Evolution of NFT Marketplace for Influencing Buying Behaviour in Sportswear Industry
Medha Prabhakar, Suman De · International Journal of Information Engineering and Electronic Business · 2024
The advent of metaverses, NFTs, blockchain, and similar growth topics influence the future of businesses, and the industry is looking at a transformation.SAP has been a pioneer in innovation and enables some of the best businesses around the World.With its own Cloud infrastructure in place and expertise in areas of Blockchain etc., it's time to take a leap and give the existing and new customers an edge over the others.The solution proposed here is to address how the future could look for retail, for example, in sportswear.It is possible to provide an NFT Marketplace for sportswear manufacturers like Nike, where the subscribers can sell their NFTs (digital shoes, wearables, etc.) or buy the ones available in the marketplace with the help of Crypto Wallets/Payments, etc.The idea proposed in this paper helps sellers' who design products to have a review process, where the company can evaluate if they want to introduce those products in their physical form.Or, if a digital product sells well in the NFT marketplace, the company can decide to make a physical launch of the product as well, sharing some royalty.