When it comes to new technology and emerging markets, we’re experts at telling those stories. Cryptocurrency had us intrigued. As we continue to represent clients in fintech space, the rising popularity of non fungible tokens (NFTs) has everyone buzzing. Although now part of the mainstream vernacular, the concept and application of NFTs is still difficult to understand for many. We at Fort Lauderdale and Aspen-based public relations and marketing agency Durée & Company appreciate that the vast fintech landscape is ripe for strategic communication, education and tangible storytelling.
Despite their best intentions, some buzzwords still leave many people in the dark. So, in an effort to crack the code and make the conversation accessible and understandable to all, we’ve put together the ABCs of NFTs below.
A is for Asset.
In short, NFTs are a digital asset. They are an asset in that they can be associated with digital art such as videos, photos, sports memorabilia, audio files and other types of digital files as unique items that are easy to reproduce. NFTs are typically bought with cryptocurrencies or in dollars. Cryptocurrencies are a type of digital money that uses encryption technology to make it secure.
B is for Blockchain.
A blockchain is a record of transactions kept on networked computers or a digital ledger of sorts where cryptocurrency transactions are recorded. Each block of the chain is connected to other preceding and following blocks, making it difficult for hackers to disrupt. Because they run on a blockchain, NFTs maintain their inability to be duplicated, thus protecting their value.
C is for Collecting.
NFTs are the very definition of the word unique. They are one of a kind and cannot be replaced with something else. This makes them perfect for collecting! According to com, NFTs first grabbed headlines in early 2021 when Beeple’s cryptocurrency art “First 5000 Days” became the world’s most expensive NFT valued at $69 million dollars. Since then, there has been a boom in digital art with many artists venturing into this “crypto art movement” for its lucrative potential.
D is for Digital.
NFTs consist of anything digital, including drawings, music, and even a memento from the Macy’s Thanksgiving Day parade! They are a digital certificate of ownership but separate from a copyright. Copies of the original file are not restricted to the owner of an NFT and can be copied and shared like any file. The lack of interchangeability distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.
E is for Etherium.
Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain supports NFTs. It is worth noting that other blockchains can implement their own versions of NFTs.
F is for the Future.
There is no doubt that NFTs are here to stay and that additional uses and applications will become more commonplace. Just recently, ACS Laboratory, a leader in cannabis testing, announced a partnership with Blockticity and Moonwalk to launch the first national hemp client Certificate of Analysis (COA) as an NFT.
Whether you’re an established or developing fintech company, we have the know-how to help you craft marketing messages in this emerging industry. Visit us at dureeandcompany.com or call 954-723-9350. Discover how we can establish your communication goals, build the right press campaign, and deliver succinct messaging into the hands of media and consumers.
About Durée & Company
Durée & Company, Inc. is an award-winning, full-service public relations, marketing and special events firm founded in 1999. The firm has offices in Fort Lauderdale, Florida, and Aspen, Colorado. Durée & Company serves the corporate, agency and nonprofit practice areas for local, national, and international clients. Services include public relations, social media, marketing, content development, advertising, special events, branding, radio promotions and more. Durée & Company clients include well-known names in business, fashion, hospitality, travel, health and wellness, cannabis and hemp, psychedelics, technology and cryptocurrency, marine and yacht, art and culture, nonprofit organizations, legal and professional services and real estate. Durée & Company is a member of PR Boutiques International™ (PRBI), an international network of boutique PR firms. To learn more, call 954-723-9350; go to dureeandcompany.com; cannabismarketingpr.com; or psychedelicpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, Twitter, YouTube and LinkedIn at @DureeCoPR.