Hello World! Before we probe into the topic, what the heck are NFTs anyway?
What are NFTs? Non Fungible Tokens.
Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing.
A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. The original Mona Lisa is "non-fungible". So now you know.
Most specifically, these are tokens that are stored on decentralized networks like Ethereum or Solana, which are what's known as blockchains.
By now, you must've come across people investing in NFTs. Here comes the shocker. If you think NFTs derive their value intrinsically, here's your answer.
NFTs can be programmed to serve countless utilities. For example, movie/conference tickets can be sold as NFTs, thereby helping us avoid ticket scalping. There's also the common uprising of NFT utilities in token gating - you have access to something as long as you hold an NFT. Books can be minted as NFTs where they are programmed in a way where royalties are given to the author when those books are sold each time. And the list goes on!
Let's cut to the chase.
NFTs will be the future of the advertising industry. Here's how.
With the rise of metaverses, you can now create a digital version of yourself, otherwise known as your avatar. Now imagine using your avatar in a metaverse to walk into a digital wine shop. You can talk to an avatar wine expert to get some questions answered. You order the wine and have it shipped to your physical address.
Welcome to the metaverse, a persistent, interoperable & virtual universe rendered at the intersection of our digital and physical realities.
My co-founder and I had this epiphany at one of the Web3 meet-ups we went to. So, this meet-up happened to take place in the "voxelverse" metaverse . We were casually flying around in the virtual space and that's when I stumbled upon this scene.
voxelverse - WIP meetup
There's this billboard that people can lease for their advertisements in the metaverse. And, here we are writing an article about advertisements in the metaverse while it's already being done. But that's not where it stops. We think this has so many possibilities that still remain unexplored.
Here's how I see NFTs taking over the advertising industry.
IRL, when you want to do a campaign using a billboard on a highway, or say Times Square, you'd normally lease the billboard for the duration of the campaign.
NFTs will pretty soon be leveraged here. Now, every billboard and ad spot in the metaverse can be minted as an NFT. They can be programmed to burn (expire) after their leasing period ends. Another revenue model would be to implement the 'token royalties system' to keep paying the owner of an 'ad space' while the space keeps moving on to the 'highest bidder' after each leasing period ends. There are endless possibilities to use NFTs in the advertising industry.
Analytics has always been a key component in targeted advertising. And with entire blockchain's data sets at our disposal, NFTCONOMY's NFT analytics & aggregation platform will be more than capable of becoming a toolkit for such analytics driven decisions.
Amidst the aversion of Web3 in the bear market, #BUIDLERS have never failed to surprise the community with their ground-breaking Web3 products.
Web3 - the metaverse, the infamous utility of NFTs, decentralized technologies, the new internet - that's what we stand for at NFTCONOMY.
NFTCONOMY-VERSE in Gather Town
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