Non-fungible tokens (NFTs) continue to be a trend today, having gained worldwide popularity a few years back as a lucrative investment option. There is no guarantee, whoever, that the success of one token community will be the same as a new one that will emerge later. Launching an NFT project necessitates a lot of planning and careful execution. Over the past months, the world has seen newly launched NFTs that nosedived despite their attractive and collection-worthy characters. The key, experts say, is for brands to work on making their NFTs interactive.
Coachella, Super Bowl, Adidas, Dolce & Gabbana, and MAC are just among the many brands that explored the possibilities of using NFTs as a strategic and innovative way to achieve much higher results in their initiatives or campaigns. The strategy also gave their customers a brand new and exciting experience.
While big brand names were able to keep the integrity of their brand, meaning that their NFT campaigns did not flop, there are also staggering cases of campaigns that were good initially but had a 99% drop in their value in just a span of one year. This unfortunate incident happened to Jack Dorsey, who, in December 2022, created an NFT stemming from his first-ever Twitter post. Dorsey simply transformed a static image of a five-word tweet into a digital file he stored within the blockchain. And just like that, Dorsey has created his first ever token.
Surprisingly, the image sold for $2.9 million a few months later Dorsey created his first NFT. A recent auction, however, showed that no one bid for more than $280 on the same item. The current bids on OpenSea amount to $10,000, which is considered a 99% drop from its original value.
Brands can easily create an interactive experience for their NFTs, and the people behind Acentric, a New York-based digital experience agency, are convinced that they have the necessary resources to meet the demand. “We use cutting-edge technologies to create deeply engaging digital experiences in both physical places and virtual spaces. One of the things we are currently working on is a new PFP NFT project, it’s thematically tied to New York, where we are based, and to street art, and to the wonderful variety of people from all over the world the city contains,” the management explained.
Acentric’s priority is to blend technology and experience design with imagination. The company creates flawless future-forward digital experiences in both physical and virtual locations. The company is committed to finding innovative ways to engage audiences with the goal of delivering extraordinary results to clients. It combines leading-edge technological capabilities with a broad and deep event and venue production experience.
Keeping the value of NFTs requires much thought and planning as to how these new communities will continue to engage investors and digital art collectors. Investors are no longer just looking for investments, and digital art collectors are no longer just looking for collectible token characters. They are also looking for interaction and belongingness, to be part of a community with individuals who share their same values in life.
Featured Image: In Bloom FTX NFT via coachella.com