PART 2 – When OG Consumer Brands start playing the NFT game too! 🛍️🐵💥
More on What We Know, the Dope Idea, and the Brand Execution.
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* SPECIAL FRIDAY EDITION! *
(aka our humble apology for dropping the ball yesterday!)
WELCOME to $5.vc, your source of differentiated startup intel!
* We break down the new market indicators & behavioral consumer trends we're tracking, then figure out the unlock to growth & revenue.
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ICYMI in the last 10 weeks we covered:
AR & VR startups are coming in Hot! Into the Metaverse we Go!
AR and the Metaverse! Who cares??! Google Apple Facebook Snap & Niantic now do!
$2B dropped into creator startups in the 1st 6 months of '21 alone!
#TikTokMadeMeBuyIt has 3.3 Billion views and counting!
NCAA Athletes start printing NIL (Name Image Likeness) Dollars!
Twisting Lux Brands + Depop + Gen Z in your favor!
Linkedin dropped the ball! Link-in-Bio is coming in hot!
Social Casino SMS Text Gaming is FIRE!
THIS WEEK’S DOPE NEW STARTUP IDEA COVERS:
* Brands + Bored Apes + NFTs
** Catchup on all our research & findings in Part One here:
When OG Consumer Brands start playing the NFT game too! 🛍️🍔💥
WHAT WE KNOW:
* The Market Indicators & Behavioral Consumer Trends we've identified.
>> [ Year of the NFT! $40.9 billion+ poured into NFTs in 2021! ]
How NFTs became a $40bn market in 2021
- thanks financial times!
In total, $40.9bn was poured into the ethereum blockchain contracts that are typically used to create NFTs in the year to December 15, said Chainalysis, a crypto analytics group. The total would even be higher if it included NFTs minted on other blockchains, such as Solana.
By comparison, last year the global art market was worth $50.1bn, according to figures from UBS and Art Basel.
Chainalysis found that NFTs have introduced a huge number of retail investors to the crypto world, with small transactions of under $10,000 accounting for more than 75 percent of the market.
>> [ Bored Apes alone hits $1 billion+ in sales! ]
Bored Ape Yacht Club crosses $1 billion in total sales
- thanks ryan!
Bored Ape Yacht Club (BAYC), a collection of coveted non-fungible tokens (NFTs), has now generated more than $1 billion in total sales.
The cumulative sales figure for the 10,000-piece collection now stands at roughly $1.03 billion, according to data site CryptoSlam.
Demand for the digital apes was especially strong among celebrities — many of them rappers — in the closing weeks of 2021. Martin Garrix, Post Malone, Diplo and DJ Khaled are just a few of the growing number of artists to have ‘aped in,’ as the saying goes in crypto.
Rapper Eminem joined the fray on January 3, splashing around $462,000 on a gold-jacketed specimen.
>> [ NFTs start to leverage mainstream brand IP! ]
How intense interest in NFTs and other collectibles is shaping marketing
- thanks peter!
"There is this bigger demand around collectibles and ownership, whether it's digital or physical, that you see being of the moment," said Mike Proulx, research director at Forrester and a co-author of the NFT report.
Proulx views NFT strategies as currently settling into one of two camps: stunt drops and NFTs that leverage IP in a more meaningful fashion, offering consumers an asset that could be linked to other content or value-adds.
There are some standout examples of NFTs deployed for a purpose. Bacardi and agency BBDO New York in October partnered with music producer Boi-1da on a collection of music-themed NFTs that dole out a cut of royalties to the assets' owners. To promote the latest installment in "The Matrix" franchise, Warner Bros. is creating 100,000 digital avatars with the platform Nifty's and selling them for $50 apiece starting Nov. 30.
"The biggest shift is perhaps this new expectation of having equity or skin in the game. If social media gave customers a voice in the brand conversation, [NFTs] take this a step further," Simon Kearney, strategy and insights director at Wolff Olins, wrote over email. "Now we have this economic incentive and people are much more engaged and incentivized to build that community alongside the brands."
THE DOPE IDEA:
* Distilling the market indicators & consumer tailwinds into a dope idea.
With the proliferation of NFTs across all manner of brand IP — Coca-Cola, Gucci, Nike, Adidas, White Castle, McDonald's, Burger King, Bacardi, and The Matrix to name just a handful — the day is fast approaching where NFTs will soon need to be released in a clean, buttoned-up fashion.
Larger commercial NFT drops will slowly need to migrate from the current Craigslist-Ebay-Esty look, to a more polished Nordstrom-Apple-Tesla feel.
That means super clean websites, super easy wallet connectivity & userflows, and the most amazing of “unboxing” experiences.
How this all unfolds will of course vary from brand to brand.
But if you just think about the Apple iPhone purchasing experience...
Apple has created an iconic sensory experience that embodies its brand.
Every corner, every edge of the box is clean.
The color is an elegant, minimalist white.
But this isn’t just about the aesthetics.
It’s also about delivering a package that is easy for customers to open, easy for them to identify any included accessories, and easy for them to start using.
Plain and simple, Apple sweats the small stuff. Because it matters.
And now that NFTs have broken out of its tech circles and gone mainstream — to the tune of $40.9 billion+ — presentation, delivery, and the “unboxing” all needs to follow suit!
Beyond this — reinforcing this experience is the notion of this new expectation of also having equity in NFTs — aka having “skin in the game.”
NFTs have now essentially opened the floodgates to creating economic incentives for its owners — thus inducing people to be that much more engaged with the brand, and of course to also be incentivized to help build a community that has a strong affinity for the brand as well.
Cheers!
THE BRAND EXECUTION:
* Taking the idea & amplifying that into tactical action. Development of the Brand IP, securing a legit Domain Name, then making it Internet LIVE.
Etymology, Insights, and Cultural Inspo behind the naming of: mibNFT
So why the name mibNFT?
mibNFT gets its inpso directly from the collectible toy industry.
MIB or MIP stands for “Mint in Box” or “Mint in Package” — meaning a brand new unopened toy sealed in a perfect condition factory package.
Every NFT sold should now also strive to convey that very same experience.
Check out mibNFT here!
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