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.
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.
NFTs have captured the world’s attention by disrupting the art industry. But there are several other sectors NFTs are primed to change.
- NFTs have transformed the art industry, but other industries could benefit from the technology too.
- Music and gaming are actively exploring using NFTs.
- But other things are beginning to be tokenized too.
The growing boom in non-fungible tokens – digital assets that are one of one, as opposed to cryptocurrencies that are one of many – was long overdue. Applying a technology that enables digital bearer instruments to things like art, music and collectibles makes a lot of sense, and is arguably even more intuitive than applying it to money. That’s why I opened my first blockchain book by talking about the music industry.
If you spend some time reading up on NFTs in traditional publications such as the New York Times and Rolling Stone, then what you’ll detect is a collective sigh of relief. The world is slowly realizing that public blockchain networks like Ethereum enables creators to climb out of the digital dungeon they’ve been trapped in for the past 20 years.
NFTs are everywhere right now, from the NBA to Taco Bell, and artists like Grimes, Yaeji, and Toro Y Moi have been testing the waters. Grimes sold a collection of visual art for over $6 million; 3LAU, an EDM musician, made $11 million by selling an album as 33 individual NFTs; and Mike Shinoda of Linkin Park has sold several multimedia pieces through the NFT marketplace Zora. The website XLR8R announced a dedicated marketplace for music NFTs earlier this week, and there’s a burgeoning cottage industry of NFT auction houses looking to bring these collectibles to the masses.