# Market Overview Today, connections are made between people and brands through interaction and transaction, whether that be IRL or online. These engagements have become increasingly meaningless for you, but very valuable for brands. The way we view life is like a game. The game is, people exchange their time for tokens. They then exchange these tokens to buy things or to give them access to better experiences in life. The current consumeristic model looks something like this.

The Consumer Behaviour Cycle

See, brands want to build relationships with people, and they do this by selling you the dream. But what happens when people acquire this stuff? Imagine people going into a very desirable luxury store that happens to sell this thing that brands have convinced them to buy through their Hollywood-style advertising and suave marketing comms. Well, this is the HEIGHT of that experience: the moment of transaction. The consumer has now acquired their dream. But what happens after? This moment of ecstasy is lost, and you are just a number. Sure, they might get complimented on their recent acquisition. But what does that brand do to retain the customer, incentivise loyalty or encourage advocacy? Probably send a lot of emails, offer you a discount on an already over-inflated product or bombard consumers with more adverts. Is this really the experience or relationship people expected? So where are we today? According to[ Fashion United](https://fashionunited.com/global-fashion-industry-statistics): ‘The global fashion industry is valued at $2 trillion and has seen a push for innovation and sustainability accelerate in the face of recent events.’ In 2022, the Web3 fashion world has onboarded traditional brands and seen expansive growth across blockchains. With numerous innovative real-world use cases, brand collaborations, and the rapid evolution of digital identity taking place, fashion NFTs are at the forefront of Web3 innovation. The future of fashion can be described by[ Mckinsey](https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf) as follows: ‘In a similar vein, fashion companies will need to ensure they are acting in the interests of all stakeholders — including customers, employees, contractors, investors and wider society. Many brands will push harder on circular business models, greener materials and more sustainable technologies. One breakthrough to support these initiatives is blockchain, which is the underlying technology for digital “product passports.” These contain coded information that can add value, support supply chain transparency and ensure authentication — a significant advantage in tackling counterfeiting.\ \ ‘Online business models were a standout success story of the pandemic. We expect that companies will continue to invest in digital innovation and experiment with fresh approaches to creativity and commerce in 2022. Digital assets such as non-fungible tokens (NFTs), gaming “skins” and virtual fashion will edge closer to the mainstream, with some brands expanding into the digital “metaverse”.’