Why NFTs Will Impact the Future of Marketing

Today, we are going to talk about why NFTs will impact the future of marketing. And if you haven't listened already, we've done an episode on NFTs on, I think it's, what was the title of it?

Do you see it? I don't see it.

Oh yeah. How do NFTs fit in with marketing? That's the title of it. That was episode 1688, I believe. So today we want to talk about how we think NFTs will impact the future of marketing, because we're seeing a lot of crazy stuff happen. I don't know if you've read about this, Neil, but at the time of this recording, I think the New York Times sold a column for a couple hundred thousand dollars. Time Magazine did an NFT drop of these 3 blocks, and it was like $430,000 drop done on Clubhouse. So there's a lot of dynamics there already. So let's just start with that.

Yeah. I think what's happening too is funny enough, people are leveraging NFTs and it's actually getting their name out there even more. It's creating more press, more brand awareness. Look at Logan Paul. He did an NFT. Jack Dorsey sold a tweet or the first tweet sold, I forgot for how much. All this stuff is actually creating more buzz and causing more people to talk about these companies. On top of that, they're actually generating revenue from it too. So for once, companies are able to do something that's not only causing them to generate revenue, but it's also creating a ton of press for them and free press for them, which is rare. It's like you're getting paid to create press.

I want to give an example of, there's a guy named Burnt Banksy. So he took a Banksy, he took a Banksy picture. So he bought an original Banksy. I think he, what he did, I think then he printed it out and I think he burnt it, or he might've burned the original. And then, so he, I think he paid about $100 grand or so for the original Banksy. So the It's the artist, the famous artist. And then he sold the NFT for, I think, $300,000 or $400,000. And so to Neil's point, when he, he was also interviewed on Clubhouse, so he was getting his name out there. And then a lot of people found out, oh my God, this guy's so original. So A, you take something that is already famous, Banksy, and you burn it. So that's remarkable. And then you create a name for yourself and you also make a couple hundred thousand dollars doing it. So I think that's very innovative. And the other thing I'll say too is this, I think Gary Vee brought this up, I think this is really interesting. He was like, look, what you can do is you can sell access with your NFTs. So what that basically means is, let's say you guys are interested in the Marketing School NFT, and by the way, tweet at us if you're interested in this, maybe we give away 10,000 NFTs that are, maybe it's like an NFT of Neil's face and mine, right? So it's like a little digital character and there's only 10,000 of them and you pay $100 And you get access to that. Maybe if you pay $1,000, you get that one and you get access to Ubersuggest and ClickFlow for life. And maybe we only have 1,000 versions of those. You go all the way to one, maybe there's only 10 of these available where you get to hang out with Neil and I for a day. We'll talk through strategies for your business. You end up paying, let's say $50,000 or something like that. You get all the stuff I mentioned, plus you get some access and you can, you'll get the, you can text Neil and I whenever you want. The point here is Now, with NFTs, you can sell, you can combine access. It's no different than like when you're selling a bundle of something, like in the digital marketing world. So I think people can innovate with NFTs and sell actual scarce versions of things and recoup their costs. Just like with this book I have next to me, if you can see the video right now, I can do an NFT of the book, give away a bunch of them, sell it for $20, and give them the book at the same time, and they can later recoup their costs if they want. And they'll probably get back more than $20 by selling the NFT because it's scarce. And it's tracked on the blockchain.

Just be careful with NFTs, 'cause there's some articles going out there by lawyers saying that it could be potentially considered a security depending on how you do it. And then you could have issues with the SEC. So just as something to keep in mind as well.

Yeah, I think there's a lot of studying to be done. So I'm going to give you, give you guys some resources here. If you go to, so one website is OpenSea. opensea.io is one of the biggest NFT websites out there. There's also cryptoslam.io. That's S-L-A-M. So if you go to cryptoslam.io, you can see how these NFTs are doing, how they're trending up and down. And there's a bunch of other stuff there. And the final thing I'll add around this one is Mark Cuban's website, blogmaverick.com. He's actually talking about NFTs. So he started blogging again because he's so excited about this stuff. Point being, we're still in the very early stages of this right now. There's a lot of creative things you can do with it. And Neil and I just wanted to plant the seed. And we do think NFTs are here to stay. And there's going to be some cool things you can do. And be careful too. I think we're going to see a lot of scams and a lot of people losing money as well. I do believe that we're in a bubble right now. Neil, what do you think?

I definitely think so too. It doesn't mean NFTs aren't here to stay. Again, like Eric mentioned, it's more so that you're going to see a lot of crap, a lot of people trying to get rich quick. And then within a year, you're going to see a lot of the duds Go away and the legitimate stuff stick around.

That's— so the final thing is this, right? Like I mentioned the keyword a couple of times, what we're looking for is scarcity. Because if you're trying to buy the Mona Lisa where you're paying a couple hundred million dollars for it or whatever it's worth, you're buying it because it's the original version and you want to be able to verify that it's the original. It doesn't matter if Neil paints you a Mona Lisa and it looks almost identical. What matters is the scarcity, being able to track it and all that. And you can do this now. With the Ethereum blockchain or any of these other blockchains. I think Wax is another one. So start doing your research on it. I think maybe a year to, a year to 2, we'll see things taper down and, and we'll see the craziness go away. And speaking of scarcity, the reason why these CryptoPunks, which is the first NFTs, why they're selling for— I think the floor right now is about $38,000. It's these pixelated images of different characters, and I think there's only 10,000 versions of them. And I think the highest version sells for a couple million dollars. So So scarcity is the name of the game. And now with the blockchain, we're actually able to do that. So I think a lot's going to change long-term. So that is it for today. Go ahead, Neil.

Yeah. And when you see people creating like 10,000 of them, we all know that's not really that scarce, but I think things are going to change in which people will be like, hey, here's only 100 of them. Here's 50 of them. Then you're going to start seeing things do much better. Just like with art in real life, when there's 10,000 of some sort of painting, it's not that valuable versus if there's only 2 Mona Lisas or 3 Mona Lisas out there.

Yeah. And by the way, I think another thing with marketing, Clubhouse is actually really big for NFTs and artists doing drops. And so what they basically do is they get a couple of Clubhouse people with big followings who want to increase their clout by hanging out with a Steve Aoki or like a Logan Paul so that their incentives are aligned. I'm going to help you grow, create a really big room, and then you're going to do your NFT drops. And I'm sure these people are getting compensated in the backend, but I think doing a drop-in audio to launch your NFTs is super amazing. It's like doing a webinar and then doing an NFT drop. So it's pretty amazing. So we're going to see some creative stuff happening long-term. And so that is it for today. Go to, please rate, review, and subscribe. It really helps us grow and we will see you tomorrow.