WTF Should Brands Do With NFTs?

Should brands care about NFTs? If so, what should they be doing? To answer this question, we spoke with Avery Akkenini, President of VaynerNFT.

WTF Should Brands Do With NFTs?

It feels like every company is simultaneously trying to figure out what they should be doing with web3. We’re seeing big brands launching NFTs, DAOs, and tweeting “wagmi,” as corporations fight to keep up with their evolving consumers.

Some of it’s working, and, well, some of it is cringe-worthy.

It’s not obvious what companies should be doing with web3. Should brands care about NFTs? If so, what should they be doing?

To answer this question, we spoke with Avery Akkenini, the president of VaynerNFT.

Avery has worked alongside the biggest brands to help them develop their web3 strategy. No one knows more about brands and the different web3 plays they could make than Avery.

Let’s dive in!

What Will Brands Do With NFTs?

Avery is bullish on NFTs as a real tool for brands. She believes that companies will start seriously participating in the NFT space, not just doing tiny Airdrops or left-field collaborations. Instead, brands will start engaging more actively with their Discord channels, NFT holders, and entire communities.

Importantly, Avery believes that 2022 is the year NFTs go mainstream. She believes the ecosystem is developing to reduce friction and will be able to include all people with varying levels of interest in NFTs. She notes that there’s a big market for people who want to spend a small amount of money on NFTs, who aren't looking to store all of their wealth as NFTs.

Who Has Done NFTs Well?

VaynerNFT has worked with a wide range of companies and celebrities. From the US Open and athletes like Venus Williams and Andy Roddick, to big companies like Budweiser, Pepsi, Coke, and more, VaynerNFT has done it all. More than just brands, they also support individual creators as well.

VaynerNFT is a consultancy to help intellectual property owners navigate the NFT space. They support brands, celebrities, and associations in entering the world of NFTs.

What’s an Exciting Development in the NFT Space?

VaynerNFT supported Coinbase as they launched their NFT program. Given the security that a custodial NFT platform like Coinbase can provide and the large user base the company has, Avery thinks this could be one of the biggest moves in NFTs this year.

Bringing Coinbase’s infrastructure to the world of NFTs would add another layer of security and safety that be that extra push needed to make NFTs fully mainstream. The platform could open many more people to the idea of NFTs and accelerate growth in the industry. Time will tell the impact of Coinbase’s NFT program.

What are Great Existing NFT Projects?

Avery is interested in projects that center on women and are founded by women, like World of Women and Crypto Coven. She’s also interested in projects with a strong community like Bored Apes and Mutants.

Any Big Predictions For NFTs This Year?

Currently, there are four major categories of NFTs. Gaming, sports, art, and collectibles.

Music is a growing space and opportunity for NFTs. Lots of people are starting to build and while it’s not clear yet who the winner will be, it’s certain that there will be an application of NFTs to help support the music industry.