NFT Sales Reached $25B in 2021, but Metaverse Will Stay Niche: Colliers

Younger consumers are more receptive to tools that encourage brand interaction and communication, and the metaverse allows luxury brands to create community through personalized digital connections, said a Tuesday Colliers luxury retail report. Of potential metaverse participants, 72% showed interest in an Alo Yoga wellness space on Roblox and a Louis Vuitton game with non-fungible tokens (NFTs); 70% were interested in Discord channels for brands including Gucci and Adidas; 67% in Nike’s Nikeland and a Wendy’s virtual food fight; 65% in a Vans’ virtual skatepark on Roblox; 60% in shopping at the U.K.’s Selfridges Electric/City; and 27% in buying virtual Gucci and Balenciaga products on Roblox or Fortnite, Colliers said. NFT sales totaled about $25 billion last year, it said. Despite the hype around the metaverse, “most consumers have never heard of it or do not fully understand its capabilities,” the report said: “As a result the metaverse will remain a niche channel for the foreseeable future.”