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viewpoints
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| 1 minute read

NFTs. Are they just a shiny new penny?

Unless you live on Mars, you're aware of the latest digital frenzy -- non-fungible tokens or NFTs.  Artists and musicians are making millions selling them.  Consumers are flocking to own something unique that they believe can't be duplicated without their permission.  Something they can someday resell for a profit.  Or just hold on to for the pleasure of ownership, something techies refer to as "hodl", as in "hold on for dear life."  In the world of marketing, what I've seen so far with NFTs reminds me of my childhood (I'm dating myself now) when I took great glee in collecting really cool prizes in Cracker Jack boxes, tumblers with NFL team logos at gas stations with a fill up, or wooden nickels emblazoned with a marketer's logo.  I collected as many as I could.  Unfortunately, they're all long gone so I won't be selling anything on eBay any time soon.  So much for my making a profit on the forefathers of NFTs.

A satirical article by Prof. Mark Ritson that appears in the latest issue of MarketingWeek may give marketers a reason to pause before they jump on the NFT bandwagon.  Or at least give them a good laugh.

You can bet your pension that back in ancient Rome, when the business of brands was being properly developed, there was a small group of loonies standing outside the senate suggesting a mixture of dice, chicken blood and Marcus Aurelius by the light of a new moon was the way to ensure enormous market success.

Tags

entertainment & media, ip tech & data, nft, marketing, ritson, hodl

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