At the close of 2023, we’re seeing a resurgence of interest in NFTs. NFT brands are selling products in major brick-and-mortar and online retailers. We’re seeing the launch of major blockchain-based games. And more established companies are coming into the NFT space. As a result, NFT-based brand building is poised to be a significant driver of Web3 adoption in 2024.
The next wave of successful NFT products will likely look quite different from much of what we’ve seen before. Instead of focusing on a small quantity of high-value assets, many of these products will be produced in large quantities – and sold at more affordable prices, targeting the broader consumer market. They’ll be focused on direct value creation, rather than speculation. And many customers will acquire and use these digital assets without even realizing they’re running on crypto rails.
This post is part of CoinDesk’s “Crypto 2024” predictions package. The Everything Token is available for preorder now, and will be in stores on January 23, 2024.
We’ve already seen experiments with mass-market NFTs as digital collectibles, from the likes of Nike, Reddit, Starbucks – and yes, even former U.S. President Donald Trump. And, similarly, NFT-native brands like Pudgy Penguins, Cool Cats, and Kitaro Studios have produced “phygital” activations, whereby a physical product comes with an associated NFT, either linked to the product directly or through a claim code delivered at the point-of-sale. In parallel, both major players like Ticketmaster and newcomers like tokenproof and YellowHeart have been testing out NFTs for event tickets, memberships, and other forms of fan engagement.
These sorts of products give an opportunity for consumers who aren’t familiar with NFTs to experience the digital ownership that comes with this novel tech. They’re typically sold at what we might think of as “normal” consumer product prices – tickets cost what they would normally cost; phygital prices are generally comparable to ordinary prices for just the physical object.
While early entry into NFTs required users to navigate complicated self-custodial wallets, these NFTs often come wrapped in a platform design that submerges the underlying blockchain technology through a partially or fully custodial wallet system. Yet this…
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