Hey folks,
Welcome to this week’s newsletter, Metaverse911 - Weekly Dose.
There has been a lot of conversation about NFTs being dead or just a passing fad. In this week’s newsletters, we bring the Web3 experts to address all the doubts - one at a time. Here, they talk about ‘Can NFTs be the next revenue source for your brand?’
But first, what exactly are NFTs?
No, I won’t give you a basic definition, let’s understand it:
Have you ever tried Bourn Vita? If you have a Bourn Vita bottle signed by Virat Kohli and tell you, I’ll give you Rs. 300 give it to me, Will You?
I believe you won’t.
Because it’s collectible. It’s unique. There’s only one. So when something is unique and you have the entitlement to go, figure out the price and you want to trade it on some crypto exchange etc. equates to the non-fungibility/ non- replaceability of the item.
That’s NFT for you, in a simple example.
I recently moderated the BW Business World Web3.0 Summit where the illustrious panel debated - NFTs – Creating economic opportunities & utility for the creator economy or a non-starter for forward-looking brands & creators”
You can watch the session here:
https://www.linkedin.com/video/live/urn:li:ugcPost:7087384249560932352/
Let's explore the opportunity for brands with 5 Web3.0 industry experts:
Anirudh Rastogi, Founder & Managing Partner, Ikigai Law
“We have been in an extended hype cycle in the NFT industry as is natural with any hype cycle, Brands have been quick to hop on to it as a marketing opportunity riding the way. I don’t think that is an effective use of the opportunity that NFT is giving for brands. Brands should rather be looking at communicating narratives, building engaged communities that can be really powerful for brand building. Ofcourse, some stellar examples are Nike & Starbucks, and various sports clubs have also had success. Their case studies present a great template for brands to look at.”
Sristhi Assudani, Region Lead, IEEE Blockchain APAC Technical Community
“A lot of awareness and adoption needs to be done. We do not need to go to our clients and explain that blockchain is not bitcoin and blockchain, NFTs are different. I would like to share a few of the use cases we did with enterprises. So, with one of the leading beverage companies, we started with the sustainability initiative where they wanted to track bottles from a recycling perspective. We realised that tracking these bottles actually had a lot of monetary value for the beverage company. So, we created an NFT initiative from a sustainability perspective that through a QR code you scan the bottle & for the user, the incentive is simple - there is a reward mechanism & brand is able to access the user information about habits, demographics, geography etc. “
Aman Sanduja, Founder, Black Rabbit Studios
“Price is something that actually develops the interest in people. And interest develops different ideas which actually come in the market. So NFTs are nothing but you are investing in a religion, and this religion is of a culture, and this culture is dominated by the community and this community is owned by the brands. Brands can now actually leverage the power of this community.”
Vatsal Gaur, Partner, King Stubb & Kasiva, Advocates & Attorneys
While they offer vast opportunities for creators and businesses, important questions surrounding licensing, counterfeiting, and infringement must be addressed. As NFTs continue to evolve, it is crucial to remain vigilant and adapt legal frameworks to effectively navigate the intellectual property challenges they present. By staying informed and proactive, stakeholders can embrace the potential of NFTs while safeguarding intellectual property rights in this dynamic digital landscape.
Sagar Joisar, Founder, Xenon Labs
NFTs are not just monkey pictures, they open up a lot of different kinds of business models that brands can now come up with. Previously, it was either I can go on a subscription model - like Netflix, Hotstar or it’s the advertisement model where the customer is being shown the ads.But with NFTs it’s different - like fractional ownership model in real-estate, Music IPs ownership etc. If you use technology in the right way, it can definitely present successful case studies.
I am convinced – Where do I begin?
If you are looking to leverage Web 3 & Metaverse for your business, contact Rrahul Sethi, Metaverse Expert & Founder, Metaverse 911.
If you are curious to find out more ways to expand your business:
Follow: Rrahul Sethi on LinkedIn
Subscribe to my newsletter: Metaverse911 - Weekly Dose
Watch my LinkedIn LIVEs here
Buy My Book: Top 30 Metaverse Experiences
