Skepticism still rings in discussions about NFTs and cryptocurrencies.
Many everyday users of the internet are leery of being scammed out of their money or don’t understand why someone would want to buy a piece of digital art in the form of a non-fungible token. And as of the beginning of 2021, only about 14% of the U.S. population owned any cryptocurrency at all, according to Gemini’s 2021 State of Crypto report.
Publishers with an interest in blockchain technology are now required to educate their audience about it in order to make them customers or participants in their blockchain experiments. Leaf Group is trying to make comparisons between NFT collection, investing in art, in order to appeal to more artists. Brit + Co and Turner Sports focus on education and rewarding participation to make learning about blockchain technology less daunting.
Not all audiences are going to be interested in delving into the nitty gritty of how the blockchain works (see our guide on WTF is the blockchain, if you are). They will still need to be able to comprehend the various ways it can affect their lives, if they are to purchase an NFT from their favourite publication or participate in an event in this metaverse.
” I think [the blockchain will] can be used in every industry. However, your adoption curve will be driven by the perception that there is immediate utility and a potential for risk. “I remember when people [thought] that it was crazy to use your credit card for online purchases,” stated Sean Moriarty CEO of Leaf Group. The practical applications [of blockchain technology] can be endless. However, the early utility .”
will drive adoption.
Making blockchain feel familiar
Leaf Group may be in a unique position to use blockchain in its business and its audience. Hunker Media and Well + Good are Hunker’s publishers. Society6 operates art marketplaces SaatchiArt and Society6. Commerce is a core part of the group’s business. It makes sense to turn digital art into NFTs. This is particularly true when you consider that the first thing people think of when they hear NFT is a picture or digital drawing.
The company’s first collection of NFTs called The Other Avatars under the Saatchi Art brand will launch in early 2022 and will consist of several digital art pieces that are reimaginings of artist Vincent van Gogh’s self portraits done by artists in the Saatchi Art network.
” The joke is that you can get a JPEG copy of this for free. But, you can’t have the Mona Lisa. He said that it is crucial to get artists and art buyers to see digital art as an investment piece, just like physical art.
Leaf Group’s Saatchi Art has a reputation for selling and curating art by artists of all levels and popularity. The emphasis on what is sold on its marketplace is therefore on the art and not the artist. This mission will be carried out by the company with the NFT collections. It will ensure that digital art is created with the same skill and intention as physical art and use in-house experts to evaluate these pieces. Moriarty stated that buyers can be confident that NFTs they purchase are as well curated as physical art.
The actual process of purchasing an NFT and creating one is more complicated than simply using a credit card. Wayne Chang, gm at Saatchi Art, has created educational guides to help artists and buyers learn the basics. The lessons include how to create a crypto wallet and how to protect bought and sold assets from hackers. Artists can make a lot of money off the NFT assets.
” This is not a one-time drop project,” stated Chang. Chang stated that there is a larger roadmap. There’s a vision to incorporate into the main marketplace.”
Empowering crypto-neophytes through education
Four years after Brit + Co hosted a conference dedicated to teaching Brit + Co readers about cryptocurrency, the lifestyle publisher will continue the mission in the coming year, according to founder and CEO Brit Morin.
Brit+Co will be focusing on gamifying education, issuing tokens for students who complete each lesson to discourage drop-off. It’s a similar strategy to Decrypt, which earlier this year launched a rewards token to encourage the use of its app.
” To be honest, there are real financial upsides, as with every new internet wave. This alone is why I am passionate about women and people with different skin to understand this. [because] it is the first time that [underrepresented groups] has not been prevented from entering this multi-trillion-dollar industry. What’s the problem? Well, we just don’t know enough,” said Morin, who recently cofounded an investment firm focused on supporting crypto companies.
Turner Sports also uses gamification to encourage people to invest in NFTs, and to interact with other NFT collectors. Knowing that fantasy-sports participants and sports bettors share similar characteristics with crypto investors and NFT collectors, Yang Adija, svp of digital league business operations, growth and innovation, said he wants to find a way to bridge those two groups and created an NFT-based golf game that has real world value.
“This is one of the most interesting aspects about cryptocurrency. Adija spoke on the Digiday Podcast about how cryptocurrency allows users to play a sport or game and still retain value.
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