The acronym NFT is something we hear a lot these days, and its popularity is skyrocketing. It will be immensely important in a few years.
NFT – A swift and short intro.
NFT stands for Non-Fungible token. These are unique and irreplaceable digital assets. They are tokens in a blockchain that represents ownership of unique items. It can be anything digital like a piece of art, music, etc. NFT gained even more attention when an NFT artwork – a collage of images created by digital artist Beeple was sold at Christie’s auction house for a whopping $69.3 million. Many technologists believe that in the next generation of the internet, NFT will be one of the foundations of wealth creation.
NFT and Marketing
NFTs are becoming popular among brands that are trying to keep up to date with the latest technology and it is also important to monitor how marketers are experimenting with non-fungible tokens. NFTs are seen as a new strategy for brands to connect with consumers and build revenue.
Classic brands like coca-cola are experimenting on NFTs. It opened up a new way to tell brand stories and engage customers. Various forms of NFTs can be used to tell distinctive brand stories and when this NFT is resold, a share of the sale goes back to the brand as the primary creator. This technology provides a new user experience.
A potentially revolutionary characteristic of NFTs is that they have the ability to completely change how digital media is distributed and monetized. Currently, most digital content is being monetized via platforms like Facebook, Netflix, etc and these platforms act as a middle man between the content creator and the audience. They get a share by being the distributor. The growth of NFTs has sparked discussion about developing a new media ownership model that is more creator-centric. Smart contracts based on blockchain technology allow creators of digital assets to directly gain the full profit.
As NFT is an emerging technology, business groups, celebrities, and sports teams, with existing creative departments are seeking collaborations with digital marketers who are acquainted with this currently thriving marketplace. Our curious marketing team at Digibaap is always in search of innovative technologies and we have been keeping a close eye on the NFTs progress over the years. It’s a huge potential for every business, be it small or midsize, to develop NFT campaigns for present and future clients. Agencies who enter this market space now will achieve a competitive advantage by assisting their customers in maximizing cutting-edge technology that provides the most value to their end customers.
Yes, it will be complicated to understand at first, but this is something that should not be ignored. This technology will have a wide spectrum of uses.