WTF Is An NFT And Why Should Brands Care?
NFTs are the bright, shiny objects capturing the attention of brands today. Here is a look at what NFTs can really offer your brand with lessons informed by real-world examples.
Non-fungible tokens (NFTs) are the newest tool demonstrating how value and currency as concepts are evolving through the digital age. And many companies are already taking notice—cementing their positions as frontrunner brands in the process. Coca-Cola is experimenting in digital art NFTs, creating digital scarcity for collectors' items. Ray-Ban is reimagining their signature sunglasses for the metaverse. Gucci is auctioning off NFTs on a virtual runway.
For leaders seeking to get a grasp of what an NFT is and how it can be used to drive brand value, it is important to first talk about what ‘value’ even is, a few key economic principles and the technology underpinning NFTs.
It is time to think critically about value
Chief Brand and Marketing Officers often talk about value in context of how brands contribute to the success of a business: brand awareness, reach, market share, customer experience, customer loyalty, among many others. The truth is value is one of the few things we encounter that always exists in both a conceptual and actual state. Understanding value practically and conceptually will be integral for exploring and understanding the world of NFTs.
In this context, value refers to the price that someone is willing to pay for a thing. What makes ascribing value to a thing interesting is that it is always possible for two parties—person to person, person to machine, or machine to machine—to have diverging opinions on a given value. Asking ten people or machines what something is worth could yield you one to hundreds of thousands of different outputs, all informed by how the given party assesses disparate information.
So what is an NFT?
An NFT is a unique digital asset that has its ownership details tracked on a blockchain. This can be a broad set of assets that includes digital goods, like virtual land or digital art, all the way to tangible assets, such as physical land and art. As NFTs are a way to make digital files (e.g., MP3, MP4, gifs, jpegs, etc.) ownable, they open unlimited possibility to new outlets for brand expression and points of connection with customers.
Read the Full article here: https://www.forbes.com/sites/frog/2022/04/20/wtf-is-an-nft-and-why-should-brands-care/?sh=2be553d32ff0
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