While the total value of NFTs held online was worth only $340 million in 2020, it went up to $14 billion by August 2021.
Publishers looking for new revenue sources have been keeping a keen eye on the world of blockchain for a while. In this context, the rise and increasing popularity of NFTs are among independent artists and brands is being closely followed. Some publishers like the New York Times and Quartz have already made early moves in the sector and tasted success.
By the end of last year, even established brands like Gucci and Glenfiddich started selling their own NFTs. Following the initial experiment by these renowned publications, other outlets have started jumping on board. Predictably not all experiments have been successful. For instance, the Atlantic failed to reach the minimum listing price during an auction and ultimately could not sell them.
Despite these failures, the number of publishers launching crypto-and metaverse-related verticals will increase. However, companies need to take this experimentation phase as an opportunity to address the issues around NFTs and cryptocurrency – like the environmental cost of crypto mining and trading.
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[4 minute read]