NFT (Non-Fungible Token) emerged as a major commercial opportunity in 2021.
But according to Avery Akkineni, president of Vayner NFT, an NFT consultancy that has worked with coaches, American Eagle and other brands, the opportunities for them are much wider.
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“There is a great commercial opportunity offered by NFTs. Anyone who looks at OpenSea and follows the headlines knows that some NFTs make very high amounts of money. It’s exciting. It’s great, and what’s really exciting is that much of it is actually in the hands of creators, people who make art, make music, and develop these communities and programs, “Akkineni said. Said in a conversation with technology reporter Adriana Lee.
“But NFTs aren’t just about commercialization,” continues Akkineni. “NFTs can build communities, emphasize emerging creators, contribute to philanthropy, and help build brands.”
Akkineni shared an example of a free NFT from Cryptopunks, “one of the most valuable NFT projects ever” as a way to build a community.
Regarding the brand, Akkineni said he had the opportunity to think in the long run and do the same with NFTs. She has so far used the L’Oréal and Clinique NFT examples as outstanding, and marketers should look to NFTs to “add value to space and add something special.” Said.
“Currently, about 90% of NFT buyers are male, and beauty brands have the opportunity to create something truly special to female consumers,” Akkineni said.
“21 has opened the eyes of people to this new phenomenon of ownership of digital assets,” said Akkineni. “For me, NFTs are the first time an individual has the opportunity to own a digital asset and can prove this on the blockchain.”
With the emergence of new digital concepts such as NFTs, Metaverse and Web 3, Akkineni has suggested that a cultural shift is underway.
“As in any other case, some people may be skeptical about the new technology. Some people were skeptical about using credit cards online,” Akkineni said. “Some people are skeptical of the internet and others around.’Who cares what you eat for breakfast?’. Who follows Campbell Soup on Twitter?”
But 2020 has brought about major changes in people’s usage and consumer media, which has led to “very clear opportunities,” executives said.
“I tell skeptics to educate themselves. Listen, learn and see if this is the community you want to join,” she said.
A major change in the latest generation of digital products is the idea of ownership, Akkineni said. “Much of the content people create and share is actually all owned by the main platform,” she said.
For consumers looking to join these technologies, Akkineni says it’s becoming more simplistic. “Twitter has made progress with Coinbase’s verification of hexagons and NFT ownership and launched the NFT Marketplace. There’s a lot to develop these simpler on-lamps for consumer recruitment. Is involved, “she said.
“I don’t know how a light bulb works. Similarly, I understand how it works—it works, use cases, and how to activate it,” Akkineni said. “That’s why what about next-generation NFT early adopters? You can understand the value, understand the use cases, and work on them, but you don’t need to know all the technical details.”
For more information on WWD.COM, see:
Metaverse: The Next Frontier of Beauty
Why Clinique NFTs Are Important for Cosmetology Biz
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