Here’s a big statement: In the next 18 months - regardless of the Crypto Winter – your brand will be touched by Web3 and the Metaverse.
Digital assets are now different. Or at least they can be. This is not new. The infrastructure required to make them different has been forming since 2009.
In 2021, Collins Dictionary picked 'NFT' as its word of the year. It defined one as: “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible” and “an asset whose ownership is recorded by means of a non-fungible token”.
The distinction is key to understanding the future of your brand. NFTs in most people’s imagination are jpegs bought and sold for ludicrous sums.
That is one type of use. And one type of NFT.
The important bit of the Collins definition is that NFTs express property rights. And that these can be applied to any property, digital or physical.
What it does not describe, is the impact that these new forms of non-duplicable property rights are will have on your brand.
NFTs give access to online intellectual property, but they can also deny it. They can automate its use with very simple or very complex failsafes built in. This changes how you should think about what you own and what you create.
Professor Sinclair Davidson Professor of Institutional Economics at the Royal Melbourne Institute of Technology in Australia says: “NFTs are the general-purpose technology for the new digital economy.”
He is right. By embedding information about a brand's good or service as it moves through the digital world – information that can never be lost but can be added to – NFTs transmit actual value.
Want to know more? Download the Crowd Web3 Project here.
Adam is our MD for Crowd Europe and brings a wealth of experience in marketing gained over a 20 year career. Adam has experience across sport, entertainment, fashion, healthcare and consumer electronics sectors.