NFTs are everywhere and they are becoming both mainstream and culturally relevant in many different areas.
But what are NFTs (Non-Fungible Tokens)? NFTs are unique digital assets, representing items such as photos, videos, audio, and other types of digital files. They are stored on a digital ledger (blockchain), that certifies that it is unique (and therefore not interchangeable). Due to its uniqueness, NFTs create digital scarcity – hence the current craze!
The emergence of the NFT ecosystem has revolutionized the world of art but it has also crossed over into the world of brands, with many brand conglomerates creating their own NFT platforms, for example. Celebrities, gaming companies, and movie studios are also entering the space.
It is only a matter of time before brands partner with those players. So how can brands capitalize on the phenomenon? Some are creating their own NFTs with the IP they own, whilst others are considering creating NFTs in partnership with IP owners to be released as part of a brand campaign. The possibilities are endless.
Our own represented icons, Andy Warhol, Muhammad Ali, and Marilyn Monroe have been memorialized in NFTs, which have been created in partnerships between the estates and artists.
Andy Warhol: Christie’s has just sold five NFTs of Andy Warhol’s work for $3.4 million at auction! They were created from restored and preserved files of the artist’s 1985 collection, Andy Warhol: Machine Made.
Muhammad Ali: Muhammad Ali is being memorialized in non-fungible token (NFT) form 50 years on from “The Fight of the Century” in which the boxing icon faced Joe Frazier in New York City. “The Ali Collection” is designed to celebrate the boxer’s life and legacy, featuring famous photographs of Ali and Frazier taken in 1971 by Sports Illustrated photographer Neil Leifer.
Marilyn Monroe: “Marilyn Monroe Metamorphosis,” is a curated collection of art by today’s emerging artists from around the world in honor of Marilyn Monroe’s 95th birthday, available on the Ethernity platform.
We would be happy to lend our rights clearance expertise to brands advancing into the NFT space and help them create iconic experiential assets.