Depending on who you ask, non-fungible tokens (NFTs) are either an innovation graveyard or the future of marketing. The technology has attracted an even mix of evangelists and harsh critics (see Mark Ritson calling NFTs “idiot magnets“), and triggered fiery debates in the marketing press and on social media.
The divisiveness of NFTs was evident in a recent Spot Survey we conducted of our readers who work in the advertising, marketing, technology or communications industry. One-third of respondents said they believe that NFTs are a “fad” and “passing trend” for brands, one-third were unsure about their longevity, and the final third said they believe the technology will stand the test of time.
Tessa Conrad, head of innovation at TBWA Asia, explains that NFTs are divisive because they’re new and represent change. “Change can be unsettling to some people,” she says.
“Innovation and technology have challenged and changed the nature of working for decades, and if you track the adaption of these new approaches, there has always been a shake-up,” she adds. “It’s extreme at first, then subsides over time as the aberrant becomes the normal, and then something even newer pops up, taking the heat off the topic at the time. For NFTs specifically, it’s probably more extreme because they’re still relatively ‘niche’ but with a very vocal community. With that, comes easy conflict and a chance to get quick rises out of people.”
While new technology…
