Updated on May 28, 2022
We’re seeing the metaverse and Web 3.0 being used to hide promo codes, and companies are getting people to look around and earn things in the metaverse – that’s where I think there’s going to be a lot of growth. In NFTs, we see a market that is quite flooded, but it’s become the path of least resistance for companies to get involved in the space. NFTs are how brands are dipping their toes in the water.Dan Jurek, the Lacek Group, speaking to CoinDesk
The recent volatility in the NFT market has caused a number of people to predict the end of the road for this more-than-embryonic space in the Web3 landscape.
Many such predictions are focused only on what’s been happening in connection with some NFT marketplaces – where creators, collectors and investors go to create, sell and buy NFTs – and are influenced by a string of scandals, scams and plagiarism that have happened this year and have shattered confidence and trust.
Look beyond this. In CoinDesk’s article, Dan Jurek notes four trends to pay attention to:
- NFT auctions for a cause – “When a brand auctions off a set of NFTs to support a cause with the proceeds, consumers can wear or display the NFT as if it were a badge of honour.”
- Reward brand loyalty – “If Amy is buying certain types of moisturizer, we can give her authentic offers and experiences – maybe an exclusive experience with a favorite makeup artist. Because she holds an NFT, she might be one of only 50 people who can do that.”
- Driving desired consumer behaviour – “If a consumer gives us their information within 30 days, their NFT can be redeemed for ‘x’ amount of product and additional opportunity to buy things.”
- NFT redemption options – “Let’s say I’ve been rewarded a trip to Hawaii through a points program, but I don’t want to go to Hawaii. I can trade it to you for your trip to Belize across a secondary marketplace like Baakt. We’re going to see a lot more peer-to-peer commerce than has happened in the past.”
Pretty good market assessment.