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As more big brands plan to release NFTs, especially those with large IP collections, they need to launch in a way that connects with their audience.
But in recent times, we’ve seen huge companies, such as Porsche and Warner Bros. try to enter the space and fall flat.
The question is why? 🤔
To answer it, we invited Chris Sealy to this week’s DOer Spotlight. Chris is the Creative Director at OneOf (a curated NFT marketplace) who’s worked with some of the biggest IP names in the world, including the Notorious B.I.G., Whitney Houston, and more.
In this edition, we break down:
- How big IP brands are thinking about web3 (if at all) 💭
- Why NFTs can help immortalize IP and bring communities together 🧑🏻🤝🧑🏻
- How OneOf is driving web3 adoption from big brands and their consumers 📈
Let’s dive in.
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How Big IP Brands Are Thinking About Web3
Working with big brands in the world of web3 can be challenging. Web3 is still a foreign concept to some businesses, and pitching these brands can be a difficult sell.
However, there are many brands that see that web3 is the future and that using this technology can benefit them and their customers.
They’re starting to see the value of digital twins to physical goods and on-chain consumer loyalty. They also see consumers’ increasing data privacy awareness along with new GDPR laws restricting data collection.
But, for OneOf it’s not as simple as finding these and closing the deal on the spot. In fact, Chris prefers to work with companies who want to know how a particular web3 tool will benefit them and their customers before they pull the trigger.
That’s why OneOf’s job is to align with the brand’s internal strategy and come up with solutions that benefit actually benefit them.
For example, a web3-powered loyalty program must be able to plug into a brand’s existing databases and have a web2-like interface that is familiar to their customers.
This means 2-minute sign-ups with email and a username and password, rather than complex web3 wallets, transaction signatures, and seed phrases. ✅
Overall, Chris sees brands starting to understand the future of web3 and the role it will play in their business strategy. By working with OneOf, they can embrace this new world while still protecting their reputation and providing a valuable experience for their customers.
Immortalizing IP and Bringing Communities Together With NFTs
Nine months ago, OneOf drooped a collection of 3,000 generative pieces of the late rapper Biggie Smalls (aka Notorious B.I.G.).
The Biggie estate, represented by Wayne Barrow who also managed Biggie in real life, reached out to OneOf because they wanted to find a way to immortalize one of the most famous freestyle raps by Biggie. The one where he was rapping in front of a Brooklyn bodega when he was just 17 years old.
This freestyle was considered a pivotal moment in Biggie’s career, as it showed that he had something special and was on the cusp of greatness.
But it wasn’t about just making money, the estate’s goal was to connect Biggie with his fans even after his passing, and they felt that an NFT collection was the perfect way to do that.
This art is not only a tribute to the iconic rapper, showcasing poses of Biggie in the sweaters and hats he wore in real life, but the collection also features inside stories from his family, neighbors, and friends.
For example, one of the items Biggie holds in the collection is a stack of cash with his face on it.
While this may seem obvious for a rapper, the significance of this feature is much deeper because it was suggested by someone that witnessed Biggie regularly help out people in their neighborhood by giving them cash to pay their rent
The name of the collection also carries some significance. Titled, Sky’s the Limit after one of Bggie’s raps, it’s meant to showcase the potential of the late artist along with the fact that holders now control the future of this freestyle.
When you bought a Sky’s the Limit NFT, you not only got a randomly generated collectible, but you also got a 1/3000th share in the ownership and potential revenue from anyone who uses the freestyle in a commercial context.
Note: Kyle wrote an extremely insightful PRO report on the state of music NFTs. Make sure you check it out: Did The Music NFT Bubble Just Pop?
There is also a DAO for NFT holders where they can participate in metaverse events with Spatial, a partner of OneOf.
Currently, the holders are in the process of deciding who to license the freestyle to, whether it’s a quick sample for a producer like David Guetta or Diplo or an entire verse for an upcoming artist. 🔥
The only restriction on the holders is that they cannot use it to make disparaging work about Biggie.
But any revenue generated from the license will go solely back to the collective for future projects.
Chris emphasized that this isn’t a posthumous NFT drop (as many journalists called it) but instead the beginning of carrying on Biggie’s legacy since holders have a say in the future of this iconic freestyle and a piece of hip-hop history.
This is exactly what we’re excited about at Web3 Academy, the power of community and being able to control the outcome of such a significant piece of art. 🚀
Tweet of the Week
How OneOf is Driving Web3 Adoption
As a curated web3 marketplace for music, sport, entertainment NFTs, and more, OneOf is one of the top platforms for web2 companies seeking to enter web3.
But they’re not just a marketplace, they consult with traditional corporations like Warner Music and Uber to help them enter the web3 world. OneOf isn’t solely about NFTs either, they also create SaaS tools for brands wanting to connect authentically with their audiences.
The key, however, comes down to their goal of finding a web3 solution that actually benefits these big brands, rather than simply getting them into the space. ✅
Consequently, they’ve been building software for their own use cases and for other brands since 2017. They also work on multiple proof-of-stake coins because brands and users value reducing the environmental impact of web3 tech.
On top of this, the user experience is at the forefront of their design, making it simple and accessible to everyone, even those without prior knowledge of crypto or web3.
For example, they have a multisig wallet where they custody user NFTs and funds.
This provides users with a sophisticated web3 identity and allows them to interact with blockchains without even knowing what technology they’re using. However, web3 natives are free to self-custody their assets if they wish.
OneOf also allows the purchase of NFTs through over 100 credit and debit cards worldwide which is a much easier option for web2 users.
In fact, over 90% of OneOf’s NFT sales happen through fiat currency.
Overall, it can be difficult for large companies to move quickly and take advantage of innovative technologies, like the ones web3 brings. They have to understand all the pros and cons of joining the space because they have an extremely valuable reputation to uphold.
OneOf understands that and ensures they only work with brands who take their reputation seriously as this leads to the best outcomes when they drop NFT collections.
So whether you’re a consultant, brand, or creator, think about how web3 can actually help drive results for the businesses you work with and the communities you cater to. 🔥
FOR THE DOERS
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While the whole market was down, Music NFTs were having their own mini bull run. But are they still seeing adoption? Find out in: Did The Music NFT Bubble Just Pop?