Are NFTs the new frontier in Social Commerce?
Recently, the artist known as Beeple set a record of $69 Million for the sale of a piece of digital artwork via a Christie’s auction. The collaged JPEG was made, or “minted,” this past February as a NFT (a nonfungible token), of which the sales record or certificate of ownership and authenticity is recorded on the blockchain.
In light of the recent buzz surrounding NFTs, and this new idea of “digital ownership” that it represents, what are the cultural and behavioral implications that this new digital commerce, or “ownership” engine, and the community of creators and collectors?
We believe there may be compelling ways brands can start to play in this space. Read our thoughts in our POV entitled “NFT: The Evolving Context of Digital Art and Social Commerce.”