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A Twitter Thread Tells the Future
Austin Miller & John Meyer
July 05, 2022
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June → July
Hey friends! Thanks for continuing to support The Mint. As we transition into July, we thought we'd talk about a few projects that we enjoyed this last month.
John's Favorite Project
I’m continually a sucker for the Art Blocks Curated projects, and their latest at the end of June was no different. It’s called Sudfah, which is Arabic for ‘happy accident’, and it was created by digital artist Melissa Wiederrecht. The piece is described as “Digital liquid is spilled upon it and takes the ink in directions that are unexpected.” I love the idea of digital liquid. Don’t miss the projects that come from Art Blocks Curated.
Caitlin's Favorite Project
My favorite project from June was the release of season two of Sara Baumann's Women and Weapons project. Sara is a bright light in the NFT space and has an inspiring story as a female founder and artist. I was anticipating the release of season two of her project after following season one, and the story and art proved to be as creative and powerful as I had imagined.
A Twitter Thread Predicts the Future?
It’s no secret that people like to take to Twitter when they have a bright idea or hot take. When it comes to NFT Twitter, this theme is even more prevalent. But there’s a caveat, rather than posting one tweet, NFT Twitter posts via threads. Influencers in the space write threads about hot projects, their perceptions on current trends, and more. Occasionally, there are really great threads that condense a plethora of expert insight into something fun and digestible.
Here’s one that The Mint staff loved →
Some highlights from Chris’ Thread about the future of NFTs and the industries they will change:
Retail
Retailers from 7-11 to Gamestop will use NFTs to incentivize IRL transactions, leveraging creators to drive traffic to storefronts.
For example, Yeezy NFTs that airdrop with purchases from Gap stores, or NFTs that unlock exclusive features for Tesla vehicles.
R&D
Brands and creators will exchange NFTs for insights on product development: pain points, marketing claims, roadmap and more.
The NFTs will unlock early access to product releases and potential profit sharing. Brands will track and maintain these key relationships.
Loyalty Exchanges
As brands and creators seek to reinforce loyalty, community behavior will be rewarded with NFTs. Did the member contribute content? NFT. Complete surveys? NFT. Make a purchase? NFT.
Tokens are more liquid and bragworthy than traditional discount codes.
Content Submission
Users will submit content like short form videos, reviews, and tutorials in exchange for loyalty NFTs. It’s a marketing flywheel.
Rights can be programmed into contracts so that the use of the contributor’s content in advertising could yield future profits.
“Soulbound” NFTs
NFTs are lauded for their transferability, but there are many use cases for non-transferable tokens: driver’s licenses, diplomas, certifications, proof of attendance, etc.
Soulbound NFTs lock in provenance, and can not be sold.
The reality is that NFTs have far more uses than generative art, profile pictures, play-to-earn games, and all the other concepts we’ve mentioned in The Mint. Like Chris Cantino says, NFTs “will break paradigms and transform whatever they touch”.
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Brand Strategy for NFTs
If there’s one name that people in web3 know, it’s Gary Vaynerchuk. Vaynerchuk is the founder of VaynerX, a media holdings group. Gary is also known for his work on VeeFriends and VeeFest, a huge NFT conference that a few Mint Staffers actually went to. Gary is known and lauded for his forward-thinking and is a big reason why the NFT space has grown as it has.
In a recent interview on Decrypt, VaynerNFT President Avery Akkineni talked about why brands shouldn’t let the crypto market downturn scare them away from NFTs and Web3. She also gave insight into some of the strategies involved in making an NFT campaign stick for good.
“This is the time to do something, because you can show that you're building during the bear market…If you do something that's free that allows your consumers to connect with you in a new way—even better if it has some type of specific utility—then this is going to let you be two laps ahead of the competition when the next bull market cycle happens.”
Avery Akkineni
Here are some of the highlights →
Free NFT giveaways are a great way for companies to get involved in the space
In the current bear market, most consumers don’t want to spend much money.
Brands don’t want to be in a position to advise their customers on setting up wallets with crypto. It’s vital that the NFT is free.
Mentions a Pepsi Mic Drop collection that was free to mint and has since generated $10 million on the secondary trading market.
It’s good to get involved with early NFT adopters
Doing so allows companies to grab significant mindshare of the next wave of adopters.
Now is a great time to dip your toes in the pool and figure out how your brand can get a step ahead of your competitors.
Hear more of Avery’s ideas on the Overpriced JPEGs Podcast
City Adopts NFT Home Titles
I had to register a new car the other day. While I stood in line, I wondered why on earth this process hasn’t been digitized yet. I pondered a few questions:
Isn’t it 2022? Can’t computers make this faster? Why is this line so long on a Tuesday afternoon? A license plate costs how much? What the hell is a “fireproof box” and why did my dad tell me that I need one? Couldn’t this just be an NFT?!
Little did I know that it was already happening.
In New Town Kolkata, India, the government agency in charge of city planning made the announcement that they are planning on using NFTs to issue property registration certificates and maintain land records. The same agency also did this with birth certificates.
New Town, Kolkata
“When land documents are issued from a normal database there are chances of these getting manipulated. But once the database is embedded in the blockchain, it becomes tamper proof. The landowner will have a digital token which will act as a proof of ownership”
Although this concept is still in its infancy, it is rapidly gaining traction. The only things standing in the way of important documents becoming NFTs are proper legal structures and public adoption. Once those fall into place…well, sorry fireproof box companies. The world probably won’t need you anymore.
Fresh News
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