With the ‘meta race’ going strong and everyone looking for the lion’s share of the space, the thin line between the virtual and real-world is slowly blurring. Are we still facing customer inertia? Is there still a hesitation to explore the ‘virtu-realities’? I don’t think so. In 2022, we’re looking at an intangible token industry with a market cap of $840 million and a $37 billion turnover just this past May.

August 2021 saw a headline I hadn’t quite imagined reading in this lifetime: clipart of a rock sold for $1.3 million. At the time, this transaction was the most recent EtherRock sale, a 2017 crypto collectable with only 100 units available worldwide. What is the JPEG’s purpose? Nothing more than the source of pride it instils the owner for having one of 100 rock images. 

Brands continued to conceptualise and invest in NFTs despite the fact that they had minimal to no functionality and were entirely digital assets that remain relatively intangible. There had to be a bigger play at hand, right? 

And there was. 

Brands like Adidas, McDonald’s, Twitter (I see you, Elon), Visa, Louis Vuitton (who knew?), and more are spending millions of dollars on NFTs and capitalising on visibility. Not only is NFT adoption helping brands by building connections with the tech-savvy consumer, but also aiding in conversions. While they are not yet a future-proof system, NFTs saw a resurgence post-pandemic through CryptoArt. 

Much like the real world (that still exists?), the art trade-off is quite standard. From buying, selling, trading or collecting, these digital artworks are now your piece of the scarcity pie. 

Since then, NFTs have delivered on brand conversion, but here’s why I’m advocating for them:

  • It’s trending – Let’s not cringe; it’s every communication professional’s favourite word at this point. Increased adoption increases utility, and if your consumer base is not already nuts for NFTs, you have the opportunity to educate. 
  • Speculation tool – It’s a whole new engagement tactic that is not only driving brand awareness but also earnings. Spend money to make money? Cliché for a reason.
  • Incentives – The NBA grants fans the opportunity to purchase their favourite moments in basketball history as digital collectables, and Kings of Leon (who’s singing ‘Use Somebody’ in their minds right now?), offering concert tickets and artwork as part of their NFT offering. There’s something for everyone.
  • Welcoming Web 3.0 – With consumers moving into Web 3.0, brands are following suit. What better way to do that than with NFT hype? I say hype as I walk on virtual eggshells, being cautious about the NFT trajectory.
  • And the big one: Engagement. Brands can create iconic campaigns, incomparable customer experiences and luxury projects that can be minted. Ownership and customer loyalty; the lines are blurring.

Just like with the internet back in the 90s, we can only truly be left speculating on whether or not this technology will take us to the landscapes that we envision. 

While there is a degree of certainty behind the concept, especially when considering the continuous investments into the Metaverse, we could see both ecosystems flourish in tandem as more technological innovation is brought forward within the fields. 

The NFT space does hold its value, to some degree — giving the traditional concept of ‘ownership’ a whole new meaning — fundamentally changing the digital ecosystem and embracing Web 3.0 with open arms. 

Will it be the next big thing that creates a paradigm shift to society as a whole? 

That is a figment of our forward-thinking imagination as there is a possibility that it will leave us in the dust as Web 2.0 once did with MySpace, Napster, Facebook and the likes. 

Until then, it’s all monkeys and pixelated art – literally.