More fashion brand labels will enter the NFT space

Evan Luza, the co-founder of Cool Cats, says he believes more fashion brand labels will enter the NFT space in the coming

Evan Luza, the co-founder of Cool Cats, a blue-chip NFT project with a host of charming characters and rich narrative, told Bitcoin.com in a recent interview that he expects more growth in the nonfungible token (NFT) space over the coming years.

When asked about the use cases of NFTs, Luza said the biggest use case for NFTs so far is around community building. He said;

“So far, the biggest use cases for NFTs are around community building. While on the surface, it may appear as just cool artwork, having a group of people coalesce around a concept or way of thinking is truly powerful, and it goes way beyond just brand creation. In these early innings of NFT adoption, you are seeing projects focus on use cases that foster communities.”

He added that in the long term, NFT use cases would expand to include many disparate industries. Luza added that;

“I see the next generation of major fashion brand labels coming out of NFTs. Along the lines of a Supreme or Bathing Ape. Media projects, from books to music to movies, will have community-driven NFT-mediated successes. Of course, video games and the metaverse will integrate NFTs as core mechanics. Certifications for education, whether that be diplomas or some kind of skill accreditation, will become NFTs. Then you have legal things like registration titling systems which will benefit from blockchain and NFTs. Finally, the way technology usually works is that the most compelling use cases are the ones we can’t currently even imagine.”

The NFT space and the broader cryptocurrency ecosystem have been in a bearish trend since the start of the year. OpenSea, the leading NFT marketplace in the world, saw its trading volume dip by 99% from the peak it recorded in May this year.

Despite the decline in trading volume, NFT adoption continues to increase. Last week, Tezos-based NFTs became available on Shopify, making it easier for people to gain access to the assets.