Today we dive into the world of NFTs. Saffron Strategist, Carmen Rodriguez Lo chats to industry experts Sharonna Karni Cohen and Jaen.

Aligning with some of our projects involving NFTs, this episode deep dives into the future of NFTs and explores how brands can leverage this new touchpoint in the right way.

With Sharonna Karni Cohen (Co-Founder of Dreame.me) and Jaen (Artist at Dreame.me)

Listen to the podcast

 

Find us on Spotify or Apple Podcasts, or in the Thinking section of our website. Don’t forget to share, rate and review, it helps other brand thinkers and doers to find us.

 

Watch the full recording here

Question 1

What exactly is an NFT and why is there so much buzz surrounding the topic?

The concept starts with blockchain, huge sources of data that are being transacted all the time as digital investments. The difference with Web.2 platforms is that all this data behind it is decentralised. NFTs (Non fungible tokens) on the other hand, are digital files that work like a digital certificate of authenticity that can be easily verified by anyone anywhere in the world on a blockchain. Uses span from art files, university certificates, ticket events, etc. But although this more democratised method has its benefits, Jaen also highlights the challenges when it comes to a lack of formal regulation.

Question 2

How have NFTs affected the digital and physical art world and artists in this space?

One-of-a-kind art and customization are enabling people to have their unique assets. “1 in 3 people have tattoos under the age of 30 and the reason for that is people are looking for other ways to express who they are”. Sharona believes that this is what people look for in digital NFTs.

The need for art ownership makes the line between digital and physical in the art world quite thin. Trading has always been a key component in the art industry, however, as the digital realm makes this activity easier, trading accounts for what seems like 90% of NFT activity. 

Question 3

Tell us a little bit about Dreame.me. How have NFTs been incorporated into Dreame.me?

Dreame.me is a collective of artists and co-creators from around the world. The aim is to create a new genre of art allowing anyone to commission their pieces from any source of inspiration such as a quote, song lyric, memory, vision, bucket list, a moment to release, an emotion, REM dream and more. 

They are currently working on the Big Dream project, a collection inspired by 10,000 dreams for the future of the planet inspired by a range of dreamers around the world. One collective artwork will be unveiled around the world in 2022 and then travel to an international space station aboard Axiom Space’s AX1 mission.

Question 4

Are there any good examples of brands that you have seen entering the NFT world? What should brands keep in mind?

Firstly, let’s look at bad practice examples. Pepsi’s presence in the NFT world was not well received as they left in a fleeting way after selling their art collection. For Jaen, this money extraction model is detrimental as it devalues the ecosystem. 

It is important that a good brand reinvests in the ecosystem, builds a community, and launches initiatives. 

Sharona reinforces the idea of aligning values with the company or artist you are doing a collaboration with and always being extensive with your worth offering.

 

What brands should keep in mind when considering to join the NFT world:

  • Go through the process of understanding the medium.
  • Partner with someone who is active and respected in the community. As well as choosing someone that matches your brand values.
  • Educate your consumers by offering a clear outline on what NFTs are and how they can benefit from it.
  • Be clear about usage rights. It’s not like a physical object. The sale of the NFT is accompanied with a prominent set of T&Cs that clearly define the usage rights.
  • Have a clear objective that aligns with your brand purpose and goals.
  • Build a marketing plan to show how your brand will showcast it and create exclusivity. 

Question 5

What are your predictions for the NFT space? Do you think NFTs are the future of art and collectables?

“If there are no harsh regulations from governments and if everything continues to happen and innovate this way, I believe this is the future” states Jaen. Future trend predictions include:

  • Increase of interest in customised art.
  • Companies will provide products to make this digital asset have a tangible form e.g. frames to hold your art piece.
  • More artists will be able to have an impact on the world.
  • Co-creation: enabling people to be part of the journey to create final art piece.

Fun facts

Further reading

Listen to the Disruptive Branding podcast here

Today we dive into the world of NFTs. Saffron Strategist, Carmen Rodriguez Lo chats to industry experts Sharonna Karni Cohen and Jaen.

Aligning with some of our projects involving NFTs, this episode deep dives into the future of NFTs and explores how brands can leverage this new touchpoint in the right way.

With Sharonna Karni Cohen (Co-Founder of Dreame.me) and Jaen (Artist at Dreame.me)

Listen to the podcast

 

Find us on Spotify or Apple Podcasts, or in the Thinking section of our website. Don’t forget to share, rate and review, it helps other brand thinkers and doers to find us.

 

Watch the full recording here

Question 1

What exactly is an NFT and why is there so much buzz surrounding the topic?

The concept starts with blockchain, huge sources of data that are being transacted all the time as digital investments. The difference with Web.2 platforms is that all this data behind it is decentralised. NFTs (Non fungible tokens) on the other hand, are digital files that work like a digital certificate of authenticity that can be easily verified by anyone anywhere in the world on a blockchain. Uses span from art files, university certificates, ticket events, etc. But although this more democratised method has its benefits, Jaen also highlights the challenges when it comes to a lack of formal regulation.

Question 2

How have NFTs affected the digital and physical art world and artists in this space?

One-of-a-kind art and customization are enabling people to have their unique assets. “1 in 3 people have tattoos under the age of 30 and the reason for that is people are looking for other ways to express who they are”. Sharona believes that this is what people look for in digital NFTs.

The need for art ownership makes the line between digital and physical in the art world quite thin. Trading has always been a key component in the art industry, however, as the digital realm makes this activity easier, trading accounts for what seems like 90% of NFT activity. 

Question 3

Tell us a little bit about Dreame.me. How have NFTs been incorporated into Dreame.me?

Dreame.me is a collective of artists and co-creators from around the world. The aim is to create a new genre of art allowing anyone to commission their pieces from any source of inspiration such as a quote, song lyric, memory, vision, bucket list, a moment to release, an emotion, REM dream and more. 

They are currently working on the Big Dream project, a collection inspired by 10,000 dreams for the future of the planet inspired by a range of dreamers around the world. One collective artwork will be unveiled around the world in 2022 and then travel to an international space station aboard Axiom Space’s AX1 mission.

Question 4

Are there any good examples of brands that you have seen entering the NFT world? What should brands keep in mind?

Firstly, let’s look at bad practice examples. Pepsi’s presence in the NFT world was not well received as they left in a fleeting way after selling their art collection. For Jaen, this money extraction model is detrimental as it devalues the ecosystem. 

It is important that a good brand reinvests in the ecosystem, builds a community, and launches initiatives. 

Sharona reinforces the idea of aligning values with the company or artist you are doing a collaboration with and always being extensive with your worth offering.

 

What brands should keep in mind when considering to join the NFT world:

  • Go through the process of understanding the medium.
  • Partner with someone who is active and respected in the community. As well as choosing someone that matches your brand values.
  • Educate your consumers by offering a clear outline on what NFTs are and how they can benefit from it.
  • Be clear about usage rights. It’s not like a physical object. The sale of the NFT is accompanied with a prominent set of T&Cs that clearly define the usage rights.
  • Have a clear objective that aligns with your brand purpose and goals.
  • Build a marketing plan to show how your brand will showcast it and create exclusivity. 

Question 5

What are your predictions for the NFT space? Do you think NFTs are the future of art and collectables?

“If there are no harsh regulations from governments and if everything continues to happen and innovate this way, I believe this is the future” states Jaen. Future trend predictions include:

  • Increase of interest in customised art.
  • Companies will provide products to make this digital asset have a tangible form e.g. frames to hold your art piece.
  • More artists will be able to have an impact on the world.
  • Co-creation: enabling people to be part of the journey to create final art piece.

Fun facts

Further reading

Listen to the Disruptive Branding podcast here

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