The term NFT (acronym of ” non-fungible token ”) Is making headlines and the concept of digital assets is infusing many business sectors. The NFT has therefore recently attracted the attention of several major retail operators, such as Carrefour and the Casino group., which has multiplied the initiatives in the field. Is this growing use of the possibilities of Web 3.0 part of a communicative approach or is it symptomatic of a lasting evolution of the retail sector?
NFT in the retail sector
Lcompanies foray into Web 3.0 it is part of the concern to anticipate changes in French consumption habits and to stay abreast of the latest technological innovations. The Indeed, NFT allows brands to improve their efficiency, especially in terms of customer loyalty (digital tokens can be transferred to a new owner, unlike a traditional loyalty account). Furthermore, digital assets have the advantage of enabling brands to build communities around their products and highlight CSR operations. The French distributor Carrefour had therefore marketed the NFTs of bees to raise awareness among its customers on the conservation of these insects.
Creating value with NFTs
If the use of NFT allows brands to do so convey a more modern image, connected and in tune with the latest digital trends, it also appears that digital assets are a potential growth lever. In this sense, NFTs enable brands to create value with virtual assets as well as real assets. In December 2021, Adidas, for example, has unveiled a collection of 30,000 tokens, sold at a price of 0.2 ether. (Ethereum cryptocurrency) each, which then corresponded to around 700 euros. The deal was very successful for Adidas, which sold the equivalent of € 20 million in NFT. In addition to the clothes that can be worn by their avatars in the platform The sandbox, the owners of these NFTs will also benefit from physical clothing and will above all be able to resell their digital assets through specialized platforms. The NFT and the Metaverse seem to primarily attract luxury brands, who see it as an unprecedented way to convey a premium image. Joël Hazan (associate director of BCG and co-author of the report “Luxury Outlook 2022”) explains that “NFTs allow us to reinvent the concepts of possession and scarcity, while creating a strong sense of belonging to a community”. Gucci, Prada or Louis Vuitton are in fact so many luxury brands that they have already marketed the NFT collections., an approach that also allows them to better deal with counterfeiting. The luxury players, on the other hand, are not the only ones to perceive the potential of NFT and Metavers as a growth lever and differentiation factor.
Selling in the Metaverse?
The past year has indeed marked the arrival of several French retailers in the Metavers, with distributors eager not to miss a window of opportunity to get on the train – deemed promising – NFT. Casino Immobilier President Nicolas Joly explained to Le Figaro that he was convinced “that web3 and NFTs will be an integral part of our customers’ journey tomorrow”.
the the group led by Jean-Charles Naouri made its official entry into the Metavers in February 2022 with the purchase of a virtual land on The Sandbox subscribers for Club Leader Price. By playing on this virtual platform, they can thus get rewards in the form of coupons or discounts. The DGeneral Manager of Casino Immobilier Nicolas Joly had then reported to Les Echos that the lots had been acquired as part of this operation from the end of 2021, thus making the distributor the first French player in the retail sector to enter the Metaverse. This initiative is part of the strategic vision developed by the CEO of the French group. Jean-Charles Naouri had in fact told the newspaper Les Echos (in an interview dated January 2022) that the food distribution sector was experiencing a revolution “equivalent to that experienced by the non-food sector with e-trade”.
A globalization of NFTs
In April 2022, Monoprix has partnered with renowned designers to celebrate its 90th anniversary. Thus was born the brand of the Casino group two collections of 180 NFT in total, created by pastry chef Yazid Ichemrahen and designer Vincent Darré. The choice to offer artistic tokens fully exploits the specificity and added value of NFTs, as explained by Nicolas Diacono, analyst at Echangeur BNP Paribas Personal Finance, “the customer shopping experience goes far beyond the transaction and is no longer limited to physical appearance Product “.
Carrefour also delved into the subject, with the acquisition of virtual land on The Sandbox and the launch (in May 2022) of a recruiting space in the Metaversewith a view to seducing the younger generations considered particularly sensitive to the evolution of Web 3.0.