We haven’t even begun to tap into the potential of NFTs – News Couple

We haven’t even begun to tap into the potential of NFTs

Earlier this summer, CNN and The New York Times both warned that the Non-Perishable Token (NFT) bubble, fueled by an uproar about staggering valuations of digital art and interest from collectors, may already be on its way to bursting.

As the sixth employee at a social media startup called Wildfire — which Google acquired in 2012 — I’m familiar with skeptics and cautionary tales when it comes to new and emerging technologies. Based on my experience with entertainment, licensing and blockchain technology, I assert that if the so-called NFT bubble bursts, it could be positive for the future of the industry. The industry is young, we are the first racket in the first half now.

Related:Away from the hype: the actual value of NFT . remains to be determined

NFTs: The Industry to Explore

Public attention is always shifting from one direction to the other, so of course, the global surge in popularity of NFTs that we’re seeing will eventually fade away. This presents us in the industry with a great opportunity to explore the many doors that NFT will open for creators, IP owners and consumers alike.

For brands looking to grow and reach new audiences, NFTs stand out as a good marketing channel. Once NFTs gain more mainstream recognition beyond the initial bulge, creators will have the ability to reach more and more users. Platforms like Telegram, Twitch, and Discord have already proven many ways to build and nurture a fan base. Just imagine what a strong NFT market will add to this growing movement.

As digital certificates of authority, NFTs can act as custodians of intellectual property rights. The NFT space will eventually look like a music publishing model, where music publishers and songwriters compile copyright catalogs that deliver a continuous stream of royalties in perpetuity, leading to long-term valuation. Creating a management platform that allows IP owners to manage NFT transactions (think business intelligence, analytics, and CRM capabilities) is on the horizon.

Related: Non-fungible tokens: a new paradigm for intellectual property assets?

NFTs also act as digital passports, revolutionizing the fan experience and reimagining the idea of ​​a fan club for artists, brands and IP owners. With the whole world opening up after the COVID-19 pandemic, fans will use their NFT set to unleash behind-the-scenes shows, VIP experiences and private encounters. Given that digital assets, like tangible goods, are based on the economic principles of supply and demand, scarcity will enhance value and increase the number of consumers and digital natives striving to reach the ground level. In addition, affinity-based NFTs will drive experiences, both offline and online.

NFTs: moving forward

The future of NFTs becomes increasingly powerful as we in the industry continue to think first and foremost about fans and consumers. We must shift media and consumer attention away from raw six- and seven-figure sales numbers to focus on creating real value by instilling real utility in NFTs. We should focus on creating smart and strategic combinations of NFTs (as opposed to one-off drops) that gain enhanced value over time as the benefit of purchased NFTs becomes increasingly apparent to the masses.

The industry is rapidly evolving from what I consider NFT 1.0 – NFTs as digital holdings – to NFT 2.0 – NFTs as storytelling tools. Projects like Stoner Cats are the tip of the iceberg in terms of utilizing NFTs as access tokens to display exclusive video content. What excites me most are NFTs as storytelling vehicles, where NFTs are powered by deep gamification strategies and layers of society and become essential components of the cross-media multi-platform storytelling experience. موقع سباق الفورمولا

At Wildfire, we’ve always known that high tide lifts all boats. We have gone to great lengths to promote not only our company but the entire social media marketing category. I feel the same way about the fledgling NFT industry. Most importantly, NFT companies must remain firmly focused on fans and consumers in order to avoid becoming an industry sinking under the perception of misguided and short-sighted money grabs.

Related: Navigating the NFT Minefield: Should Be Easy for First Time Buyers

NFTs will become a fan’s permanent passport and gateway to unlock unique experiences – both online and offline. This will happen as NFT groups become smarter, more strategic, more gambitable, and provide the beneficial benefit of keeping fans engaged in the long term.

As the industry matures, people will become more sophisticated in the way they think about NFTs and the ultimate value that NFTs provide to fans and IP owners alike. The tool will become increasingly important as fans and consumers seek a better understanding of the “so-so” factor behind NFTs. So what do I have for this NFT. . What can you do for me? What are the benefits to my life? لعبة الدومينو اون لاين What value do I get by owning an NFT and how long will this value last?

The industry will continue to take major strides forward as major innovators in the space shift our focus to community, game mechanics and narrative storytelling to drive true value and benefit from the NFTs we bring to market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should do their own research when making a decision.

The opinions, ideas and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. موقع روليت

Ben Arnon He is the co-founder and chief revenue officer of Curio, the entertainment industry’s NFT platform. Ben’s career in entertainment began with leadership roles at Jersey Films, Universal Pictures, Universal Music Group, and Yahoo! Music. In 2010, he joined tech startup Wildfire, and helped scale the company into an acquisition by Google. Ben held a sales leadership role at Google for four years, before moving back into the entertainment business.

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