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This is a guest submission from Natalie Kiguel, Vice President, Talk Shop [TCO] – over the past decade, Natalie Kiguel has emerged as a trusted adviser leading marketing and communications strategies for international brands including Amazon Web Services, Equinox and PayPal, and has asserted Talk Shop’s position in Toronto’s technology industry.
What is an NFT?
Non-Fungible Tokens, or NFTs, are one-of-a-kind pieces of digital art. They are created, purchased and sold using blockchain technology that verifies that each piece is unique.
Just like in the physical art world, NFTs are deemed valuable due to their scarcity. While there can be many reproductions of the Mona Lisa, there is only one authentic Mona Lisa painting. Similarly, one could screenshot an NFT, but the value is held in the authentic NFT, which is verified and secured via blockchain technology.
NFT collectors are betting big on this sector – an NFT by Beeple was recently sold at auction by Christie’s for over USD $69M.
Why does it matter to brands?
NFTs give brands a new way to connect with consumers and audiences whose purchasing behaviours are changing. These consumers range from young Gen-Z gamers to ultra-wealthy millennial collectors.
Gucci, for example, recently auctioned off an NFT inspired by its Fall/Winter 2021 collection, with its USD $25,000 proceeds going to UNICEF. They also sold a digital representation of a Gucci Dionysus bag in the Roblox metaverse for over USD $4,000. These moves into bleeding-edge digital spaces are not only driving headlines that position the brand as an innovator, but are building brand equity as the only luxury brand interacting with ultra-wealthy collectors in this way.
Meanwhile, Visa has purchased an NFT for USD $150,000, a move seen to establish its expertise and market leadership in digital currencies. Brands are using NFTs to show that they’re progressive and won’t be laggards in the new digital economy fuelled by blockchain technology.
Have any of your clients created an NFT?
There’s nothing that we can share publicly just yet, but stay tuned!
We do have clients who are active participants in the NFT economy. cocoNFT removes complexity from the NFT world, allowing creators to seamlessly turn Instagram posts into NFTs for auction. Meanwhile, Tokens.com invests in the blockchain technologies and cryptocurrencies that power NFTs.
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