This week has seen a flurry of activity in the NFT space. NFTs or 'non-fungible tokens' are unique digital assets such as art, videos, or other digital collectibles, which can be bought and sold on NFT marketplaces, sometimes with headline-grabbing price-tags. Ownership of NFTs is exclusive, and recorded using blockchain technology.
Just like with the metaverse, and web3, there's a ton of buzz around about NFTs, and lots of brands are getting in on the action, with endless creative options to explore. This week Tiger beer launched an NFT collection to celebrate the year of the Tiger, and Adidas and Prada announced a collaboration with digital artist Zach Lieberman to launch a user-generated photo-art NFT collection.
At a time where brands are challenged by supply-chain issues, digital products like NFTs are an alternative to physical goods, that can offer a lucrative return on investment, as well as a way to keep fans engaged.
To celebrate the rise of NFTs, our Top Pick this week is a 'WTF are NFTs?', a handy guide from The Drum, which outlines what NFTs mean for advertisers and marketers. And, in this week's issue, we've rounded up our favourite NFT-related headlines.
Until next week!
Warner Music Group is building a 'musical theme park' in the metaverse
Warner Music Group has partnered with the decentralized gaming virtual world The Sandbox to create the first music-themed world that combines virtual real estate, concerts and musical experiences.
From March 2022 fans will have the opportunity to buy virtual properties next to WMG's section of the metaverse. It sounds pretty amazing that you'll be able to hear famous musicians and screaming fans right next to your virtual home!