The Digital Marketing Future In Non-Fungible Token (NFT)
Building Value In Your Digital Assets with NFTs
If Andy Warhol had been born in our time, he would probably have minted his “Marilyn Diptych” portrait as a Non-fungible Token (NFT). With the rise of a new crypto-audience, NFTs are taking digital art, collectibles and contents world by storm.
What are Non-fungible Tokens?
The term “non-fungible” means “unchangeable”. NFTs are unique identifiers attached to a piece of digital piece of content. Creators and brands can mint a token associated with a product on a blockchain like cryptocurrency and monetise their digital assets.
Ownership Embedded In Unmodifiable Metadata
NFT is powering a new creator economy where the content and the creator’s ownership become embedded in the token’s metadata which cannot be modified. An NFT retains its original ID no matter how many times it is sold. This ensures that the original creator can automatically receive royalties.
How Brands And Creators Can Benefit
When creators sell their content, funds go directly to them, bypassing digital platforms which they use to publicise. Could this revolutionary aspect of NFTs upend the way digital media is distributed and monetised?
Cryptomedia Trend: Using NFTs To Connect To Your Brand
Because NFTs are unique identifiers, you can attach it to a video clip, a GIF, an image or a tweet; or a unique digital copy of a popular artwork; or a digital one-of-a kind brand icon. Just about any digital momento can be offered as an NFT to be bought, sold or traded.
When a piece of content is screen-grabbed, shared, and actively used, its value increases. The key is to demonstrate its cache and unlock the value so that customers are willing to make an investment.
With an NFT:
- You can easily prove you are the creator.
- Your NFT is digitally unique and secure.
- You determine the scarcity.
- You can sell anywhere and access a global market.
- You earn royalties every time it’s sold.
The Internet Of Digital Content Assets
Business executive Seth Godin calls the craze a “non-transparent hustle with ‘bubble’ written all over it.” Despite criticisms, the crypto-bubble is brewing across the web right now.
· In March 2021, a meta twist in The New York Times column about NFT was auctioned off for $560,000.
· Beeple NFT digital collage titled “Everydays: The First 5000 Days” was sold for over $69 million by auction house Christie.
· Twitter co-founder and CEO Jack Dorsey sold his first tweet ever as an NFT for over $2.9 million and donated the money to charity.
· Even toilet paper softie Charmin released a non-fungible toilet paper. Huh?!
Visualising The Future With NFT
NFT marketplaces like OpenSea, Rarible, SuperRare, Nifty Gateway, Foundation or Mintable are platforms where NFTs can be stored, displayed, traded and in some cases, minted.
Currently, real estate, event ticketing, brand licensing and real-world assets are being explored. Perhaps, NFTs could be the cryptographic ownership deeds by which you can unlock the door to your car or house.
Could this verifiable token be the future of new monetisation models in digital media and marketing? Let’s watch.