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In a previous article, I talked about how corporate giants like Coca-Cola and Acura were venturing into the world of NFTs and the metaverses that are increasingly linked to them. I am focusing less on how companies are using their brands to make a lot of hype, and more on how the popularity of NFTs is connected to the indelible power of a single image.
These NFT drops can remind businesses how many words pictures are worth when they are inextricably woven into a shared cultural history.
The AP announced earlier this year that it would be launching its own NFT marketplace featuring its illustrious archives of photojournalism. The marketplace was framed by the Associated Press as an opportunity for the news agency to offer pieces to a fast-growing global audience of photographers.
The AP is also including extensive information about when, where and by whom the photo was taken, in addition to the digital rendering of the photos themselves. One is immediately struck by the rich panoply of firefighters, school children, day laborers and even hulking polar bears filling the resale marketplace, where the photographs are being sold for anywhere between several hundred and over $1 million.
Coca-Cola, Acura and Gucci are some of the brands that have NFTs.
What can other businesses learn from the AP? The news agency is showing the potential of photojournalism in the world of NFTs. One of the most important features of the tokenized economy is artificial scarcity, and photographs with a singular publication history and highly specific sociopolitical context are even more valuable. There was only one photographer who took a single shot that eventually took on a life of its own. There will only be one Lunch atop a Skyscraper, no matter how many journalists shoot blue-collar men casually conversing during a work break. That level of rarity is very valuable in the NFT marketplace.
The launch of the AP provides a template for other news organizations. Smaller media companies may find that their photography archives hold more value to the right people than large media companies do. The NFT party was ushered in by the AP, and now it is up to other traditional media platforms to follow suit.
A lot of media coverage has already been devoted to the controversial NFT launch, so I won't waste a lot of time talking about it. In order to avail himself of the NFT craze, legendary Hollywood director Tarantino has released a series of token to honor his landmark 1994 film. Miramax has filed a lawsuit to block the sale of the rights to the film. The first in a planned series of NFTs, which was released in January, sold for over a million dollars.
The outcome of the Miramax lawsuit and the tokenization of Pulp Fiction have implications for future legal disputes related to intellectual property rights, but they also point to the potential movie history holds in the world of NFTs. Production companies, distributors and the filmmakers who work with them should be aware of the film's success. Movies provide ideal raw material for NFTs because they have well-established intellectual property, a large and passionate fan base, and are often willing to pay handsomely for a piece of their favorite film's history.
The current cultural fascination with nostalgia makes it possible for cult classics, beloved fantasy franchises, and sweeping historical dramas to be turned into NFT collections. It is an unmined opportunity to add another revenue stream for companies in Hollywood and the filmmakers who work alongside them, they should be strategizing now for how to best turn their movies into unique token featuring scenes, stills, commentary and any number of other features that will entice. Imagine all the bonus material on your favorite DVD sets, and you will see the possibilities of film NFTs.
The new bedrock of the virtual economy is called NFTs.
What would your company look like if it had a single vivid, irreducible image? When Evian set out to create its first non-fungible token, it asked a simple but interesting question. Evian collaborated with Sara Shakeel to create a limited edition run of 20 NFTs that feature a beautiful mountain landscape based on the French Alps. The drop took place on April 4 and sold out quickly.
Evian is an example of how art can help solidify your brand identity and construct a compelling narrative around it. With a single shimmering, purple-hued image, Evian is telling a story for consumers about how its bottled water is connected to a skyscraping mountain range whose snowmelt trickles down icy bluffs and glaciers and provides life-sustaining sustenance to millions. Businesses with an eye toward NFTs should look to use beautiful art as a powerful branding mechanism that leaves people with a single stirring image.
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