportunities for promotion, monetization, and connecting with the consumer base. Moreover, it aids in enhancing the brand value.

Delight your tech-savvy consumers

While physical eyewear products may wear out, your digital products or collectibles don’t. Therefore, they can add value to your buyers as a worthwhile investment. In addition, it allows brands to expand their targeted consumer base. It is especially beneficial for renowned brands with an existing massive fan base, for instance, Ray-Ban. 

Ray-Ban’s parent firm, the eyewear behemoth EssilorLuxottica, teamed up with digital artist Oliver Latta to produce the first-ever pair of NFT Ray-Ban Aviators to benefit the Italian Art Trust. Given Ray-Ban’s debut into NFT, the coming years of eyewear appear to be bright, thereby further providing opportunities for other businesses to follow suit.

Buying rare branded or luxurious eyewear with proof ownership gives a sense of exclusiveness to modern-day consumers. Furthermore, it also eliminates the cost of shipping, repair, maintenance, inventory, and more.

NFTs as a hook

With an NFT, there are so many possible ways to sell your physical eyewear products. For example, you can sell vouchers on the next in-store or eStore purchase as an NFT or along with an NFT. 

As mentioned earlier, an NFT can be anything digital, even a voucher or a digital copy of eyewear. You can even create an exclusive digital collection for an upcoming runway show, product launch, and whatnot! 

Above all, NFT can be used as hooks to sell adjacent products.

Establish a digital identity

Digitization is mainstream. With celebrated personalities like Elon Musk promoting digital currencies, blockchain has got millions interested. Tech giants now facilitate purchasing on the blockchain. It implies that consumers want to see their favourite brands adapt to technological reforms. Taking digital leaps can help your brand establish a modern and advanced image in consumers’ minds!

Increase sales

Rare NFTs are highly valuable. By selling virtual eyewear, brands have the opportunity to increase their sales. In addition, as the trends accelerate, the NFT buyer base will also expand, giving more market for digital growth.

Cryptos for NFTs

Singularity is the most striking feature of NFT. Built on blockchain technology, every transaction made is recorded that cannot be altered or deleted, making it highly secure. Hence, owners can have proof of their ownership of a single rare NFT. 

Brands traded the earliest NFTs on the bitcoin network, but since bitcoin is a fungible currency, it soon adopted other more innovative contract digital currencies to maintain its integrity. Presently, Ethereum is the most preferred currency of all the alternatives for NFT trading. If you are interested in buying or selling NFTs, then you must consider the following ideal NFT cryptos:

• Ethereum 
• Klatyn
• Tezos 
• Solana
• Palm
• Polygon
• Artbitrum
• Flow
• Wax
• ImmutableX

NFT markets

If you don’t know already, you must be wondering where to buy NFTs? Certainly, trading NFTs requires understanding the marketplaces, their supported currencies, cost, and more. Of eleven different marketplaces, you need to determine the best marketplace to create, sell or buy NFTs. Here is a table of NFT marketplace information that may be helpful for your understanding. 

Final words

Eyewear is not just fashion apparel but a necessity. Therefore, the significant demand attracts more and more brands to explore the optical domain, making the market highly competitive. 

Standing out requires leveraging marketing trends so that you can assure a loyal consumer base. At Eyetrraction, no trend goes unnoticed. If you are considering digital marketing and branding for your optical business, drop us an email at info@eyetrraction.in. 

Let’s create marketing wonders for your brand!