Non-fungible tokens (NFTs) have captured imaginations and taken the art world by storm over the past few months—and the interest and attention they’re garnering is only growing. Harris Polls calculated that 40% of US millennials are both familiar with NFTs and likely to buy one. What’s more, 38% of US consumers say NFTs are worth investing in even if they eventually lose popularity, and 27% are already investing in NFTs, Harris Polls found.
According to the Morning Consult, 1 in 4 collectors of physical items say they also engage with NFTs. John Crain, founder and CEO of NFT site SuperRare, told Business Insider that many are motivated to buy NFTs “because it provides a unique connection to the creator that does not exist with any other art form.” As engagement continues to grow and evolve, brands are changing the way they advertise and sell their products in order to keep pace with the digital commodity.
The growing interest is driving brand innovation in the space—opening the door to new forms of advertisement, ownership and retail.
Sponsoring NFT experiences is a new form of digital promotion for brands, giving traditional advertisements new life in virtual marketplaces.