NFTs, Ethereum, and Marketing

Who hasn’t heard of NFTs recently. No, it’s not a text message abbreviation. ICYMI (in case you missed it), NFT stands for non-fungible token. Non-what token? Non-fungible means that it’s unique and can’t be replaced with anything else. There’s only ONE original creation. Let’s find out if the latest NFT craze could actually benefit marketing. 

An NFT can be anything digital, e.g. a drawing, a snipped of music or video but the current hype seems to be around digital art. An NFT lives on the Ethereum blockchain. Ethereum is a cryptocurrency. As of today, one Ether is equivalent to $2,143.75. You don’t need to buy one ETH. You can buy a very small fraction to get started. If you want to know more about Ethereum I would suggest you go to the source directly at https://ethereum.org. 

Below is an NFT art by an artist called Blacksneakers. She’s only 20 years old and based in North Carolina. The NFT art “Holding Up The Sun” below sold for over $7K.  

How can marketing leverage this new trend? Social media does immediately come to mind. Since an NFT is an absolute original no matter how many copies are out there brands can use the social media platforms to drum up excitement around an NFT. Proceeds from NFTs can be donated to charity and this is perfect synergy for purpose-driven marketing that has grown during COVID-19. Taco Bell promoted NFTacoBell NFTs on Twitter. One of them sold for $3,500. Proceeds were donated to the Live Mas Scholarship. 

I believe that NFTs will soon play bigger role in AR (augmented reality). Read my blog “Augmented Reality Is Becoming The New Reality” to learn more about AR. Gaming is going to jump on this and it’s only a matter of time until other brands get on the ride. Check out the short article “Ethereum NFTs Are Getting Merged With Augmented Reality“. This whole space is fascinating and I believe that development will happen rapidly. There are so many possibilities, e.g. virtual reality and luxury brands marketing. Luxury brands will be able to leverage the digital scarcity and find very profitable new outlet. 

If you have any comments please go ahead and leave me a line or two or three. If you would like to contact 4Elements Digital you may do so here. Take care of yourself out there and be good to each other. Also, never stop learning! In the meantime, go look at some NFT art on rarible.com. Cheers!