Soon after non-fungible tokens (NFTs) made headlines in March after a piece of digital artwork sold for $69 million at Christie’s, the marketing world quickly jumped on the bandwagon. P&G’s Charmin rolled out “NFT(P)” and Kellogg’s Pringles brand popped the top on a “CryptoCrisp” virtual flavor. Taco Bell — often a first-mover in marketing — actually released its NFTs before the Christie’s auction.
NFTs quickly became a billion-dollar market before seeing the bottom drop out by the end of the month. And while some declared the trend dead, over $100 million was spent on NFTs on May 3, dwarfing previous one-day totals. The same boom-bust cycle repeated over the summer, with the trend having been written off before it saw more than $66 million in sales on Aug. 1. As marketers continue rolling out NFTs as part of campaigns and brand-building efforts, it appears that the technology will remain a go-to tool even as the market shakes out.
