Ralph Lauren has already been selling branded digital apparel in virtual worlds like Zepeto. (Media giants CNN and the Associated Press are betting, perhaps optimistically, that consumers will be as excited about buying news clips and iconic photos as they are about owning a LeBron James dunk.) Analogously, apparel companies can envisage digital versions of their physical clothing and accessories. NBA’s TopShot is currently the most compelling legacy example of this kind of product line expansion. Companies in the media business can naturally use NFTs to create a new class of media assets. There’s a similar dynamic at play in the NFT world today. The ecommerce journey of bookstores like Barnes & Noble was simpler than those of apparel, furniture or grocery retailers because they sold books - easy to describe, of a convenient form factor, non-perishable, and presenting no issues of user “fit.” Back then, retailers with a catalog business like Office Depot were able to start using the internet as a channel more quickly than other companies because they already had the infrastructure for taking orders and making deliveries. The answer will present itself more readily for some brands than others, just as it did when 1990s “brick and mortar” companies sought meaningful ways to use the internet. Successful brands didn’t call it a day after buying a domain name and posting a website in the dotcom era and, similarly, smart brands today need to be asking themselves what comes next. These early efforts range from exclusive releases of Campbell’s soup can art and Coca-Cola digital apparel to generative art of burgers from White Castle.īut a first step isn’t a strategy. Right now, NFTs seem inextricably intertwined with digital collectibles, and many brands’ first step into the NFT waters has thus been to launch their own collections. Early days: From collectibles to digital product-line extensions. The really interesting thing about NFTs is the tech they run on, which reveals their broader promise as a vehicle by which brands bypass the platform-centric marketing world of Web2 and reclaim ownership of their digital consumer relationships. While the current hype cycle might be fueled by crypto-millions and Discord-obsessed Gen-Z users, NFTs could be the killer app of Web3 and its gateway into traditional commerce. And the usability of the underlying blockchain technology is still a long way from being consumer friendly.īut don’t make the mistake of thinking that NFTs are a passing fad. Granted, a vast majority of mainstream consumers still struggle to make sense of the 2021 NFT world of Bored Apes and CryptoPunks. Driven in part by a FOMO reminiscent of the 1990s dotcom anxiety of bricks-and-mortar companies, mass-market players and luxury brands alike are launching NFT collections at a dizzying pace. You can now show off your favorite NFTs as your Twitter or Reddit profile picture, with Facebook and Instagram soon to follow. Non-fungible tokens ( NFTs) are going mainstream in 2022.
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