Navigating the Metaverse

Chapter 7NFT Deep Dive

After exploring the commercialization channels, we can explore some of the possibilities of these little things called non-fungible tokens. At this point in time, NFTs are the primary way brands connect to consumers. NFTs create a new form of consumer connections in online environments. This makes NFTs a highly relevant lens to look at the breadth of experiences that businesses can design in order to jump into the metaverse economy.

As we showed in our business models chapter, NFTs aren't the only pathway to the metaverse economy. So why are we dedicating a whole chapter to NFTs? The biggest reason is relevancy. We love to learn and share our industry knowledge. We've had hundreds of conversations with businesses looking for the right entry point into the metaverse. We sit on panels at blockchain and metaverse conferences. We host podcasts. We consult and collaborate with brands who want to launch projects in virtual worlds. And what keeps coming up as the hot topic? You guessed it: NFTs.

Did you know that Macy's minted NFTs of parade floats from the 2021 Macy's Thanksgiving Day Parade? Would you be surprised to know that at one point a Macy's NFT was bidding for over $300,000? That's one profitable way to keep a 95-year-old tradition alive. NFTs grab headlines and give consumers something tangible to own (well, as tangible as virtual items get). They're relevant, they're hot, and they give brands a clear path to new revenue streams due to the many secondary ...