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How Marketers & Retailers Can Leverage Digital Ownership & Identity

This report from PSFK explains how digital twin and token technology can better connect people with products and services, and customers to brands and retailers.

Executive Summary

Non-fungible tokens (NFTs) are no longer just being used for digital artwork and simple collectibles, they are revolutionizing the retail industry. Retailers are using NFTs and gamification to reach digital natives, build a loyal customer base, and create meaningful customer experiences. This report delves into the next phase of tokenization, where NFTs are being used to create new ownership models and digital identities that provide real-world value and fun.

As part of the world of web3, NFTs offer a way forward for fashion’s digital marketers who are facing challenges such as stricter data-privacy rules, rising customer acquisition costs, and the rapid content cycle of social media. Despite the challenges, major brands like Nike, Rimowa, Lowe’s, Samsung, the NBA, and Prada are among those that see the value in continuing to build on their tokenization and web3 efforts. By using blockchain technology as a source of ‘zero-party data’, brands can build deeper relationships with customers who have willingly opted in.

“NFTs have the potential to change the way we think about ownership of digital assets and digital identity in the retail industry. By providing real-world value and fun, they can build deeper relationships between customers and brands, and position companies for success in the digital world,” says Piers Fawkes, Founder of PSFK.

This digital ownership report is a must-read for all professionals working in retail and consumer goods companies as it provides insights into how to stay ahead in the rapidly evolving digital landscape.

Report Overview

This report on Digital Ownership & Identity provides an in-depth examination of various strategies that support the concept of digital ownership and digital identity. By reading this report, you will gain insight into how digital-to-real world products, such as NFTs, can provide access to limited-edition goods and services that possess value both online and offline. You will also learn about how retailers and brands are connecting real-world products to virtual replicas and digital assets, plus how NFTs are emerging as a promising new avenue for brands to draw in shoppers and build membership communities.

This digital ownership report also delves into the concept of digital doubles, which allow consumers to clone, customize, and track their entire virtual identity with digital twin technology, and how digital twin technology is making it possible to provide localized experiences for consumers in real-time. Overall, this report offers a comprehensive understanding of the current state and future potential of the ownership economy and digital identity ecosystems.

What You’ll Learn From This Report

  • How brands are using non-fungible tokens (NFTs) to create a new form of on-demand production, providing access to limited-edition goods and services that possess value both online and offline.
  • How NFTs are being used as a way for brands to authenticate products and act as a gateway to related services, such as repairs or resale, and build stronger relationships with consumers by offering ongoing updates, rewards, and experiences.
  • How digital twin technology is being leveraged by retailers to design physical spaces, plan for inventory levels and test product drops, improve employee capabilities and optimize business operations.
  • How digital twin technology is actively improving the consumer shopping experience by identifying and responding to needs at scale in real-time.
  • The ways in which retailers are using NFTs to create exclusive privileges for their digital and Web3 clients and how NFTs are being used to push incentives and rewards to the crypto wallets of holders to occasionally grab their attention and build loyalty.
  • How brands are using NFTs to connect real-world products to digital replicas and how digital fitting rooms are taking the guesswork out of online shopping.
  • The ways in which digital twin technology is being used to drive brand consistency and how it is giving store associates superpowers to optimize operations and localize plans to better serve customer needs.
  • How the interoperable nature of NFTs allows brands to coordinate benefits with partner brands in the future.
  • The ways in which metaverse stages and experiences are being modeled after physical flagship stores to provide a direct link to a company’s latest products and events.
  • How digital collectibles are being used to access both physical and virtual vintage goods and other goodies.

Who Prepared This Report?

This report on NYC retail was developed by the same PSFK research department that since 2004 has provided trends-led innovation consulting advice to Apple, BMW, Meta, Google, Microsoft, Samsung and Volkswagen.