Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Nishant Dass


In this thesis, I aim to evaluate the economic impact of launching non-fungible tokens (NFTs) in the luxury fashion market through a fundamental understanding of the Web3 space. Especially in recent years, counterfeit merchandisers have posed a threat to luxury fashion companies. Authenticity, exclusivity, and uniqueness are either hard to distinguish or hard to come by amongst luxury goods, as modern-day counterfeit merchandisers leverage technological capabilities of the internet and social media to gain traction around the world with ease. Thus, luxury fashion brands must launch themselves ahead of the curve and explore immersive technologies in the Web3 space.

In my data analysis, I observe how the volume, size, and volatility of the Ethereum blockchain impacts the financial performance of NFT projects built on Ethereum. I use a multifaceted approach in my data collection and analysis, using datasets from NonFungible, CoinCodex, and BuyBitcoinWorldwide, and using the statistical tool StataSE to conduct a regression analysis. The results show that trading volume and volatility are positively correlated with the number of sales for NFT projects, while market capitalization is negatively correlated. Trading volume is also positively correlated with the total sales measured in USD, while market cap is still negatively correlated. Interestingly, volatility is not significantly correlated with the total sales.

In evaluating the economic impact of launching NFTs for the luxury fashion market, my findings show how a cryptocurrency’s market indicators ensure viability and ease for the launch of NFT projects. In order to navigate the evolving landscape with precision, examining the effects of these variables enables companies to gauge the potential profitability of their NFT projects and optimize their NFT strategies. Further, by conducting case studies on NFT projects launched by luxury fashion houses Dolce&Gabbana, Louis Vuitton, and Gucci, I observe how these brands have curated the inherent characteristics of brand recognition, authenticity, and innovation and integrated them into compelling experiences in the Web3 space.

Scholarly studies on the topic of NFTs, especially affording attention to the luxury fashion industry are still in their early development stages. Therefore, in this thesis, I hope to contribute a unique perspective exploring the capabilities of NFTs in the luxury fashion industry and its plethora of opportunities that these luxury brands possess to expand their markets. Beyond the sole purpose of generating new revenue streams, I am looking holistically at its projected economic impact.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.