What NFT means for Marketing - GaryVee
The NFT market through the lens of a marketer
In late 2022, marketing guru Gary Vaynerchuk joined the Bankless podcast to discuss his brainchild, VeeFriends, and share insights on the transformative power of NFTs in the marketing landscape. As digital marketers, it's time to understand this technology and explore its potential for the future of our industry.
The Power of Intellectual Property (IP)
VeeFriends, Gary's NFT project, aims to create intellectual property similar to global giants like Disney and Pokemon. Leveraging the unique capabilities of NFTs, Gary hand-draws and imbues each VeeFriend with a distinct message, meaning, and utility—ranging from access to exclusive events to opportunities to collaborate on his projects. His vision is to constantly refine and enhance the utility of these NFTs, ultimately driving their value and desirability.
Just as Harry Potter began as a book and Pokemon as trading cards, VeeFriends originates from NFTs. The medium may differ, but what truly matters is the evolution of the story and the brand. By targeting a younger audience with toys and other merchandise, Gary is trying to lay the foundation for a future generation of brand enthusiasts.
It's important to remember that many traditional companies experienced numerous ups and downs before achieving success, just like today's NFT projects. Rather than getting bogged down in short-term hype, digital marketers should focus on the long game: building and refining their NFT projects to unlock their full potential.
As an NFT project creator, Gary's mission is to expand and improve the VeeFriend series, adding value and desirability to these digital collectibles over time. The key lies in providing utility through exclusive access, merchandise, and other perks that drive consumer engagement and loyalty but also in telling inspiring stories
Gary is bullish on NFTs, believing them to be the most significant technological development for marketers and storytellers since the internet. Once the dust settles from the initial hype and dubious schemes, the true potential of digital ownership and the opportunities it presents will become clear.
NFTs have the power to shift marketing strategies from mass advertising to creating engaged, loyal fan bases with ownership rights over their favorite products. The possibilities are virtually limitless, opening up new avenues for innovation and connection between brands and consumers.
While the potential of NFTs is undoubtedly vast, it's essential to acknowledge the risks and challenges that come with this emerging technology. As with any innovative frontier, the NFT space has attracted its share of bad actors and scams. Fraudulent projects, counterfeit NFTs, and pump-and-dump schemes have made headlines, causing significant losses for unsuspecting investors and enthusiasts. Additionally, the ecological impact of NFTs, particularly those on energy-intensive blockchain networks, has raised environmental concerns. As digital marketers, it's crucial to stay informed about these potential pitfalls and adopt best practices to safeguard our brands and audiences. By conducting thorough due diligence, collaborating with trusted partners, and prioritizing transparency, we can minimize these risks and harness the true power of NFTs.
In my opinion NFTs are poised to reshape the digital marketing landscape in the coming years. From established industries to small-scale ventures, proof-of-ownership will revolutionize the way we approach marketing. Embracing this technology and exploring its potential is crucial for digital marketers seeking to stay ahead of the curve and create meaningful, lasting connections with their audiences.