"The NFT bubble is bursting," says the street. Interest has hit rock bottom. Big-brand NFTs are losing relevance. What's happening and what comes next? Here's everything you need to know.
The technology has progressed. But there are several reasons why mainstream adoption is not happening:
1. Solutions: marketers or brand leads don’t understand what problems this technology actually solves. In the hierarchy of needs, these solutions are 3 or 4 steps removed from transactional benefits. Most of the benefits are consumer or individual centric, not brand centric.
2. Marketers follow data. Where is the data that these tools help drive their bottom line? No progress there yet... case studies with outcomes, not output. Achievement, not just activity.
a.k.a. The initial experiments didn’t actually work, but there was no appetite for iterating on them as new “experimentation” and innovation opportunities emerged. Limited budgets...
3. The use of terminology is not helping, but hurting. Most people will tune out when they hear “web3” or “NFT” or “interoperability.” Yet we keep trying the same comms tactics. The marketing of web3 has failed. This is where the real reboot is needed.
4. The echo chamber has not expanded beyond the core audience. a.k.a. We are talking to each other. We are a power strip plugged into itself and not providing the base for expansion.
5. Brands and marketing teams have downsized in the past 18 months. Media spend is up to compensate for that, and the shift to programmatic and conversion-centric marketing limits investment opportunities elsewhere.
Fantastic read thanks 🙏🏻