It only makes sense that advertising and marketing technology should heed the call. Immersive mobile advertising campaigns that use NFTs can be distributed programmatically across various platforms. Brands can use NFT technology to provide personalized gifts, vouchers or more to their customers. For example, Taco Bell recently sold NFTs for digital taco art (and donated 100% of the profits to Taco Bell Foundation, Inc.). This technology can help drive user engagement for brands and can be attributed back to a user or paid media channel without the need for a cookie. For a specific subset of consumers, it’s a win-win situation for both them and advertisers.
There’s no doubt that Non-Fungible Tokens are the most popular trend in the crypto community right now. From celebrities to respected companies, everyone is talking about launching their own NFTs. But not all NFTs are made equal: while some are worth a fortune, some can be practically worthless. Let’s take a look at some of the most profitable ways individuals and companies are making money during the current NFT gold rush.
- Digital Works of Art
- Licensed Collectibles
- NFT Video Games
Yao Ming’s Yao Family Winery will auction an NFT wine pairing on Wednesday with some of the proceeds going toward community organisations fighting against anti-Asian discrimination in the US.
“Pairing this exquisite wine with a limited edition NFT should appeal to wine collectors, sports memorabilia collectors, NFT collectors, early adopters and anyone who appreciates the value of one-of-a-kind assets,” Yao Family Wines president Jay Behmke said.
Plenty of discussions this week occurred at the World Economic Forum. A key topic was decentralized finance (DeFi). Speaking at the “Behind the decentralized finance hype” panel, Rune Christensen of MakerDAO brought to light the future of DeFi and how it is growing rapidly.
Christensen explained how DeFi can be accessed by anyone:
“It doesn’t matter if you’re a hedge fund manager on Wall Street or if you’re one of the 1.7 billion people that don’t even have a bank account. With DeFi, you have complete access.”
“I feel that once we speak about blockchain, we instantly totally gravitate our ideas to Bitcoin, however Bitcoin is just one software of blockchain,” Itamar Melamed, Head of Innovation Growth at Infront Lab, advised CTech. “Blockchain is the backend of the whole ecosystem of cryptocurrencies, however blockchain has a number of distinctive capabilities that the sports activities market might harness and make the most of. Before everything it may possibly virtually utterly eradicate what’s known as double-spending. This can be a very huge drawback in sports activities in terms of forgeries.”
Although most NFTs currently in existence do not resemble securities, Canadian securities regulators have consistently stated that such a conclusion depends on the specific nature of the token and the representations and marketing efforts of the issuer. Accordingly, it is critical that crypto issuers and related businesses, as well as investors and other market participants, are aware of and consider the securities law requirements that may apply to their activities in order to avoid costly regulatory surprises.
How emotional attachment to certain items and gifts could affect our understanding of value.
Brands are very, very excited about non-fungible tokens. Over the past month, some of America’s most recognizable brands have eagerly hopped onto the bandwagon, selling limited-edition Taco Bell cryptoart, old Time magazine covers, a New York Times column, and a virtual Pringles chip flavor. Non-fungible tokens, it seems, have entered the mainstream, even as the technology remains confusing and largely inaccessible to regular Americans.
Many new blockchains with much lower fees are gaining popularity and are expected to dramatically reduce the cost of minting and buying an NFT.
New platforms are simplifying the NFT trading process. For instance, transactions on NBA TopShot are not conducted in cryptocurrencies but regular dollars, making it easier for everyone to get involved.
Regardless of where we go, the future is very exciting and the decentralization movement will have a significant impact on how we interact and work together in the future!
Is this just a fad?
If you’re asking why anyone would pay over $1,000 for a virtual Christmas sweater with the Bitcoin logo all over it, perhaps you’re not in the right place. But it is entirely possible that the whole NFT obsession may prove a fad – or not. Many of the first NFTs were in the style of CryptoPunks, pipe-smoking digital beings that date back to 2017, and CryptoKitties, cute virtual felines that started the same year.
In its new guidance, the FATF defined most operators of decentralized finance (DeFi) platforms as “Virtual Asset Service Providers” (VASPs). That means that, if the guidelines are adopted in the US and other major jurisdictions as proposed, many DeFi platforms will have to find a way to comply with rules around combating financial crimes. But that won’t be as easy as it may sound.