March 30, 2021
Non-Fungible Tokens sound like something living in the bathtub. But they're a nifty and sometimes lucrative - way of proving ownership of digital assets stored elsewhere on the Web. For example, you paint a digital masterpiece and buy an encrypted blockchain token to represent it. If the work becomes popular enough, you might auction it off or sell the NFT to an individual buyer.
One of the artists out on the NFT vanguard is Mike Winkelman, aka Beeple. He recently sold a digital artwork for $70 million.
In October 2020, Beeple sold a piece named Crossroads, which morphed into different forms based on the US Presidential election outcome. Four months later, for $6.6 million. Platforms, like etherium.org, OpenSea, and SuperRare.
See Beeple's page at Christie's auction site.
Consumer brands are taking the lead on NFTs at the moment. For example, the wizard marketers at the NBA Top Shot, a sports video highlights, platform recently sold over $80 million worth of NFT video highlights. As expected, blue-chip brands such as Louis Vuitton, F1 Racing, and Nike are jumping in. And musicians including Deadmau5 and RAC are experimenting with NFTs, bringing a wave of mainstream attention.
How can healthcare brands leverage NFTs?
One way is to use an NFT to commemorate a special moment, like opening the hospital's new wing.
Or adopt NFTs as another source of revenue. Fund the creation of graphics or characters representing your brand, then auction them off, sell them as a set or separately to owners, contributors.
NFTs are perfect for raising money for non-profit healthcare organizations your brand supports. And, as an NFT, you have the possibility of selling your NFT anywhere in the world.
Caveat emptor make sure you know your stuff before you jump into NFTs. It could be the difference between brand leadership and a fizzle!