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NFTs- non-fungible tokens are the latest buzzwords to emerge from the cryptocurrency space. Chances are you’ve heard about NFT auctions generating millions of pounds for seemingly worthless pixels. Maybe the whole thing just makes no sense. Or perhaps you’re thinking of how you could use NFTs as a brand? Here is what brands need to know about NFTs or non-fungible tokens:
According to Forbes, “Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering £123 million has been spent on NFTs since November 2017.” It’s essentially a coupon that entitles the buyer to own a digital good. That could be a piece of art or something more abstract like a dancing cat video. Because it’s one of a kind, it creates the same scarcity that posthumous artworks do. It’s made up of snippets of code that can’t be reproduced and are stored using the same tech that enables crypto. In fact, most NFTs are bought with cryptocurrency.
Maybe it’s just because so many crypto-investors are millennials but 80s, 90s and 00s nostalgia is fetching a hefty price. From beloved YouTube videos like ‘Charlie Bit My Finger” to bespoke collections from Atari for Centipede and Pog; if it’s retro it’s selling like hotcakes. Buyers are snapping up NGTs for digital nostalgia at an alarming rate. Want to own digital Dunkaroos biscuits? It’s possible. For brands with a history in the recent past, this presents an opportunity to monetise old assets in new and exciting ways.
A digital land grab is happening too. From parcelling up the real world into fake lots or selling off bits of the ‘digitalverse’; people are buying and selling digital real estate. Why should brands care? Well, it’s expected to boom in the next decade. According to Republic, “Humans now conduct much of their lives through a screen, and virtual worlds that exist only on computers have cropped up. These are places where people can “congregate” by using avatars and have interactive social experiences–entirely virtually. These online communities are called metaverses.” And you can buy them. Is there an opportunity to advertise your product or service in the hubs? Maybe you want to own the metaverse around your actual offices? The possibilities are still unfolding.
From selling the rights to unreleased tracks to making digital doodles, celebs are cashing in. And that’s good for their relationship with fans. But is there a way for brands to participate? Think about famous ad collaborations that would make a great NFT. Do you own “Where’s the Beef?” or “Got Milk?” – those clips could net you millions. Consider your back catalogue of popular ads and highlight any that could see new life as an NFT. And if you need to learn how to sell them, this guide is helpful.
Want to talk about NFTs- non-fungible tokens, websites or anything else on the internet? Our expert team is clued in.
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