As more brands jump on the NFT bandwagon, thereby flocking the space, we will be left with no other option than being poised to see an emergence of more technology in the space, starting with ticket sales and experiences. It won’t be long until consumers are buying branded skins for their avatars in the metaverse as additional NFT functionality offers more opportunities for pushing data and experiences to consumers. This technology is already disrupting the industry to boost social media following and promote campaigns. Due to this fact, more and more brands are using NFTs in innovative ways to market new launches, promote milestones, or show support for a charity or movement.
The NFT Rampage And The Disruption Ahead
This year alone, the metaverse has recorded a good number of Top merger companies who have flocked its space. From Coca-Cola and McDonald’s to Asics and Gucci and many others. When it comes to marketing brands, nothing has created quite so much excitement as NFTs (non-fungible tokens) over the past year. Since the buzz created by the auctioning off, of the first digital-only NFT at Christie’s, brands have been digitally experimenting in the metaverse to see how they can be part of the NFT pie.
The very exciting part about this rampage is that these NFTs are increasingly being used by brands, both classic and cutting-edge as part of their marketing mix. The other few brands aside from the above listed who have also flocked to the metaverse include NFL, Original Penguin, Ray-Ban, Mattel’s Hot Wheels, Taco Bell, Clinique, etc.
The News at 12
Mark Zuckerberg, CEO of Instagram’s parent company, Meta, confirmed recently that non-fungible tokens, better known as NFTs, will be coming to the picture and video sharing app (Instagram). Owing to this, Zuckerberg made the announcement at the SXSW conference but did not provide a specific date for when NFTs might drop on Instagram.
However, rumors of the news have been swirling for months, with many predicting that users will be able to mint new NFTs on Instagram and share those already in their collection. During his speech, the notable CEO said that he hopes for a day where users will be able to mint the clothes of their digital avatars as NFTs, but admitted there is still work to do before that can happen.
These Strides Did Not begin today, Let’s Tango on the Moon
The reality which the notable CEO, Zukerberg keeps leaving the world abreast with, is the fact that there will never be a better yesterday and hence, the need to keep doing much more. Many other great strides have been made by Zuckerberg. This however is not Zuckerberg’s first foray into blockchain technology, of course. In 2019, the CEO infamously tried to launch a digital currency called Libra but the effort floundered in the face of massive political and regulatory blowback.
More recently, during a virtual event last October, Zuckerberg announced that Facebook would be rebranding to Meta, saying its focus will be to bring the metaverse to life and help people connect. Investors have reacted poorly to the news of Facebook’s rebrand and pivot to the metaverse. Since the announcement, Meta’s shares have tanked more than 20%. There is no doubt that whatever he sets to do keeps bringing the trophies home.