The non-fungible token craze, just over a year old, has given the world works that have sold for millions and includes collections from the"Bored Ape Yacht Club" to an image of a naked Donald Trump following his 2020 election defeat.
Beyond the art world,"they don't have a lot of functionality. They don't have a lot of utility," Mr Khaund added. This technology, on which cryptocurrencies and NFTs are based, allows the same token to be used for different applications. NFTs and blockchain are"accessible by multiple worlds whether you are physically at the arena ready to go see a New York Knicks game, or you're ready to go to the metaverse and you want to see a concert there," said Khaund.
"If you were a brand, think of the most desirable experiences, the most insider-y access, or something that was guaranteed to go viral and just start working backwards from there," Ms McMillen said.Among the most successful examples is the travel booking platform Travala, which claims more than 300,000 monthly active users.
But associated with it is a series of privileges, from entry to exclusive events, in the real world and the metaverse, discounts or loyalty points.
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