While I agree with everything, why do you think NFTs are capable of entering mainstream advertising? What is different from a customer PoV when it comes to legacy ads Vs NFTs?
Hey! I think the reason why NFTs could hypothetically take off is if it allows for liquidity of brand rewards. For instance, say there's a discount coupon I received at my favorite cafe, and I know I can trade or exchange it with a different NFT that allows me a discount at a theme park - I might be willing to switch over to the new standard.
In such an instance, there will be three requirements
1. The standard needs to be hidden from the user
2. The app needs to have network effects of multiple brands
3. Ideally, the product does not become a financial good and attract scrutiny from regulators.
I think a different approach is for goods redemption. Nike's RTFKT NFTs could be redeemed for irl shoes- and those have traded quite well. Gucci and Louis Vuitton have also tried issuing NFTs for their products. The only reason these could work is if it is a top down approach (brands push it to existing users)
We explored how advertisement with on-chain primitives could emerge in today's newsletter. Hopefully that gives some more context.
Amazing. Off to today's article. One concern though. From what I understood, it's more of a idealogical battle than a tech problem.
Network effects depend on top down push which in turn is a function of regulations. If all of this gets solved, what edge does web3 approach have over web2?
I do understand that it enables faster gtm due to infra being there already. Also, there's little to no governance required because of on chain transactions. Is there more to it?
While I agree with everything, why do you think NFTs are capable of entering mainstream advertising? What is different from a customer PoV when it comes to legacy ads Vs NFTs?
Hey! I think the reason why NFTs could hypothetically take off is if it allows for liquidity of brand rewards. For instance, say there's a discount coupon I received at my favorite cafe, and I know I can trade or exchange it with a different NFT that allows me a discount at a theme park - I might be willing to switch over to the new standard.
In such an instance, there will be three requirements
1. The standard needs to be hidden from the user
2. The app needs to have network effects of multiple brands
3. Ideally, the product does not become a financial good and attract scrutiny from regulators.
I think a different approach is for goods redemption. Nike's RTFKT NFTs could be redeemed for irl shoes- and those have traded quite well. Gucci and Louis Vuitton have also tried issuing NFTs for their products. The only reason these could work is if it is a top down approach (brands push it to existing users)
We explored how advertisement with on-chain primitives could emerge in today's newsletter. Hopefully that gives some more context.
Amazing. Off to today's article. One concern though. From what I understood, it's more of a idealogical battle than a tech problem.
Network effects depend on top down push which in turn is a function of regulations. If all of this gets solved, what edge does web3 approach have over web2?
I do understand that it enables faster gtm due to infra being there already. Also, there's little to no governance required because of on chain transactions. Is there more to it?