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While the digital advertising business market focused on crucial offers of mergers and acquisitions last year, all eyes were on the three key things on the supply side: first-hand data, metavers and NFT.
Unlike the metavers, which obviously has exceptional benefits for gaming companies and multimedia content creators, the NFT coin has already amassed some significant revenue for editorial inventory publishers. More importantly, their success stories are accelerating the overall effort to achieve and even exceed those ambitious revenue goals.
Top names take the lead
It was obvious from the start that some of NFT’s most significant gains would be from top publishers such as Rolling rock o New York Times. The reasoning is clear: its operational and financial resources, as well as its broad global reach, are simply sufficient to take a step.
Much attention has been paid to works of art, while others have simplified things using the editorial content segment. But what the auction results tell us is that both strategies are effective, as long as there is enough media publicity around the concept itself (e.g., the minting of an NFT) and the actual launch.
Will we see more NFT auctions in this segment? Well, there definitely will be, but it seems that the general interest in the whole idea is waning.
Medium-sized players want a piece of cake
Unlike large publishers or conglomerates eager to invest surplus resources to try new marketing strategies, even for charitable purposes, many of their medium-sized counterparts perceive NFTs as an incremental source of business revenue. And this is where things get complicated. As the saying goes, you have to spend money to make money, and in case you coin the NFTs, you just couldn’t fit the case better. Aside from design costs and listing fees, one of the least talked about aspects is marketing. Unlike a world-renowned newspaper or magazine, a regional news editor will not receive the media attention needed to launch NFT, so they will need to spend extra money to promote it.
So, is there a working strategy for a medium-sized publishing company when it comes to coining their NFT? A possible efficient tactic would be to release a collection (either from the media or from editorial content files, for example) instead of a single piece and then sell it for a relatively small price. main focus on your loyal reading audience.
Is there room for small local publishers in the NFT world?
As many of you may have guessed, not really. But the variety of new revenue acquisition tactics available to them this year, including advance sales of limited merchandise or exclusive partnerships with local brands, remains encouraging. And of course, the basics of success remain the same: creative thinking, careful planning, and thorough testing.
Bottom line? NFTs are one more way of inherited media, in particular, to take advantage of their files and ensure that their brands remain timeless. It is worthwhile for any publisher of any level to do so.