NFTs are either a ridiculous waste of money, or a future-forward opportunity, depending on your perspective.
But whether you agree with Gary Vaynerchuck, who believes that NFTs will be a thing ‘for the rest of my life’, or Bill Gates, who views them as a perfect representation of the ‘greater fool’ theory (that you can make money so long as there’s a greater fool willing to spend more on a pointless thing), it’s worth ensuring that you at least have an educated opinion on the trend, which may or may not be a key digital product option in future.
Which is where Reddit’s new guide comes in.
In partnership with VaynerNFT, Reddit has published a 42-page explainer on NFTs, covering their history and development, how they work, engagement trends, future opportunities and more.
You can download Reddit’s full ‘ABCs of NFTs’ guide here, but in this post, we’ll take a look at some of the key elements.
First off, Reddit looks at the evolution of NFTs, and the NFT discussion has developed over time.
The guide also has an ‘NFTs Like I’m 5’ section which goes over the basics of the NFT process.
But the bulk of the guide looks at how brands are looking to utilize NFTs in their digital marketing process, including how to launch an NFT project:
And how Reddit, in particular, can help:
There’s also a full breakdown of the growing NFT discussion within subreddits, which provides some valuable audience perspective.
There are some good insights and tips here, and it’s worth checking out to ensure that you understand the NFT market, and the potential opportunities therein.
If there are any. Right now is probably not the ideal time to be promoting NFT launches, as the bottom continues to fall out of the crypto market. But the core concept – that a growing number of people will eventually be looking to purchase digital-only items, be they monkey pictures or something else, definitely has merit, and from that perspective, it is worth at least understanding how NFTs work as another potential element in your future strategies.
Some interesting considerations – you can download Reddit’s full ‘ABCs of NFTs’ guide here.