There is a lot of money to be made with the hype about virtual clothes and art. Now the big brands like Luis Vuitton and Nike are also participating in NFTs. A Swiss agency wants to reach young people with digital figures.

These avatars are to be used in the future for the Swiss company Zeam with customers in the Metaverse communicate.

Young entrepreneurial couple buys avatars for 30,000 francs

The co-founders of Zeam, Yaël Meier and Jo Dietrich, paid 30,000 francs for it.

 Young entrepreneur-couple buys avatars for 30 & rsquo; 000 francs

So the start up but still comparatively little paid. Other companies are now also relying on NFTs:

That's what

  • Millions are paid for one-off digital images and files.

  • They are forgery-proof thanks to the blockchain.

  • Now the big companies are jumping on the hype.

Digital Art and virtual clothes are booming thanks to non-fungible tokens (NFT). With these, the images and files can be provided with a digital signature. This makes them unique and can be sold at a correspondingly high price. The principle works like Bitcoin on the blockchain and is now also a billion-dollar business.

Luis Vuitton, Burberry – more and more companies are discovering non-fungible tokens. Ex-US first lady Melania Trump also went to art dealers and sells NFTs. Master forger Wolfgang Beltracchi also makes digital works of art and earns millions with it. The most expensive NFT work ever is a compilation of 5000 images for 69 million dollars (more examples in the picture gallery above).

“There are no aliens under a million”

The entrepreneurial couple Yaël Meier and Jo Dietrich have also invested a lot. They paid CHF 30,000 for two avatars from the start-up RTFKT Studios. Meanwhile, her digital figures are “at least twice as expensive,” says Meier about 20 Minuten. Because shortly afterwards, US manufacturer Nike bought the studio from the fashion gaming area. The value of such objects can also drop.

The rarest avatars can be much more expensive. “There are no aliens under a million,” says Dietrich. The virtual world in the Metaverse will make such investments completely normal in the future. “People spend a lot of time online and it is important to them how they are perceived there. They want to express themselves individually, like with the skins and outfits in Fortnite », says Meier.

« In the future everyone will be in the Metaverse »

With their company Zeam, they advise companies on how they can best communicate with young people. “Anyone who wants to address young people has to be in the Metaverse, in future everyone will be there,” says Dietrich. The avatars should be your representation in virtual life. These wait for customers in digital offices who can receive them, for example, by means of a zoom call.

At the moment, the possibilities with the avatars are still limited. But in the future, according to Dietrich, the digital figures could appear as speakers at a mixture of virtual and real events.

Digital status symbols are becoming more important than real things

“These avatars are one of the hottest NFT projects,” says blockchain expert Daniel Diemers about 20 Minuten. So far, NFTs have been about beautiful pictures or games, but now there are more and more opportunities to attract the big brands.

They are driven by Silicon Valley. “Microsoft boss Satya Nadella and Facebook boss Mark Zuckerberg have increased the hype because they rely so heavily on the Metaverse,” says the start-up coach and co-founder of the technology company SNGLR Group. Facebook even renamed itself Meta. Now everyone wants to be there.

“The virtual home is exciting for fashion and luxury companies,” says Diemers. After all, you want to look good at an important event, even if it only takes place digitally. “Surveys have shown that status symbols such as sneakers will be more important than a real pair of sports shoes, especially for young people in the future in virtual life as NFT,” says Diemers.

However, as before with cryptocurrencies, there are concerns that NFTs are used for money laundering. In addition, the technical hurdles are still high. For example, storing NFTs requires technical knowledge, says Diemers. In addition, most NFTs can only be paid with the crypto currency Ethereum. “But it is only a matter of time before you can also pay for crypto with a credit card,” says Diemers.

Dangers with crypto currencies

There are also dangers with crypto currencies. This means that you can no longer get your money if the password is lost. But even if the exchange on which Bitcoin is traded is hacked, you lose your money, says banking professor Urs Birchler. The general rule is not to buy anything you don't understand. «If I had to decide that as a young person, there would only be one answer: Invest it in education. You have this for a lifetime », says Birchler.

NFT series

What are NFTs? Why are they booming and what are the risks? 20 minutes illuminates the topic of NFT and Metaverse in one series. Read the first part today.

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By Teresa Tapmleton

Teresa Tampleton has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Nizh TEkegram, Teresa Tampleton worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teresa@ntelegram.com 1-800-268-7341

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