The Mona Lisa Of The Tech World: How Marketers Can Benefit From NFTs

Business people analyzing marketing reports. Managers presenting diagrams vector illustration. Business and analysis concept for banner, website design or landing web page
B&T Magazine
Edited by B&T Magazine
SHARE
THIS



NFTs – non-fungible tokens – are unique digital assets That are currently experiencing a significant spark in interest from companies across a range of sectors.

There was the artist Beeple, who sold a piece of art for US$69 million in the form of an NFT.

Funko, a company best known for making collectible figurines of pop culture characters recently announced that they would be expanding into the NFT market.

Luxury fashion house Gucci told Vogue Business that it was “only a matter of time” before a fashion house would release an NFT.

Lachlan Feeney, founder of Australian blockchain developer Labrys, explained the appeal of NFTs for brands.

He described NFTs as a “digital collectible.”

“In the past, it’s been very hard to create collectibles in a digital world because we’ve just been subject to copy and paste.”

“The whole idea behind NFT’s is bringing the collectibles from the real world where we can actually have scarcity, whether that’s trading cards or collectible toys [and] trying to replicate that in the digital world.”

Those NFTs can’t be copied or repeated. That, Feeney says, is what makes them valuable.

“Everyone agrees that the Mona Lisa in the real world, you can print it and make copies of it a million times over. But there’s only one Mona Lisa, and it’s worth a lot of money.”

“The same concept has basically been somewhat successfully applied thus far with NFT’s in that digital artwork space…if someone creates a new piece of artwork, it doesn’t matter whether they produce the artwork with a mouse and keyboard or with a paintbrush, there is an original piece of artwork that is sitting out there on the blockchain.”

“You can take screenshots and so on, but you don’t own the original piece the same way that you wouldn’t own the Mona Lisa.”

Because this technology is so new, Feeney believes the marketing industry is primed for utilising NFTs.

“[It plays on] these tools and games that advertisers and marketers have used for decades.”

“I think we could see something like, when going through an online checkout, you might randomly win an NFT as a reward.”

“You have different levels of rarity and so on. It plays on all of the same game theory, incentives that get people interested in these things, and interested in doing more shopping and engaging with the business.”

NFTs have the potential to solve some of the issues of cybersecurity.

“In the advertising and marketing industries, there are long-term battles against fraudulent clicks, fake accounts and click farms,” Feeney explained.

“Blockchain, though, makes it easier to discern real engagement from fake engagement. Intellectual Property is also a contentious issue, but NFTs alleviate that by providing a digital proof of ownership.”

According to CNN, the price of NFTs has dropped 70 per cent since February. Despite the drop, the popularity of NFTs doesn’t seem likely to end any time soon. In fact, it may just be beginning.

Please login with linkedin to comment

NFT

Latest News

Leadership, Humanity, Technology – The Sweet Spot
  • Media
  • Technology

Leadership, Humanity, Technology – The Sweet Spot

The SingularityU Australia Executive Program will take place this may, celebrating leadership at the intersection of the values of humanity and the value of technology. The Elon Musks, Apples and Xeros of the world are taking risks for humanity and creating new  technologies that streamline and beautify business operations. They simplify life by providing basic […]

by B&T Magazine

B&T Magazine
OMD Alumnus Launches Specialist Media Agency For The Franchise Sector; TFM Digital
  • Marketing

OMD Alumnus Launches Specialist Media Agency For The Franchise Sector; TFM Digital

Brisbane media professional and former OMD Australia Account Director Taylor Fielding (pictured) has officially launched TFM Digital. TFM Digital is a specialist media agency based in Newstead which primarily provides media buying services, and strategy development, to businesses chiefly, but not exclusively, within the franchise sector. Prior to the launch of TFM Digital, Fielding spent […]

FutureFeed Appoints Five By Five For Global Launch
  • Media

FutureFeed Appoints Five By Five For Global Launch

Launch marketing specialists Five by Five Global have been appointed by FutureFeed to develop their brand, international certification trademark and go to market strategy. The innovative livestock feed ingredient developed by CSIRO, Meat and Livestock Australian and James Cook University uses a specific genus of seaweed, Asparagopsis, which significantly reduces methane emissions in ruminant livestock. […]

SKMG’s Andrew Knowles Snares B&T’s 30 Under 30 For PR
  • Marketing

SKMG’s Andrew Knowles Snares B&T’s 30 Under 30 For PR

Andrew Knowles, partner and co-founder of the corporate communications consultancy Shoebridge Knowles Media Group (SKMG), has won the PR category in the 2021 B&T 30 Under 30 Awards. Knowles received the award at a ceremony in Sydney last night, claiming victory in a highly competitive field that included leading executives from some of Australia’s biggest […]

MELBOURNE, AUSTRALIA - APRIL 14: Jack Viney of the Demons and Mitch Wallis of the Bulldogs pose for a photo during the Theragun & AFL Partnership announcement at AFL House on April 14, 2021 in Melbourne, Australia. (Photo by Dylan Burns/AFL Photos)
  • Marketing

AFL Names Therabody As Its Official Recovery Partner

The AFL is delighted to welcome Therabody as its Official Recovery Partner of the 2021 Toyota AFL Premiership Season. Therabody’s industry-leading devices and research will be integrated into pre-match training and post-match recovery routines to help prevent injuries and help improve overall athletic performance. Therabody will also become the naming partner for the end-of-season AFL […]