Blockchain marketing news in July 2022

In July, the Blockchain Marketing headlines continue to be filled with the trend of Non-Fungible Tokens (NFTs), which have infiltrated various industries, from art and media to sports and culture.

This month saw brands and platforms doubling down on NFT adoption, evident in Reddit's innovative move to introduce blockchain-based avatars, although it cautiously refrained from labeling them as NFTs. This initiative on the Polygon blockchain allows users to purchase collectible avatars using fiat currency, showcasing Reddit's commitment to integrating cryptocurrencies into mainstream social media while enhancing community engagement.

Simultaneously, the NFT craze is further fueled by initiatives like Bored Ape Yacht Club (BAYC) owners leasing out their NFTs to brands through platforms like Boredjobs, operated by Mouse Belt Labs. With over 200 BAYC owners applying within 24 hours of its launch, the platform facilitates negotiations between brands and owners, reflecting the growing interest in leveraging NFTs for intellectual property use and brand collaboration.

However, amidst the fervor surrounding NFTs, signs of a potential slowdown emerge, as evidenced by Chevy's unsuccessful foray into the NFT space. Despite offering a lime green Corvette Z06 coupled with an NFT package, the auction held on SuperRare failed to attract any bids, indicating a possible shift in consumer sentiment towards NFTs. Similarly, Minecraft's decision to ban NFTs due to concerns about inclusivity and profiteering adds to the narrative of skepticism surrounding NFT integration within the gaming industry.

As the NFT landscape undergoes scrutiny and potential reevaluation, an emerging trend in July 2022 is the growing recognition of Decentralized Autonomous Organizations (DAOs) as a novel marketing opportunity.

A report by creative consultancy Long Dash suggests that Gen Zers and Millennials are receptive to using company-issued crypto tokens for decision-making, signaling the potential for DAOs to foster brand loyalty and community engagement in the absence of NFT dominance.

Another intriguing development is the reevaluation of digital-first approaches in favor of in-person gatherings within the Web3 ecosystem, as suggested by one of the opinion pieces featured this month. While the COVID-19 pandemic accelerated the adoption of decentralized work models, the value of blending digital connectivity with real-life interactions for optimal productivity and camaraderie is reemerging.

Maybe now, as the world opens up again, it is time for us to see less focus on pure digital plays, like NFTs, and more emphasis on DAO collaboration and in-person gatherings. We shall have to wait and see.

News and Reports

Reddit is releasing blockchain-based avatars — just don't call them NFTs

Reddit introduces limited-edition blockchain avatars, avoiding the term NFTs. The "Collectible Avatars" will launch on Polygon blockchain, purchasable only with fiat currency. Reddit sees blockchain as a means to empower its communities further, though it refrains from explicitly labeling the avatars as NFTs.

Hundreds of Bored Ape owners sign up to hire out their NFTs to brands

Mouse Belt Labs launches Boredjobs, a marketplace allowing Bored Ape Yacht Club (BAYC) NFT owners to rent out their apes' intellectual property to brands. Within 24 hours, 200+ BAYC owners applied. The platform facilitates negotiations between brands and owners. Future plans include expanding to support other top-tier NFT projects.

No bids on Chevy’s first NFT, even though it came with a free Corvette Z06

Chevy's debut NFT auction, featuring a lime green Corvette Z06, ended without a bid, despite offering a unique car and NFT package. Held on SuperRare, the auction reopened due to missed bids but still garnered no interest. Chevy aims to learn from the experience despite the setback.

Minecraft Bans NFTs, Sending One In-Game Builder’s Token Spiraling

Minecraft prohibits NFTs, citing concerns about inclusivity and profiteering, joining the gaming industry's debate on Web3. The move affects projects like NFT Worlds, causing price drops. This reflects broader skepticism from major gaming entities like Valve and Epic Games regarding NFT integration, shaping the future of the metaverse.

Features and Interviews

The Next Big Thing in NFTs: Selling Them for Peanuts

The crypto market's downturn is causing creators to offer cheap NFTs for as low as $10, aiming for a sustainable model amid speculation. Platforms like Nina and Echo focus on music, challenging high-price norms, while Async Art offers affordable digital art, emphasizing emotional value over resale potential.

Why social networks won’t stop pushing NFTs

Social platforms like Reddit are embracing NFTs, offering what they refer to as blockchain-backed collectible avatars NFTs. These moves may have coincided with declining NFT demand but platforms persist in integrating NFT features, hopeful for their long-term potential in a more interoperable internet.

Industry opinions

Why DAOs could be key to Gen Z brand loyalty

A new report conducted by creative consultancy Long Dash has concluded that Gen Zers and Millenials would be interested in using company-issued crypto tokens to vote on decisions, a sign that Decentralized Autonomous organizations could be a new marketing opportunity.

FTX CEO: Blockchain can make social media interoperable

Sam Bankman-Fried, has outlined crypto’s potential in simplifying payments, rectifying stock market flaws and enhancing social media interoperability. Blockchain can reduce fees and settlement uncertainties, as well as enabling seamless messaging across different social platforms through public chains.

Does Crypto Still Care About Elon Musk?

After Tesla sold 75% of its Bitcoin holdings, making a small profit, critics are questioning Elon Musk's role in crypto given his erratic behavior and focus on hype over fundamentals. However, Musk has emphasized the sale is not a verdict on Bitcoin but a move to free up cash amid possible economic uncertainty.

Web3 Needs In-Person Gatherings

The COVID-19 pandemic accelerated the shift to decentralized work models, combining remote and in-person collaboration. Teams like BitDAO benefit from global talent while recognizing the value of face-to-face interactions. The future of work lies in blending digital connectivity with real-life engagement for optimal productivity and camaraderie.