What’s your tackle NFTs?
1. Sure, please.
2. Wait and see.
Manufacturers like Hole, Coca-Cola, Adidas, Reebok, Lamborghini, and different client product corporations would reply, “Sure, please,” as they’ve made splashy forays. Information, sports activities, and leisure manufacturers have made strikes, too.
In the event you haven’t gotten questions on how (or whether or not) your model’s content material technique ought to embrace NFTs, it’s solely a matter of time.
Earlier than you reply the inevitable query, you must perceive some NFT fundamentals and know the way they can be utilized.
Content material strategist and comedian e book creator Buddy Scalera provided a useful introduction for content material entrepreneurs in a latest episode of The Artistic Present, which he hosts with CMI Artistic Director Joseph (JK) Kalinowski.
Like many creatives, Buddy’s curiosity within the matter sprang from the information in 2021 that an NFT minted by Beeple bought for greater than $69 million. Buddy researched, experimented, and finally co-wrote a comedian explaining how NFTs work.
I’ve recapped his solutions to a number of NFT questions on content material entrepreneurs’ minds (and supplemented a few of his solutions with extra info and sources). You may watch the complete dialogue:
What’s an NFT?
NFT stands for non-fungible token. That clears all the things up, doesn’t it? (No? Not for me, both.)
Wikipedia explains an NFT as “a non-interchangeable unit of knowledge saved on a blockchain, a type of digital ledger, that may be bought and traded. Sorts of NFT information items could also be related to digital information equivalent to pictures, movies, and audio.”
Buddy helpfully likens an NFT to the deed to a home. Simply as a deed proves you personal the home, an NFT proves you personal a digital asset.
Right here’s the place issues get slightly murky, although.
Proudly owning an NFT doesn’t imply you personal the copyright to the digital asset it’s related to. It signifies you personal the unique digital asset. As NerdWallet explains, an NFT “primarily permits its purchaser to say that they personal the unique copy of a digital file in the identical manner you may personal the unique copy of a chunk of bodily artwork or the grasp file of a music recording.”
The solutions to what possession rights include an NFT buy is evolving. Anybody contemplating creating, shopping for, or promoting NFTs ought to examine this intently (and, ideally, get good authorized recommendation).
Can manufacturers use NFTs for greater than digital artwork?
NFTs for digital artwork, collectibles, and metaverse actual property or equipment, get loads of public consideration. However, a latest Harvard Enterprise Evaluation article means that manufacturers specializing in utilizing NFT collections to symbolize their bodily merchandise within the digital work (assume NFTs for digital Nike sneakers) might miss the larger alternative.
Ultimately, the article suggests, “NFTs might be the central digital touchpoint between manufacturers and their customers — and one that’s managed by the model itself.” As a substitute of utilizing NFTs for digital property, manufacturers may use them to determine distinctive experiences or objects within the bodily world.
So-called “utility NFTs,” as Buddy explains, are NFTs that unlock one thing. Buddy factors to Gary Vaynerchuk’s VeeFriends NFT venture. Shopping for a VeeFriends NFT unlocks totally different performance (e.g., a one-on-one teaching session with Gary, entry to an unique a part of his Discord neighborhood). On this case, shopping for the NFT is akin to buying a go or ticket for some additional worth.
In a model situation, the corporate would determine what that go within the type of an NFT would unlock. It might be for one thing your corporation would ordinarily cost, like an prolonged guarantee or an occasion expertise. “You get this entire experiential advertising factor,” Buddy says.
One of the vital seen NFT initiatives, Bored Ape Yacht Membership, presents each a inventive asset and utility in every token. Homeowners of Bored Ape NFTs can entry a social membership with advantages like a non-public Discord server the place members can chat with different members.
Earlier this 12 months, a free NFT assortment for the Grammy Awards provided entry to a non-public Discord channel. And one of many NFTs unlocked a “golden ticket,” which paid journey and lodging prices for the winner and a buddy to go to the awards ceremony.
Ought to my model’s content material technique embrace NFTs?
When you are one of the best individual to know in case your model’s content material technique ought to embrace NFTs, Buddy suggests utilizing the three Cs of content material advertising to make your determination – content material, neighborhood, and consistency.
Once more, Buddy factors to Gary Vaynerchuck, who has nurtured his neighborhood with constant free content material for a decade. When he dropped an NFT assortment, his neighborhood was prepared for it.
However manufacturers will wrestle with NFTs in the event that they don’t take note of the basics, JK cautions. Which means educating the viewers concerning the worth your NFT venture has to them and never simply leaping on the bandwagon as a result of different manufacturers are doing it.
“We as model stewards or consultants must be trustworthy and clear with our manufacturers,” Buddy explains. Which means doing the arduous work that goes into evaluating any content material advertising initiative. Most of that work occurs earlier than you even begin interested by what sort of content material (NFT or not) to create.
Buddy suggests asking these questions earlier than delving into NFTs:
- How will an NFT venture align with our enterprise technique?
- How will it align with our model objectives?
- Does it make sense in your clients or viewers?
I’d add yet another query: Does it align with what your model stands for?
Patagonia in all probability gained’t supply NFTs (or discover success with them in the event that they do) due to their dedication to environmental causes. The environmental impression of minting (i.e., creating) a typical NFT (and different blockchain property) equals 500 miles of driving in a gasoline-powered automobile.
Salesforce realized the arduous manner about NFT alignment with model values. A sustainably dedicated firm, Salesforce discovered lots of of its workers protesting its plans to create an “NFT cloud” the place creators may mint and promote the tokens. The staff thought the environmental impression of NFTs conflicted with the corporate’s dedication to sustainability, which it had lately touted in an advert that ran through the Tremendous Bowl.
What ought to I do about NFTs as we speak?
What you must do as we speak about NFTs actually depends upon your evaluation of how (or whether or not) NFTs make sense in your viewers and your model. It’s the identical recommendation you’ve heard about coming into any stylish new initiatives.
In case your viewers consists of avid gamers, artwork collectors or fanatics, and other people receptive to interacting with blockchain-related parts or hanging out within the metaverse, you may determine to maneuver quicker than somebody whose viewers feels much less linked to these circles.
Use these early days to speak with stakeholders about how NFTs may match along with your model technique, positioning, and values. Discuss along with your viewers and clients to gauge their stage of curiosity in and openness to NFTs. If NFTs appear promising after these discussions, examine as much as determine your greatest manner ahead.
Bookmark these sources that will help you in your manner:
I’d love to listen to what you concentrate on NFTs. Are they a match in your viewers? Do you wish to learn extra about manufacturers utilizing NFTs? What different NFT questions can we enable you to reply? Let me know within the feedback.
Cowl picture by Joseph Kalinowski/Content material Advertising and marketing Institute