As the NFT Frenzy Fades, Brands Recalibrate Their Strategy

The digital tokens have lost luster with sales slumping, but some marketers still see value


A $180,000 image of a Taco Bell taco, an $800 virtual Pringles can, a $265 piece of Charmin toilet paper. In summer 2021, as prices of major cryptocurrencies swelled to record highs, it seemed like branded nonfungible tokens (NFTs) were inescapable and regularly commanding head-scratching sums.

Crypto companies billed their digital ownership model as a basis for a new iteration of the internet. And they worked diligently to create a sense of technological inevitability and fear of missing out around that idea.

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This story first appeared in the Nov. 21, 2022, issue of Adweek magazine. Click here to subscribe.