Over the past few years, NFTs (non-fungible tokens, non-interchangeable tokens) operating on various blockchains have achieved rapid growth and have been sold at record prices.

According to the forecast of Jefferies investment bank, in 2022 the market value of NFT will exceed $ 35 billion, and by 2025 — $ 80 billion.

By purchasing such a token, the user receives a digital certificate confirming that he alone owns the original. It can be a digital asset from any industry, including gaming, fashion and even music.

Potentially, NFTs can have a huge impact. As they spread, the number of consumers using tools for purchases by large corporations such as Google and Meta* is likely to decrease.

According to Sikat, from the point of view of NFT, marketing and online sales will really change. “For example, Google is not used for NFT shopping. Instead, consumers rely on decentralized apps and marketplaces that don’t show up in traditional search results.”

Establishing trust between sellers and buyers

As mentioned earlier, Web3 is designed to secure personal data and provide greater control over them, which will directly affect consumer confidence. Jeremy Merrell Williams, CEO of Vyudu Inc., claims that Web3 will seriously change shopping in the future.

“For example, with the help of blockchain, buyers can directly contact manufacturers and retailers, bypassing intermediaries,” he says. “This can increase trust between buyers and sellers, as well as reduce prices by reducing commissions.”

Williams adds that with the help of Web3 marketplaces, it will be easier for consumers to find the most profitable offers for products and services.

Cryptocurrency Volatility as a Deterrent

At the moment, the Web3 shopping process is extremely confusing. This is one of the main concerns of consumers: according to Anna Sikat, they have to take serious risks and study a lot of information on their own.

In addition, cryptocurrencies are an extremely volatile asset. For this reason, many do not consider them as an investment, and therefore do not make purchases in the Web3 sphere, since traditional currencies are not used there.

High commissions, especially when acquiring NFT, are another deterrent. And opening a digital wallet with secret codes and multiple levels of authentication is also accompanied by a lot of difficulties, as Holly Shannon, producer of a podcast about NFT and emerging technologies Culture Factor, tells.

Of course, Web3 technologies will not soon spread among consumers. Nevertheless, it is already possible to think about how brands can use them.