These days, it is virtually impossible to escape from newly developed non-fungible tokens. Everyone from the biggest brands on the planet to the thousands of independent creators online are taking part in this movement. Perhaps one of the reasons for the enduring popularity of these digital collections is the fact that you can do so many things with them. Want token-gate access to your music festival? Issue limited-edition collectibles for your fans? Sell never-before-seen artwork? NFT can do it all.
But a quick look at some of last year’s collections reveals an interesting pattern.Take advantage of social media platforms reddit We had great success with NFTs that airdropped for free and sold to users. Introducing Snoo, the platform’s popular mascot, these tokens are not called “NFTs”, but rather “collectible avatars”.
Next, iconic band The Rolling Stones will join the likes of Madonna and the late Biggie Smalls in the launch of a new NFT collection this month. These will feature never-before-seen footage of the band spanning the 1960s to his 1990s. These digital assets have been created in collaboration with The Stones. one of, a web3 company that has led NFT projects in the past. However, strangely, the official announcement uses the term “digital certificate” instead of the term “NFT”.
These are just two high-profile cases of digital assets being released that are NFTs in every sense of the word. These are based on blockchain technology, are irreplaceable per se, and have amassed millions of dollars in NFT marketplaces like OpenSea in the case of Reddit avatars. However, many of these projects seem to go out of their way to avoid the NFT label, despite this apparently being the case.
why so
In theory, it seems contradictory. If NFTs are clearly money making, wouldn’t it be more logical to lean more towards the industry and embrace that title?
However, one thing to keep in mind amidst all this is that while the recent release of NFTs is beneficial, that asset class is still controversial. A quick look online reveals countless videos, articles, and social media posts denouncing NFTs as scams, fads, and everything in between. Some news articles see companies and celebrities entering NFTs as cash grabbers looking to make a quick buck from the general public, and in some creative circles NFT-based art works even if it’s ‘real’. You can see the attitude that it is not.
These may be the reasons why companies and celebrities choose to distance themselves from NFTs to some extent.
What are the implications of choosing “Digital Collectibles” over NFTs?
Ultimately, all these efforts to avoid the term “NFT” in branding end up with stigma (it’s certainly not about economic viability, otherwise these The collection will not be released at all). Sadly, these acts of self-preservation only increase the stigma against NFTs.
Already many of the casual observers view the mainstream companies embracing NFTs as “selling out” in some way, so distanced themselves from the term “NFTs” is what they should be wary of. It only further implies that He also criticized NFTs for not being the “legitimate” ventures that “respectable” companies would want to be involved with.
So far that’s just a handful, but it’s likely we’ll see more mainstream companies, celebrities, and projects release NFTs and refuse to call themselves that. If the euphemism for NFTs (such as digital collectibles) becomes mainstream and the safest way to refer to NFTs, more entrepreneurs will secure funding and gain the trust of the public who are not yet on the NFT train. This technique may be adopted for Overall, if this practice continues, it will sideline the visibility of NFTs and further demoralize them.
What can you do?
The NFT sector has several options for this naming fiasco. First, projects can and will continue to be boldly NFT labeled. This could be as a means of backlash or as an organic act (after all, projects in a hurry to distance themselves from the term “NFT” are mostly dipping their feet in the water). is a non-NFT focused company).
Companies more involved in gaming probably won’t back down and distance themselves from the term NFT so as not to alienate their core customer base. But some might see the name debacle as an opportunity to “rebrand” the industry. They may even consider the controversy that has followed NFTs so far too cumbersome to deal with, and even support an industry-wide rebrand (after all, content that denounces “NFTs” There’s a ton of it, but very little of it) content that denounces “digital collectible assets”).
But who ultimately wins will depend on a number of factors that have yet to be clarified. These include a recovery from the ongoing bear market, a reduction in the backlash against NFTs, and whether this NFT not NFT naming trend continues.
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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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