DUBAI: NFTs, or non-fungible tokens, have been all the rage and have taken hold in industries ranging from fashion to advertising.
Brands such as Twitter and Taco Bell have jumped on the bandwagon globally and this month CryptTV, an American entertainment company focused on creating horror content, dropped 10,000 NFTs of 10 monsters. Crypt TV.
Likewise, catering company Buffalo Wild Wings began selling three NFTs, dubbed NF-OTs, to mark the fifth anniversary of the only Super Bowl to have been decided in overtime.
In the region, BinSina is among the first brands to venture into this space in honor of the 50th anniversary of the United Arab Emirates, celebrated on December 2 last year. The drugstore chain, in partnership with creative agency LivingRoom Communications, created a two-pronged campaign to celebrate the occasion.
Designed to reflect the history of the UAE, the first part of the campaign featured a traditional mural designed by LivingRoom Communications, showcasing the country’s history and evolution. It was displayed in the windows of BinSina’s 120 stores.
Then, to capture the progressive spirit of the Emirates, the company wanted to use a media channel that reflected the future, which led to the decision to turn the mural into an NFT.
The agency added effects and animations to the mural design to turn it into a digital work of art. He then created a MetaMask cryptocurrency software wallet and uploaded the digital artwork to the OpenSea NFT marketplace.
The launch was advertised on social media platforms including niche channels such as Reddit and Quora, which generated word of mouth awareness and interest.
Clarence de Guzman, editor at LivingRoom Communications, told Arab News: “Unlike Instagram, YouTube and Facebook where currencies come in the form of likes and views, numbers on forums depend on how far the post has traveled. .
“We started discussing NFT recovery in Dubai and the Middle East and then joined fledgling communities and discussion groups exclusively for NFT artists and creators in the UAE in particular,” he said. he declares.
The awareness has resulted in the work being “mentioned on Twitter, tagged on forums, and even featured as a top NFT influencer on sites like LunarCrush”, in addition to local press attention, added De Guzman. The Discord server saw an increase of over 500 new members shortly after the release of OpenSea.
The auction is currently taking place on OpenSea via Ethereum.
“We expect a value of up to 80 Ethereums ($219,074) judging by the current behavior of the NFT minting market in the UAE,” he said, adding that the agency was creating a series of artworks following the announcement. .
In the world of disappearing content and short attention spans, memorability is something most brands can only dream of and few can achieve.
“More than its monetary value, an NFT as an ad has promising potential to immortalize a brand, and that’s every ad agency’s goal,” De Guzman said.
But he pointed out that consumers may not be fully embracing the idea yet.
“The consumer market is still in a transitional phase – and just as we felt when we first learned about the concept of the Internet, some people are resisting the credibility of NFTs. It would be fun to see this idea fully realized years later,” he added.