Should you create an NFT for your brand?
This blog contains a section of a podcast — Web3 Digital Marketing Entrepreneur and the opinion of the host is added after that.
Ritzy: I’ve been in this space for over a year, a little over a year now. The type of events that we have and want to showcase all different types of creators and creatives, I’ve seen that moves are being made in the entertainment side as far as, like, music, film, fashion, and beyond. I’ve seen a sky that we had at one of our larger events in Boca de Colombia.
His name is Spotty WiFi. He is known as the best and only crypto-punk rapper. And he’s been able to change how artists, especially musicians, get funds for their work. And it’s shaking up the entire industry. Because the example I give is, let’s say, an artist, right? Say, Jeff, you’re a painter, and you created this amazing, gorgeous painting, and you’re showcasing it at a gallery, and the price is 1000. You may or may not know that the gallery gets 50%, sometimes 60%.
So for it, let’s say 50%. So you got 50%, 1000, and the gallery gets 1000. Jeff is the person who bought that, the lucky person who bought your painting, and your star is rising. And then they sell it; they make a profit. You, as an artist, didn’t see any of that. The gallery didn’t see any of that. But say you take your art and you take it, make it into an NFT.
You take your song; you make it into an NFT, write it, and get the proceeds from it. So then, I buy your NFT of that print that you made an NFT of. So you get that money, then I sell it.
And whatever is written on the contract, whatever is written on the blockchain that says from now until the end of time infinity, you’re going to get 10% of those sales, right? So I get it for a certain amount. Then ETH is up. Your star is up. I can double that money. You get that money.
So you cut out the middle person. And the money goes directly to the creator. And that allows the creator to do what they do best: create their artwork. We made contact, and we also had him at Conference Nello. He’s an Emmy-nominated director and producer.
And so now he’s doing his stuff via NFTs. You can buy a certain level NFT and be marked as a producer, a helper, a supporter, and so get all the money that way you put it out, and there are all these different types of perks from helping out creators. They call it, on the other side, utility. Like your entity that you buy utility. That means it gives you these types of perks from purchasing that.
Host’s Opinion:
This is one use case of an NFT. Multiple industries utilized this technology to drive revenue. But you have to be careful if you are going to do any NFT-related strategy for your brand. Recently Porsche released an NFT and it wasn’t much of a hit. According to a few of my LinkedIn connections Porsche didn’t take a proper strategy and they released an NFT with the hope of web3 creators and enthusiasts will promote it and it will have huge sales.
So take this as a lesson to know your strategies before moving forward with NFTs for your brand.
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