NFT’s as a Marketing Tool
Non-fungible tokens (NFTs) are coming into their own, now becoming an important part of the digital economy. The original goal of NFTs was to develop a monetary system that confirms assets – usually artwork – as individually unique, traceable and verifiable. These confirmations can be applied to anything digital, making the assets basically un-hackable and uncopiable.
Like most disruptive technologies, the journey to widespread acceptance and use has been along a twisted, and sometimes bumpy road. Largely discounted at their creation in 2014, NFTs surged in 2021, stabilized in early 2022, and faltered a bit mid-year. During their development, NFTs gained a reputation as being difficult to use. Some NFTs even turned out to be digital snake oil.
Even as many people struggle to understand NFTs, or are reluctant to jump on board, demand for NFTs has surged. In fact, NFTs topped $17 billion in 2021 and are poised to surpass $147 billion by 2026. As of March 2022, there were more NFTs than public websites. NFT marketplaces like Nifter, recently launched by ClickStream, are largely responsible for this growth because this new generation is easy to use, reliable, and secure.
Tomorrow’s NFT – A Powerful Marketing Tool Like No Other
As NFTs have grown, they have evolved past being merely a way to sell music or artwork. Once dismissed as a fad, NFTs have tremendous staying power and are now entering the mainstream. Today, these digital tokens are now in use as a sophisticated approach to marketing. Major brands, such as such as Budweiser, McDonald’s and Adidas, have introduced their own NFTs. A number of celebrities, including Tom Brady and Snoop Dogg, have either purchased NFT collections or launched their own.
Selling NFTs allow companies to lead customers on a journey through different price points and offer rewards based on the clients’ level of engagement. They are also a way for entrepreneurs to identify their strongest supporters.
Entrepreneur, author, speaker and internet personality Gary Vaynerchuk created Veefriends to build a community around his creative and business interests using NFT technology. His tokens recently pulled double duty during the multi-day superconference, VeeCon 2022, where holders of a VeeFriends series 1 NFT used the digital currency to get in the front door and gain access to original artwork and surprise gifts. Using NFT technology also allows Vaynerchuk to distinguish between superfans and casual conference-goers. Vayner’s VaynerMedia, a global creative and media agency, also recently partnered with Johnnie Walker to offer loyal customers a special and limited edition of blue label whiskey.
Vaynerchuk is far from the only entrepreneur and business leader to use NFTs to grow support for their products. Prada recently launched 100 Ethereum NFTs to coincide with the release of its latest Timecapsule apparel from Prada’s latest partnership with Cassius Hirst, son of English artist, entrepreneur, and art collector Damien Hirst. Buyers will receive an NFT along with their purchase.
The project, known the Timecapsule NFT Collection, is a monthly online event in which shoppers can access both a physical product and a gifted NFT. Each Timecapsule item bears a unique serial number and in packaging exclusive to its contents. The brand’s initial offering is Prada x Cassius Hirst black or white shirts that come with a corresponding GIF of a black or white pill capsule. The NFTs validate the transaction by referring to the serial number of the drop and by assigning a number to each individual shirt.
Big businesses are not the only ones taking advantage of the power of the digital currency – individuals are also making the most of the NFT communities. NFTs helped Chanel Lee bring her memes Tasty Toastys to market, for example. Lee introduced her randomly-generated bread cartoon in November 2021, before she had built up an international network substantial enough to attract attention to her cute and simple designs. After reworking and relaunching the collection in January 2022, Lee began holding gatherings on Twitter Spaces in which Tasty Toastys NFT holders can chat with each other in audio conversations; she also created an exclusive Discord server for NFT holders who prefer to type. Tasty Toastys also host events in the metaverse, such as the Decentraland party in which community members can wear a Tasty Toastys backpack while dancing to a live DJ, all as their NFTs hovers over their shoulders.
It’s hard to tell where NFTs will be in a year from now, but one thing is clear – NFTs will continue revolutionizing how we market, track purchases, and talk about art and all other commodities, digital and otherwise.
ABOUT FRANK MAGLIOCHETTI
Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.
Frank is the CEO of ClickStream, ClickStream’s business operations are focused on the development and implementation of apps that disrupt such as WinQuik™, a free to play synchronized mobile app and digital gaming platform. The platform is designed to enable WinQuik™ users to have fun, interact and compete against each other in order to win real money and prizes. Twitter at @ClickstreamC @WinQuikApp, Nifter™, a music NFT marketplace that allows recording artists to create and sell limited edition authenticated NFTs, and their ever expanding foreign language exchange social learning app @HeyPalApp. ClickStream is also entering the E-Learning market with Joey’s Animal Kingdom- please visit them online at wowee.world
Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.
Frank is a highly sought after multifaceted senior C level executive.
Mr. Frank Magliochetti MBA
Managing Partner Parcae Capital
www.parcaecapitalcorp.com
www.frankmagliochetti.com
