Shall we start with the elephant in the room - lots of digital artwork NFTs are borderline (or even flat out) scams.
Yet we work with clients all the time examining what Web3 could mean for them and to be honest in the midst of Metaverse experiences, WebGL, ThreeJS and many other excellent tech evolutions NFTs are the most exciting opportunity of all.
It all comes down to a proper understanding of an NFT and what it means for brands and consumers so in this article I shall try to unpack it without getting too technical and crypto bros on you.
Want to learn more about how we help brands (and could help you) navigate Web3? Then check out our Lab3 page here or email me, contact details below
To understand these we need to go one step back and first say, what is Blockchain?
For an awesome explanation and a fun scrolling animation check out this link for a more detailed run through.
Put very simply, blockchain is a method for establishing trust online. To do this, information is stored in a way that is as difficult as possible to hack. This simple evolution unlocks a whole load of opportunities. Beyond this, blockchain and the wider topic of Web3 rely on decentralising. So if I want to store a piece of information it will be split and stored across many servers around the world all working in a chain to maintain platforms.
So now we just come on to a naming
So if we can now establish trust online, we could use it as a reliable proof of ownership and here lies the NFT. It stands for Non Fungible Token which, translated from nerd, means a non changeable proof. And that is it, just a little piece of code, based on some very clever systems that enable trust so we can ensure what it says is true.
It isn't a picture of an ape, it doesn't need to be a picture at all, it could be the deed to your house, your driving license, anything of value of which you would like irrefutable proof.
So once we get over the over-hyped, wild speculation of just one single use case - artwork, the real value is found in the word ownership. Ownership that follows wherever you are and with all the ease of use of technology. A deed transfer at the click of a button that can be instantly read by other platforms that could add huge amount of data and liquidity to the archaic property market. OR perhaps proof you own clothes from a brand which in return grants you access to their VIP events or behind the scenes access.
That ownership can run both ways too. If as a brand, you release an NFT the owners are now your audience and you can take them with you from platform to platform granting them automatic access via their NFT ownership. Endless digital marketing experiences, all customised and without any need for registration systems.
So now it gets really exciting. In the context of Web3, NFTs have the potential to revolutionize the way that we interact with digital assets and content. For example, an NFT could be used to grant access to exclusive events or behind-the-scenes content for a brand. It could also be used to represent ownership of an avatar in a virtual world, allowing it to be used across multiple platforms.
Applying that to our clients and brands, they can take their audiences with them too. Instead of spending billions of dollars growing following on other people's platforms like Instagram or TikTok which ultimately supports their business far more than your own, own your audience and take them with you platform to platform on whatever journey you like.
Own your audience and take them with you from platform to platform.
While I was at WebSummit recently one of the talks said that if you post a picture on Instagram on average you only get 5% organic reach. So after all of that hard work growing an audience and the subsequent work devising and posting content, 5% of the hard won audience will see it unless you spend money to promote it.
With a community bound by NFT you can have an entire community truly engaged with your brand who actively want to be involved in chats and drops 100% receive the message 100% of the time. Even better, if they get tired of the brand they can trade their VIP access with someone else who is passionate about it and bring you new customers on your behalf.
My guide to current use cases
So finally lets wrap up with some advice I give to clients all the time.
The first and arguably the most important is: don't write them off because the technology was exploited by a few people.
Next, the next generation of NFTs will offer real value. Think, how does proof of ownership and access help my client?
Finally, use it as a point of engagement with your new audience, the most successful NFTs offer regular access to new content/information. That builds community loyalty ultimately sells more product.
Want to know more about how Web3 might hold opportunity for your company? Then click here to access my guide in return for letting me email you to check what the interest might be. Or please email me, details below.
Patrick Lambert
#alwaysevolving
Entrepreneur, Presenter. Marketing, Web3, Cars, Property.
Currently working on uGen: Web3 social content platform
Ben Collins is a Creative Director 👑
Business Founder x 5 🚀
Loves nuts 🥜
Writes about entrepreneurship, marketing and the gym
Shall we start with the elephant in the room - lots of digital artwork NFTs are borderline (or even flat out) scams.
Yet we work with clients all the time examining what Web3 could mean for them and to be honest in the midst of Metaverse experiences, WebGL, ThreeJS and many other excellent tech evolutions NFTs are the most exciting opportunity of all.
It all comes down to a proper understanding of an NFT and what it means for brands and consumers so in this article I shall try to unpack it without getting too technical and crypto bros on you.
Want to learn more about how we help brands (and could help you) navigate Web3? Then check out our Lab3 page here or email me, contact details below
To understand these we need to go one step back and first say, what is Blockchain?
For an awesome explanation and a fun scrolling animation check out this link for a more detailed run through.
Put very simply, blockchain is a method for establishing trust online. To do this, information is stored in a way that is as difficult as possible to hack. This simple evolution unlocks a whole load of opportunities. Beyond this, blockchain and the wider topic of Web3 rely on decentralising. So if I want to store a piece of information it will be split and stored across many servers around the world all working in a chain to maintain platforms.
So now we just come on to a naming
So if we can now establish trust online, we could use it as a reliable proof of ownership and here lies the NFT. It stands for Non Fungible Token which, translated from nerd, means a non changeable proof. And that is it, just a little piece of code, based on some very clever systems that enable trust so we can ensure what it says is true.
It isn't a picture of an ape, it doesn't need to be a picture at all, it could be the deed to your house, your driving license, anything of value of which you would like irrefutable proof.
So once we get over the over-hyped, wild speculation of just one single use case - artwork, the real value is found in the word ownership. Ownership that follows wherever you are and with all the ease of use of technology. A deed transfer at the click of a button that can be instantly read by other platforms that could add huge amount of data and liquidity to the archaic property market. OR perhaps proof you own clothes from a brand which in return grants you access to their VIP events or behind the scenes access.
That ownership can run both ways too. If as a brand, you release an NFT the owners are now your audience and you can take them with you from platform to platform granting them automatic access via their NFT ownership. Endless digital marketing experiences, all customised and without any need for registration systems.
So now it gets really exciting. In the context of Web3, NFTs have the potential to revolutionize the way that we interact with digital assets and content. For example, an NFT could be used to grant access to exclusive events or behind-the-scenes content for a brand. It could also be used to represent ownership of an avatar in a virtual world, allowing it to be used across multiple platforms.
Applying that to our clients and brands, they can take their audiences with them too. Instead of spending billions of dollars growing following on other people's platforms like Instagram or TikTok which ultimately supports their business far more than your own, own your audience and take them with you platform to platform on whatever journey you like.
Own your audience and take them with you from platform to platform.
While I was at WebSummit recently one of the talks said that if you post a picture on Instagram on average you only get 5% organic reach. So after all of that hard work growing an audience and the subsequent work devising and posting content, 5% of the hard won audience will see it unless you spend money to promote it.
With a community bound by NFT you can have an entire community truly engaged with your brand who actively want to be involved in chats and drops 100% receive the message 100% of the time. Even better, if they get tired of the brand they can trade their VIP access with someone else who is passionate about it and bring you new customers on your behalf.
My guide to current use cases
So finally lets wrap up with some advice I give to clients all the time.
The first and arguably the most important is: don't write them off because the technology was exploited by a few people.
Next, the next generation of NFTs will offer real value. Think, how does proof of ownership and access help my client?
Finally, use it as a point of engagement with your new audience, the most successful NFTs offer regular access to new content/information. That builds community loyalty ultimately sells more product.
Want to know more about how Web3 might hold opportunity for your company? Then click here to access my guide in return for letting me email you to check what the interest might be. Or please email me, details below.
