dentsu Z: More NFTs?
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Passcode Z, a column written by dentsu Z, focuses on China’ s digitally savvy young consumers. As dentsu’s pioneering force of Gen Z young creatives, dentsu Z proactively explores innovative ideas by putting cutting-edge technology into practice and creates deep cultural experiences to connect the brand and the consumers of the next generation.
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US$1.16 million for an avatar, or US$400 million for a digital album, who ever thought five or even two years ago anyone would pay that much for a string of digital codes? The NFTs have been recently sweeping around the world.
As young creatives, dentsu Z also dived into this wave, not only in brainstorming for our clients’ new campaigns, a few days ago we also went to a brand marketing seminar on metaverse, looking to getting more inspiration. Many experienced professionals shared their attempts in metaverse and talked more about the development of future metaverse. Even Facebook changed its corporate name to Meta. When it comes to the metaverse, it's NFT that has to be mentioned.
NFT, or Non-Fungible-Token, is like a concert ticket where each one is a unique credential. In the real world or even the internet, things can be faked, and more often than not, you can't even prove that an article was written by you. NFT, on the other hand, uses blockchain technology to provide a digital certificate that states your ownership of the article and cannot be changed by others, while each publication can be recorded.
Does Gen Z know NFT?
We got to know NFT when a piece of digital artwork was sold at an incredible price. Beeple, the digital artist, brought together a JPG file that contains work he has done every single day through the past 13 years. This NFT-based work, titled "Everydays: the First 5000 Days," auctioned at Christie's, with a starting bid of US$100 but eventually sold for US$69.34 million, fetching a new record for a digital artwork at auction.
www.beeple-crap.com
More recently, on the day LV launched “Louis the Game”, our WeChat feeds were flooded with the luxury house’s monogram and the protagonist Vivienne as players take adventures to explore NFT gifts embedded in this mobile game. Everyone gets an opportunity to experience a free luxury travel.
However, when I share some NFT news with my parents, my mom always says, "Who's gonna buy that kind of stuff? What's the point in buying it?"
But to our digital natives, NFT is far more acceptable.
Back in our childhood, we bought skins in games, topped up to dress up our QQ show, and now we use different avatars and nicknames to "brand" ourselves. Actually, our generation have been using virtual goods since a young age. We have been living in the cyber world as our second home, while NFT is the "QQ show" based on the blockchain.
The attribute of unique identification is what makes NFT even more special, which means any element on NFT becomes "unique and one of a kind". Unique, limited, distinctive, any key words like these only drive us mad: Go! Go! Why not!
How can brands use NFT to better reach Gen Z?
More and more NFT-based products are created, NFT artwork, NFT avatars, NFT music albums, NFT games... NFT is truly possible for any co-creations. Any brand attempting to step into the metaverse experimenting with NFTs should consider why Gen Z are willing to pay for the brand's NFT products? What additional benefits can it deliver to young consumers?
“35% of CMOs have adopted virtual product experiences while 31% are considering adopting them.” From the latest dentsu CMO survey and Isobar CX Survey: The Rise of Connected Experience, we see the global CMOs have new openness to virtual products and services, a recognition that offline/real world experiences no longer command a premium by default.
At this point, a brand's NFT product or campaign needs some "bridges or bonds" to connect with Gen Z, such as designing unique digital membership identity; creating digital NFT collectibles that are not only available online but also offline; or making the "first key" for Gen Z to enter the digital world. We can even look to the far future when we live fully immersed in the virtual world and no longer cling to the physical space, NFT will then have more possibilities.
We would like to conclude our Gen Z research into NFT with the view mentioned by one of the professionals from the metaverse seminar, which we also strongly agree with: if something is trendy now, we’d better try and stay alert; if finding it’s wrong, retreat quickly; if it is OK, then set sail.
Written by dentsu Z
Pictures from dentsu Z
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