NFTs + Web 3: From Dolce & Gabbana to IBM
It’s been the summer of NFTs. You may love the trend or have no idea what NFTs are yet.
Dolce and Gabana just sold $5 million worth of NFT fashion. And IBM is building NFT technology into shipping and carbon footprint contracts.
NFTs will matter for you and every business. And we’re building some resources to help brands understand why and what to do next.
Why do NFTs matter?
The underlying technology (blockchain) and social movement (decentralization) are a powerful combination that is going to change every industry.
Remember Napster?
20 years ago, it was Spotify before Spotify existed. But free and without ads. And you know, technically illegal.
What Napster did back then, was scale the decentralized storage of music files. Also known as peer-to-peer. Meaning, I store music on my computer and anyone else in the world could find, download, and play it.
We are about to see the power of that decentralization return in a big way. The spirit of Napster is coming back, but this time with better technology and legal.
This shift is called Web 3.0.
- Web 1 was email, Napster, and Wikipedia. Decentralized and mostly user or creative driven platforms.
- Web 2 was Amazon, Facebook, and Google. Very centralized power within a few giant companies as middlemen.
- Web 3 is new and it’s happening now. It’s decentralized like Web 1, but with better technology. It levels the playing field.
Back to the Napster example. NFTs can be music (among other things). And the smart contract that makes an NFT work means more money and control for musicians.
For instance, multiple startups are building Spotify competitors right now on the blockchain and using NFTs. If they succeed, it could allow for:
- Less of a need for music labels and middlemen
- Artists getting a larger cut of profits and royalties
- Fans having the option to buy rights to their favorite music and share in the profits
- Artists more easily offering loyalty programs and communities
- Artists making a commission every time someone resells their work
That last one is huge —> Artists could make a commission every time someone resells their work.
NFT Use Cases
When you hear all the hype around NFTs or when you think about experimenting, I challenge you to look below the surface at some of the larger trends and impact possibilities.
A few NFT use cases to consider, as a marketing or brand professional:
- NFTs as a fundraising vehicle (startups, nonprofits, activists)
- NFTs as loyalty programs
- NFTs as communities
- NFTs as digital fashion
- NFTs as event tickets
- NFTs as a membership tool (small business, education, gyms, churches)
- NFTs for governance (professional orgs, nonprofits, community orgs)
- NFTs as social avatars (see Twitter’s recent news)
- NFTs for employee engagement
- NFTs as an access tool (creators, celebrities, media)
Get Up To Speed
You don’t need to launch 10,000 new NFT images tomorrow for your brand, but start exploring now so you know where and how it can help you most.
We’re producing NFT Fresh this month, a virtual NFT conference, so you can maximize the opportunity for your business. Because when you’re one of the first to try something new, it doesn’t even have to be perfect — far from it — when you’re an early adopter, you get to experiment and have fun.
The conference is October 20-22. Prelaunch tickets will go live soon. To get access to tickets, join the waitlist here.
To big ideas,
Jason
Social Fresh
The TikTok Audio Trap: Build A More Sustainable Short-Form Video Process Short-form video platforms like TikTok, Instagram Reels, and YouTube Shorts are audience-building opportunities. With their emphasis on bite-sized, visually engaging content, these platforms offer a unique opportunity for brands to connect with younger audiences and stay relevant in an ever-changing digital landscape. But there's a catch: when it comes to audio, many brands are at a disadvantage. When brands create...
Who's Winning The TikTok vs. Instagram Battle? If social media were a person, it would be graduating college soon and looking for a job. Actually, social media would skip college, become a creator on TikTok or Instagram, and launch their own fashion or beauty line. Short-form video, and more specifically TikTok, is culture. Humans spend more time engaging with TikToks, Reels, and YouTube Shorts than all other social media formats combined. Short-form video isn’t so easy for every business, or...
Facebook is now Meta. Instagram is adding NFTs. Twitter is adding avatars verified on the blockchain. So is Reddit. Is this all a distraction? Or is there an underlying shift to crypto and VR that businesses need to pay closer attention to? There is a shift happening. One that is very important to every business. But there's also a lot of noise. It's challenging to keep up with it all and know which of these trends have staying power And it's only going to get noisier. Is the metaverse the...