2021: Week 11 | It’s NFT Time

2021: Week 11 | It’s NFT Time cover image
On today’s show, Mark and Gisela discuss how Snap’s getting its groove back, Instagram future might include audio, and why are NFTs all the rage.

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episode cheat sheet

Digital & Print Merge

Snapchat strikes a deal with USA Today’s publisher, Gannett 

Snapchat says it will train and enable Gannett’s sales force to sell Snapchat advertising and manage Snap marketing campaigns with local businesses. The publisher will in turn offer Snapchat a direct link to its existing 100,000 small businesses clients across the U.S.  Snapchat has been developing more tools for local businesses in the past year and said that as part of its new deal, local businesses will be able to distribute coupons—which is one of the foundations of the local newspaper ad industry.

Will it change anything?

Sure. This seems like a mutually beneficial arrangement if we think of how Digital advertising is changing (listen to last week’s special on cookies if you don’t know how) and how print advertising has been declining.

 

Been hearing/reading about NFTs?

A new way to own and monetize digital “things” 

A non-fungible token (NFT) is a unique digital certificate that states who owns a photo, video or other form of online media. It’s a way of owning non-physical things, without the right to control the copyright or usage of it. If it sounds strange, trust your instincts. Impossible? No! NFTs use blockchain technology, which is a way of building incorruptible public records. Online marketplaces have already been popping up, offering anything from the first ever tweet by Twitter founder Jack Dorsey (with bids reaching $2.5m) to pro basketball highlights. Taco Bell has sold taco-themed GIFs and images and will give proceeds to its scholarship foundation. The brand even included a real-world perk in the form of a Taco Bell gift card for the original owner of the NFT.

Will it change anything?

It just might. Taco Bell has demonstrated there can be value for companies in this territory. NFTs are a way to monetize digital assets that were previously free, with real-world implications. Sold primarily in digital currency Ehterum, profits from NFTs can be exchanged for “real” dollars. 

The artworld has already been benefiting from this nuanced ownership model. Artist Beeple became the recipient of the third-highest ever price for a living artist. Christie’s auction house handled the sale of his collage, which was its first digital-only piece of art with an NFT to guarantee its authenticity. Music artist Grimes has reportedly made millions from a collection of her digital art and other musicians are selling ownership of their music files (not including copyrights). But there are huge environmental concerns regarding the energy required to keep blockchain tech running, which might put a pause or a stop to NFTs. TBC!

 

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