The trillions of documents, images and files that make up the internet have always been every techie’s version of ‘Narnia’. Take any tech giant, computer scientist or software developer—all they are looking for is the next big idea that will change the worldwide web.
Each tech evolution impacts every industry, including the media or content marketing sector. Today, as we wean off the last bits of Web 2.0, which might I add, has been hugely empowering, we now stand on the precipice of Web 3.0 — a decentralized system powered by blockchain, big data and with cryptocurrency and NFTs (Non-Fungible Tokens) thrown in.
The reality is we must brace ourselves as Web 3.0 will re-write the rules of engagement for now and the near future. Let me unbox it for you.
Web 3.0 finally shows up
Web 3.0 is not a new term. It’s been making the rounds as early as 2006. In the present, the manifestation of Web 3.0 is all around us with features such as Siri. But the newest and trendiest display of this format are most definitely the NFTs.
The physical and virtual world has been taken by storm with the potential of NFTs. The fact that any piece of content can be transformed into a collectible strikes a chord not just with millennials but even the most conservative set of investors.
Big brands are seen jumping on this trend full throttle as the possibilities are immense. Clarins, Gucci, Polo Ralf Lauren, Nike are all early adopters of minting NFTs - or let's call it their line of collectibles or merchandise that can even be a jpg. In fact, Nike acquired the NFT studio RTFKT, which will set that stage of its launch into collectibles in the virtual space. Similarly, adidas announced its partnership with another crypto community called Bored Apes Yacht Club.
The rise of NFTs is not just a diversification tool for big players. The appeal lies in the fact that it has provided a viable platform for artists to showcase their work and earn more than a few bucks…
In the Middle East, quite a few have caught the NFT bug but there is a real opportunity for local retail companies and artists to fully immerse in this newer use of blockchain. Creating a local ecosystem that enables the buying and selling of digital assets - like images, GIFs, songs and videos - can be extremely beneficial.
Imagine you have the option to build your own NFT or own one of these from others. Better yet, imagine you are a content writer, and all your stories can be NFTs.
That’s not all. In my opinion, we will soon see the use of NFTs in loyalty programmes, memberships, retail activation as well as gaming. Chances are if you own an NFT of a brand, celebrity, airline, club or hotel, you might have access to an unending array of exclusive privileges as exclusive members or owners of the brand’s NFT.
There will be a possibility to mine, own, price, or even transact for real money—just as you do with your physical assets.
It is certain that NFTs create opportunities for new business models that didn’t exist before. Much of the NFTs promise remains unproven, but it seems this is the first time we have a model that is favorable to buyers, creators as well as sellers and possibility to own their creation and content.