What is an NFT and how do I buy one?
22/02/2022
Unless you’ve been living a #hermitlife for the last few years which involved complete disconnection with anything and everything online, by now you’ve heard about or glossed over the term ‘NFT’ once or twice scrolling through socials.
And because it’s a trending topic (and has been for a while now), NFTs may be something you’re interested in learning more about. Which is why you’re here, right? Great! In this article, we’ll explain what NFTs actually are as well as where you can buy them.
And if you’re still a little bit like ‘wut’ by the end but wouldn’t mind incorporating NFTs into your marketing mix, no worries: Mooning has a comprehensive list of services to bring your brand into the fold and assist with sourcing, selling, campaign conceptualising and much more. Give us a call on 1300 818 435 to find out what we can do for you!
Understanding NFTs
For the uninitiated, NFT is short for Non-Fungible Token. But that doesn’t really explain much, does it?
Non-fungible means something that is unique and isn’t able to be traded with the same thing because, well, it’s unique… like, one of a kind. For example, you and I could trade a $10 note with another $10 note and we’d be completely even. Because cash is fungible. But let’s say I had the original Starry Night painting by van Gogh and you wanted to trade me for a painting you’d whipped up at home of fruit in a bowl. They’re not comparable, because they’re completely different (non-fungible).
Sure, NFTs can be replicated with a quick ‘right-click + save as’, but this is essentially the same as printing off Starry Night, framing it and hanging int on your wall – it isn’t, and will never be the original (especially with the file’s metadata showing who actually owns it).
The majority of NFTs exist as part of the Ethereum blockchain. If you’re not yet aware, Ethereum (ETH) is a cryptocurrency like Bitcoin, and its blockchain (digital ledger) also supports NFTs by storing some extra information to allow for operational variance to the ETH coin.
NFTs can come in a variety of different digital file types including:
- Art – the most popular type of NFT going around currently
- Video game items – in-game content e.g. characters and skins
- Memes – the Doge meme sold for $4 million!
- Music – many artists are selling their works as NFTs which makes them much more than what streaming services pay
- Domain names – register a domain name and sell it on the NFT market to cut out the third-party middleman who may have otherwise taken a ‘slice of the pie’
- Memorable sporting moments – clips as short as 10 seconds moments like epic game-winning shots can be sold for up to $200k
- Fashion items – as in, virtual fashion items. Buy a one-of-a-kind virtual outfit and you can dress up your online avatar in it
- Miscellaneous – currently, there’s no limit to what can be sold as an NFT, which means anything that can be captured digitally is able to be sold as one. A Facebook update, article, Snapchat Story… pretty much everything is viable to become one!
Importantly, the NFT market shows absolutely no signs of slowing down at all. In fact, it’s hotter than it’s ever been before, and might even now be considered as a piece of ‘low-hanging fruit’ for brands who are in the process of developing a marketing strategy.
How can I utilize NFTs in my marketing mix?
With brand storytelling being such a key factor in any marketing strategy, the introduction of NFTs can provide you with a totally new tool to tell your brand’s story. On top of this, implementing yet another method of consumer interaction through NFT promotion can really transform your existing strategy into something exceptional.
It’s important, though, that you have an in-depth understanding of your consumer base prior to developing NFTs if you’d like to get the best possible results, so conducting some research before taking a giant leap forward is integral to the success of your campaign.
So where do I get my hands on one?
There are lots of different places for you to browse the merchandise, so to speak. And like any other purchasable item – be it online or otherwise – not all places to purchase are the same. Indeed, there are a few you should probably steer clear from entirely.
There are also marketplaces that we reckon are worthwhile giving a go, too. But don’t worry, if you’re a little apprehensive about diving head-first into NFTs (totally understandable, by the way), give us a call on 1300 818 435 and we’ll do all the heavy lifting for you.
Top 10 marketplaces to buy NFTs in 2022
- Mintable (digital art, videos, games, domain names, templates, photography)
- SuperRare (digital art)
- Sorare (sports collectibles)
- Foundation (digital art)
- Nifty Gateway (digital art, collectibles)
- The Sandbox (video games, metaverse)
- OpenSea (digital art, games, domain names, music, sports, virtual worlds, collectibles)
- Rarible (digital art, games, metaverse, music, memes, photography)
- Zora (digital art)
- Venly (video games, metaverse)
Navigate the world of NFTs much easier with Mooning
Still feeling a little bit lost when it comes to NFCs? No worries! At Mooning we know it all back to front, and will be your metaphorical compass to navigate the otherwise confusing journey of NFCs.
Our services include everything from the minting, listing and sales of NFTs through to project consulting and campaign conceptualisation and everything in between.
We’ve even got a huge network we can tap into for sourcing and engaging with top-tier NFT creators, and our awesome crew of social media experts will ensure your online community are as engaged as possible when your NFTs are published to deliver maximum ROI.
So what are you waiting for? Get in touch with the friendly team at Mooning today by calling 1300 818 435 or sending us a message online and you’ll hear back from us ASAP.
