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In a previous article, I explained how giant corporations such as Coca-Cola and Acura were venturing into the burgeoning world of NFTs, and the metaverses increasingly tied to them, in a myriad of ways. new and imaginative. In this article, I focus less on how companies leverage their iconic brands to make high-profile debuts, and more on something that has always been crucially tied to the popularity of NFTs: the indelible power of a single image not reproducible.
From unforgettable cinematic moments to photojournalism at its best and most illuminating, these NFT drops can remind businesses how many words are worth images when they are inextricably tied to a shared cultural story.
Own a piece of photography history
Earlier this year, The Associated Press announced that it would launch its own NFT Marketplace featuring the AP’s illustrious photojournalism archive. The Associated Press touted the market – which debuted on January 31 – as an opportunity for the news agency to offer “symbolic coins to a rapidly growing global audience of NFT photography collectors”.
In addition to digital renders of the photos themselves – which are hosted on the Polygon blockchain – the AP also includes extensive metadata that includes details relaying when, where and by whom the photo was taken. Browsing the AP’s “Community Market”, one is immediately struck by the rich array of firefighters, school children, day laborers and even huge polar bears filling the resale market, where photographs are sold between several hundreds and over a million dollars.
Related: What You Can Learn About Coca-Cola, Acura, and Gucci’s NFTs
What can other companies glean from AP’s visually striking foray into non-fungible tokens? Above all, the news agency demonstrates the lucrative potential of photojournalism in the world of NFTs. Artificial scarcity has long been one of the most important features of the token economy, and photographs with a singular publication history and a very specific socio-political context possess something arguably even more valuable: inherent scarcity. There was only ever one photographer taking a single photo that eventually took on a life of its own. No matter how many journalists shoot casually conversing blue-collar workers during a work break, there will only ever be one lunch atop a skyscraper. This level of rarity confers deep value in the broader NFT market.
The launch of the AP also provides a substantial template for other news outlets. Although there is clear potential for large media companies like The New York Times and The Wall Street Journal To launch their own photojournalism NFT marketplaces, smaller outlets with a significant history in a specific region may also find that their photo archive has significant value to the right people. The AP effectively brought photojournalism to the NFT party, and it is now up to other mainstream media platforms large and small to tap into their deep stories and follow their example.
Capitalize on the universal love of cinema
Much of the media coverage has already been devoted to Quentin Tarantino’s controversial NFT launch, so I won’t waste too much time rehashing the details. Suffice it to say, legendary Hollywood director Tarantino attempted to cash in on the NFT craze by releasing a series of tokens commemorating his landmark 1994 film. pulp Fiction. Meanwhile, Miramax, which produced and owns the rights to the film, filed a lawsuit to block the sale. In January, Tarantino released the first of a planned series of NFTs anyway, and it sold for an astonishing $1.1 million.
While the tokenization of Tarantino pulp Fiction and the outcome of the Miramax lawsuit have various implications for future legal disputes related to intellectual property rights, they also underscore the profound potential of film history in the world of NFTs. Production companies, distributors and the filmmakers who collaborate with them should – and almost certainly do – take note of the pulp Fiction gambit. Indeed, films provide ideal raw material for NFTs: they have well-established intellectual property, indisputable cultural cachet, and passionate, entrenched fans, often willing to pay handsomely for a piece of their favorite film’s history. .
Everything from cult classics to beloved fantasy franchises to high-profile historical dramas can be revisited and transformed into NFT collections that artfully capitalize on today’s cultural fascination with nostalgia. It’s a hitherto untapped opportunity to add another revenue stream for Hollywood companies and the filmmakers who work alongside them; they should be strategizing now for how best to turn their movies into unique tokens that include scenes, stills, commentary, and a number of other features that will appeal to collectors and well-heeled moviegoers. Imagine all the bonus material on your favorite DVD sets, and you’re about to consider the endless possibilities of NFT movies.
Related: NFT: The New Foundation of the Virtual Economy
Branding through a single image
If you had to distill your business into one living, irreducible image, what would it be? Bottled water company Evian seems to have asked this simple yet compelling question when it decided to create its first non-fungible token. In collaboration with multi-disciplinary “phygital” artist Sara Shakeel, Evian has released a limited edition of 20 NFTs that feature a beautiful shimmering mountain landscape based on the French Alps where Evian water originates. The drop, which took place on April 4, quickly sold all 20 tokens (they were priced at $545 each).
For other small businesses intrigued by the prospect of activating their own NFTs, Evian provides a powerful example of how art can help you solidify your brand identity and build a compelling narrative around it. . With a single shimmering, purple-hued image, Evian tells consumers how its bottled water is intimately linked to a soaring mountain range whose melting snow streams over icy cliffs and glacial rocks and provides vital food for millions of people. people. Regardless of their industry, companies with an eye on NFT should seek to accomplish a similar distillation process: using fine art as a powerful branding mechanism that allows people to associate you and your company, to a single moving image.