British department store Harvey Nichols has launched an NFT retail space in its Pacific Place store in Hong Kong. The new idea is called the HN NFT Vault. The Vault will effectively serve as a physical NFT marketplace where customers can easily browse, purchase, and even sell NFTs through swift and secure transactions.
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Harvey Nichols NFT Insights
On brand with the store’s luxury charm, the concept solely caters to NFTs of the blue-chip variety. This means only assets from collections such as CryptoPunks, Bored Ape Yacht Club, CloneX x Takashi Murakami, Azuki, and Doodles collections are presumably to be on display.
Keeping this in mind, the prices of the digital assets on offer in the store range from HK$5,000 (US$637) to more than HK$1 million (US$127,490). It implies that a casual hit of retail therapy most likely won’t be on the cards for many of its guests.
That being said, those with the financial support to make a novel investment in the store, can do so via cryptocurrency or a credit card. They can also store their digital purchases in a cold wallet. In addition, buyers will also be able to create and purchase apparel based on their NFTs.
In wake of its launch on Wednesday, a representative from the global fashion retailer said that through the new space, Harvey Nichols aspires to make NFTs more attainable to a wider audience by featuring a range of NFTs from some of the most booming projects globally available for in-store exploration and purchase.
To develop upon the first-of-its-kind concept, the company may also consider launching a service that allows NFT homeowners to showcase and promote their NFTs via the HN NFT Vault. However, only NFTs from reputable initiatives will likely be accepted in the project, as the HN NFT Vault has employed a strict vetting policy when deciding which NFTs are worthy of being showcased.
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