iProspect US, Sr. Director, Paid Search
NFT’s, from fashion to art to music and entertainment, here to stay
Cannes Lions is a celebration of art in all it’s forms. This definition may seem simple enough, but over recent years we have witnessed unsurpassed ingenuity largely due to the formation of Non Fungible Tokens on the blockchain. These are inimitable digital assets that are stored on a decentralized ledger of transactions. Sounds complex? Think of an NFT as a verification of ownership pertaining to the digital world of just about anything: digital art, music, films, games etc. I can go to Google and print off a picture of Andy Warhol’s Campbell’s Soup, but it’s worthless because it’s not the original. In a similar vain, I can copy and paste a picture of the meme famous Shiba Inu Doge Dog, but it is worthless because it is not the original. An NFT defines the original in the same way an experienced art curator would define Andy Warhol’s original work. In doing so, an artist of digital work can now demonstrate ownership over their masterpiece, which means they can also make profit from it, amongst other things. Mike Winkelmann, the digital artist known as Beeple, generate global headlines when an NFT of his work sold for $69,000,000 at Christie’s, a 255-year-old auction house which has sold some of the most famous paintings in history. From that day, the light shone brightly on NFT’s and what they could mean for the industry. Neda Whitney - SVP, Head of Marketing at Christie’s, hosted a number of conversations on the topic during the Cannes Lions event to gather more information regarding this new functionality within the art world. The core takeaway is that NFT’s are creating new marketplaces: from fashion to art to music and entertainment, and they are here to stay. Powered by a tool simply known as Smart Contracts, digital art can be aligned with the original creator, who can then not only sell the piece, but also get creative with the contract and insert royalty percentages for any future sale, making it a very lucrative marketplace. In the fashion vertical, NFT based visual assets and collectables are transforming the way digital and physical items can enter the digital-verse. Imagine your children wanting their avatar in Minecraft or Fortnite to wear the latest custom outfit? It has to be created by someone and where there is demand, there is a sale. In the music vertical, NFT’s truly bring ownership and authenticity back to the artist. However, music as a form of art has generally been available for just a few dollars. Comparably, the cost of creating an NFT is high which unfortunately may price the music out of the fans’ hands. Conversely, new platforms are already being built to lower the cost of NFT creation and even subsidize certain costs in an attempt to lower the barrier to entry to zero. On a similar note, as we discuss barrier to entry, from an energy consumption perspective, it can take 2 entire days of avg. household power usage to establish a single NFT. This topic continues to be widely discussed and countless innovative companies and platforms are already working on solutions. As you can see, NFT’s are here to stay. With increased sovereignty, lower costs, lower barriers to entry, and increased energy sustainability, this art focused technology is only going to develop further and flourish within the industry. We are merely at the tip of the NFT iceberg. 0
3 min read
Demystifying Google Shopping
Think about e-commerce 20 years ago. Amazon was just getting started, but was nowhere near the powerhouse it is today. Shopping online was hardly a thing. Google was a search engine and not much more. The only e-commerce that had really taken off was consumer-to-consumer sales through eBay. Fast forward to today and the world is basically available at your fingertips – and next day at that! There are too many options to count when it comes to showcasing a product online and leading consumers down a path to purchase. But, when it comes to shopping, Google has developed one of the most powerful solutions available to consumers, showcasing exactly what a consumer is looking for at the moment they hit search. For brands, navigating this offering can be complicated and confusing, especially as the state of commerce continues to evolve. As part of our ongoing thought leadership series around e-commerce, Demystifying Google Shopping will help brands and manufacturers explore the advantages of this platform to ultimately drive business goals. What You’ll Learn: What is Google Shopping and how it is important to the eCommerce landscape – what it provides that differs from other offerings and how it can create stronger revenue for your brand. What types of companies can utilize Google Shopping successfully and where your company fits into these categories. How to set goals and KPIs and determine the strategic themes you are pursuing for your company by using Google Shopping. What future changes are coming to Google Shopping and how they can improve consumer experience, brand loyalty and sales. With Google Marketing Live having taken place this week, Google is already thinking about how to improve this product. They announced several changes, including a refined Shopping experience that makes the process of using Google Shopping even easier for advertisers. So, whether Google Shopping is already something you are doing, or something you want to learn more about, every brand needs to pay attention and understand how Google is playing in the retail space and how it can impact revenue. Evaluating the opportunities and understanding them based on the characteristics of your individual brand will help increase not only clicks, but ultimately purchases. Download the full report for more details on how to navigate Google Shopping and what you can expect to see from Google in the future. How to Get Customers to Purchase Products Through the World’s Most Well-Known Search Engine 0
3 min read
