The executive creative director of a creative agency Virtue, Morten Grubak, shed light on the significance of NFTs in brand marketing. Coca–Cola sold its branded NFTs for over $575,000, which were created by Virtue but Grubak holds that NFTs might lead to scarcity in digital purchase. NFTs help brands to establish a long term relation with buyers, enabling them to enter into the metaverse space. However, consumers and marketplace would perceive NFTs as a concept for brands only if it offers a digital native experience or a physical connection with the product and services. Despite the environmental concerns and the use of energy-intensive Ethereum cryptocurrency in NFT, brands can collaborate with younger audiences to extend the horizons for NFTs by creating value in decentralised space.
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