Introduction

What’s the Story? The Coresight Research team will attend and participate in this year’s Shoptalk conference, which will be held on March 27–30, 2022, in Las Vegas, US. Shoptalk 2022 will address the sudden transformation in the retail environment since the outbreak of Covid-19, as the industry is looking to embrace technology and innovation to address new challenges. On March 27, 2022, Deborah Weinswig, CEO and Founder of Coresight Research, will emcee and feature on the judging panel of Shoptalk 2022’s “Shark Reef” startup pitch competition, which will see 15 early-stage US retail-technology innovators compete to win the Shark’s Choice and Audience Choice awards. In the lead-up to the event, we are profiling the participating innovators. This report forms part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fuelling innovation across the retail value chain. We present Niftmint, a retail-technology company operating at the intersection of commerce and blockchain technology through NFTs (non-fungible tokens). Coresight Research collaborated with Niftmint to offer insights into its service capabilities and offerings. Why It Matters Coresight Research categorizes the 15 participating innovators into four areas of disruption in retail. Niftmint falls under “groundbreaking digital commerce.” As advances in innovative technologies, such as artificial intelligence and machine learning, transform automated capabilities within retail, digital commerce is set to grow rapidly in functionality and popularity. Technology innovators focusing on groundbreaking digital commerce can assist retailers in marketing automation, social media campaigns, business analytics, order management and more.

Niftmint: In Detail

      Headquarters  Seattle, Washington, US Funding Stage  Undisclosed funding stage and amount Company Description Founded in 2021, Niftmint enables brands and retailers to mint and sell NFTs directly on their websites. NFTs are non-exchangeable units of data stored on an indelible record of transactions (the blockchain). Through the company’s solution, customers are offered the opportunity to buy NFT versions of the real-world products they purchase online. Retailers can therefore expand their customers’ digital cart size at checkout. Customers can use their payment method of choice; they do not need to use cryptocurrency to acquire these NFTs. Niftmint also manages NFTs purchased by a brand’s or retailer’s customers and displays the digital product in their account for accessibility. Niftmint aims to assist retailers in building brand awareness and driving revenue by helping them incorporate innovations in blockchain technology and digital artworks into their usual offerings. Niftmint is currently working with several direct-to-consumer (DTC) brands and retailers and is in the early stages of partnering with bigger retailers and companies too. [caption id="attachment_143911" align="aligncenter" width="407"] Source: Niftmint.com[/caption]   What Problem Is the Company Solving? As e-commerce grows, it becomes harder for retailers to build brand awareness and loyalty as consumers can explore ever-increasing retail options online. NFTs provide a channel for digital marketing and promotion to raise brand awareness and build consumer engagement. However, it is difficult for many retailers to effectively manage innovative technologies to their advantage—and many consumers may not understand the underlying tech to participate in the digital world, such as cryptocurrencies. Niftmint provides brands and retailers with an opportunity to capitalize on growing online trends by offering sustainable, digital products to their customers. Furthermore, Niftmint manages the NFT on the customer’s account and enables them to pay without using cryptocurrency, as a lot of NFT platforms require. This enables consumers to participate in the NFT market without extensive knowledge of blockchain technology or cryptocurrency. Market Opportunity  As more retailers begin to move parts or all of their offline business online, brands and retailers will come under increasing pressure to differentiate themselves in the digital space. As this transition occurs, concepts associated with blockchain technology, including NFTs and cryptocurrencies, are set to become more broadly adopted in the retail industry. NFTs are beginning to emerge as a popular way for retailers to mark their digital footprint and attract digital communities of consumers to their brand. NFTs can be utilized as a form of digital art, but also as tokens of entryway into exclusive communities that retailers can create and market. By the end of 2021, the NFT market totaled $41 billion, according to blockchain company Chainalysis—just below sales of $50 billion for the conventional art and antiques market in 2021, according to a recent Art Basel and UBS Global Art Market report.

What We Think

We expect consumers to continue to engage with digital retail, services and products as the shift online continues. We believe brands and retailers that can quickly transition online and bolster the digital experience for consumers by providing accessibility to digital shopping options and the blockchain will gain a competitive edge in the market.