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Editor’s note: This is the first of a two-part series.
Web3. NFTs. The metaverse. These terms were virtually nonexistent when the pandemic began but have since forcefully entered the lexicon alongside doomscrolling and “yeet.” Words first heard from the mouths of 20-something colleagues or perhaps from Gen X clients trying to keep up.
And although many of us roll our eyes at gimmicky releases from the likes of Taco Bell, there’s no doubt that NFTs are worth brand attention as the next digital frontier, and one that’s better to be positioned to be in front of than behind.
If nothing else, given that supply chain issues have wreaked havoc on the retail sector for over two years, the opportunity to generate revenue from exclusively digital items should be intriguing for brands.
But rather than recommend a FOMO-induced rush into the nonfungible landscape, I’d like to preach a more considered approach: patient observation.