Trademarks and NFTs

Brands are already entering this space and nostalgia is the queen of drivers. NBA Top Shot taps into fans’ nostalgia for collecting basketball cards. Dallas Mavericks owner Mark Cuban sees a future for digital products in the NBA. Cuban understands that anything digital can be an NFT. However, the challenge is to create a market. In that sense, the NBA showed that there is a market to own “the greatest moments in NBA history.”

Iconic actor William Shatner created NFTs from photographs of his personal life and film career, which he launched on the WAX ​​blockchain. Digital collectibles can be traded, view full ownership of the collectible, and display your inventory on social media. Hence another way that NFTs advance with the nostalgia driver.

Celebrities are rapidly monetizing NFTs Development. They are using them to interact directly with fans in new formats. Lindsay Lohan released a digital collectible on Rarible called “Lightning Bolt”. At its peak, so far, the NFT sold for 33 ETH (Etherium) or $57,290 but is currently worth much less, which shows the volatility of the NFT market. It can have a big impact, but it won’t necessarily last long. Logan Paul, the famous youtuber, turned himself into a Pokémon card for an unboxing. It partnered with Bondly, a decentralized e-commerce platform, to create a limited number of 44 NFTs. The entry level for bidding is $10,000. This is a way of introducing luxury to digital products, through high entry points and limited supply.

Real estate is also penetrating the NFT Development Company world as holy objects. “Let’s go Decentraland” is a phrase that may be heard in the not too distant future. Descentraland is a virtual real estate site that has gone on to sell over a million dollars worth of virtual land. Virtual real estate represents real potential for investors. Like URL domain grabs in the Dot Com era, digital land grabs are running for millions in sales. Since opening to a wider audience in February 2020, Decentraland has sold $1 million worth of virtual land.

Fashion, art and entertainment are the stuff to use NFT. People are effectively buying celebrity art, trading cards, and digital land as investments for the future. Now, you can resell or trade the digital items, but soon you will be able to equip your avatar and digital home on the Blockchain. For example, Argentine designer Andrés Reisinger sold ten virtual pieces of furniture on Nifty Gateway. The most expensive nonexistent piece sold for nearly $70,000. Furniture can be placed in any 3D space or open world such as Descentraland (descentraland.org), Somnium Space (somniumspace.com), or Minecraft (Minecraaft.net).

According to Karinna Nobbs, co-founder of THE DEMATERIALIZED, a site where you can buy virtual clothes that are launched as NFTs, brands need to be aware of several things when selling fashion through NFTs. “There is a first-mover advantage right now as there are very few fashion brand NFTs in the market, so the first piece of advice is to experiment, jump into this nascent market early and get more exposure on the market. media/social media that will bring in new audiences,” Nobbs said. His second piece of advice is to choose to release iconic limited-edition pieces with a design firm that a brand is known and recognized for in order to take advantage of scarcity and drive demand.

Important brands like Gucci are reflecting on the possibility of creating NFTs based on their products. Fashion giants may be the next globally recognized brands to enter the growing NFT market. According to Vogue Business, several premium fashion houses are getting closer to launching their own NFTs.

How can brands use NFTs?

Here are some examples of how NFTs can be used by brands:

-GIF: Some brands have started to create unique GIFs with NFTs that can be collected. In this sense, Chris Torres, creator of the famous GIF «Nyan Cat» auctioned his famous creation for more than 500,000 dollars.

-Collectible videos: Some brands, such as NBA, are creating unique collectible videos. These videos are sold in different categories ranging from basic to premium plus, each being more expensive.

-Products: It is possible to create unique collectible products, attached to an NFT. Objects to celebrate an event or a brand milestone, as part of a marketing campaign, is something that is happening more and more frequently.

-Works of art: This is the case of Beeple, mentioned above and many more.

What will the future hold?

It is still early to know how this new market will evolve, which some see as an opportunity and others as a risk. It is worth considering whether, together with the business possibilities that this entails, the countries will understand the need to start developing legal regulations on the rights, uses and transactions of NFTs.

However, several problems with the NFT Generator market remain. As the main currency of exchange and the network on which these markets are built is Ethereum — one of the most well-known cryptocurrencies, along with Bitcoin — transaction fees are high and it is common to have to pay $50 to transfer title. of an NFT from its creator to the buyer.

There are also critical voices, such as that of the Spanish artist and sculptor Nuria Mora, one of the first female muralists in Spain, who points out one of the possible black spots in this new revolution: “Large energy consumption is one of the the criticisms that blockchain technology drags, the chains of blocks in which the NFTs are registered”. Other voices warn of the money that moves without going through any type of financial regulator or of the warnings that cryptocurrencies are not money but a “high risk” investment asset due to their “high volatility”.

Time will tell, but it’s not fiction, it’s reality.

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