This post is in response to the question "As we saw, brands like Nike and Coach are already getting in on this opportunity. How quickly do you think other brands will take advantage of the marketing opportunity NFTs present to them?" posed by @mnkeitz
In the presentation during this weeks Free Enterprise Society meeting, I gained a lot of valuable information on Non-Fungible Tokens, commonly known as NFTs. I also learned a lot about their usefulness in society and what makes one NFT more valuable than another NFT. I was very skeptical about NFTs and them going the way of the beanie babies or the tulips, but now I understand that this may be a long term investment opportunity that provides plenty of potential. One reason that I believe certain NFTs will be around for a while is because more and more projects will be backed by high profile companies like Nike, Coach, and the NFL.
Being completely honest, I think that the only NFTs that will maintain value will be either one of the two, the first would be those offering something in the real world, like an experience or something material, or the other being a project backed by a big company. There are many projects backed by absolutely no one that will disappear after a few years, but those that are legit will be sought after for decades. I believe that more and more companies in the next few years, even months, will be minting their own line of NFTs to try and get a piece of the pie in this new marketplace. It is almost like a new island was discovered that is owned by no one and is extremely oil rich. Everyone is going to try and get a piece of the island while they can and be the first ones to cash in. I could see brands offering exclusive access to new products by owning the NFTs, access to Q and As with higher ups or athletes, or even discounts on products or tickets. I think what the NFL is going with the commemorative tickets is a great idea, and has already proven to be successful. For example, the ticket stub from legend Michael Jordan’s NBA debut sold at auction for over $250,000! It will not be soon that NFT tickets from legendary games will sell for the same amount.