E&M

2023/3

Laura Ru Yun Pan

NFTs for a New Customer Relationship

Digital transformation in the luxury sector has only picked up in the last two decades, driven mostly by the need to shift from brick-and-mortar to e-commerce. However, in the last few years, players in this sector have emerged as pioneers in the experimentation and adoption of new technologies. To date, the luxury and apparel sector has launched the greatest number of non-fungible tokens (NFTs), most of which are digital collectibles and works of art. More recently, the demand for NFTs has slowed, but innovators in the industry believe that NFTs are capable of much more; they potentially represent a new way to enhance the customer relationship through CRM3.0.

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