NFT – New Sensation
Turn Digital OOH Displays into NFTs
OOH …Here’s One Thing
by Jim Johnsen,
Managing Director, Johnsen, Fretty & Company
NFT – New Sensation
“Dream, baby, dream
Of all that’s come and going
And you will find out, in the end
There really is
There really is no difference” (INXS)
Less you are worried that NFT, or Non-fungible Token is a new form of corona virus, let me put you at ease. It is in fact a non bitcoin bit-coin. Awha you say? Ya, I am still wrapping my head around it too, but anyone remember seeing someone recently with that silver MLB authentication sticker obnoxiously displayed on their hat? Well think about that silver shiny MLB sticker that you want to pull off that teenager’s hat, one, because it looks stupid and two, because his pants are too low and he is looking at you with attitude. Now imagine that you can’t peel that sticker off no matter what and you can’t counterfeit it either. In a nutshell, that’s NFT. It essentially rolls copywrite, trademark and patent into one, with NO chance of getting around it (the lawyers would say…ah…kind of)
If you want to dive in deeper, here is a good place to start: https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
“NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.”
Sweet Johnsen, but I have a zoom call in 5 minutes, my bedroom is a mess and I can’t find that virtual background for my zoom. Why should I care?
“technically anything digital could be sold as an NFT” (The Verge)
Are you with me yet? Lest you forget, over 50% of the industry’s displays will be digital at some point (Source – Johnsen PIDOOMA). And if we are digitally centric at some point, then maybe you ought to kill a few brain cells on this NFT thing. Wow, brain freeze. Can you help me out here JJ? Man do I have to do everything for you?
Use case #1:
“Not only will ABV Gallery be showcasing crypto art in a traditional gallery setting, OUTFRONT Media, one of the largest out of home media companies, will be partnering with the gallery to promote the pieces on a vast array of digital displays and transit shelters nationally, including in Atlanta and Boston. What sets this release apart from the others is not only the exclusivity, but the ability to purchase NFTs directly from the advertisement through a QR code that’s displayed on street-level assets.
Note to file…I absolutely love, love, this self description of Outfront at the bottom of the above article:
About OUTFRONT Media
OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go.
As the tagline for Virginia Slims used to say, “You’ve come a long way baby”
(hey can I buy the NFT for that?)
Use case #2:
Anyone remember the Obies? (I mean the real ones, not the “God this does not work” virtual ones). Anyone happen to remember that recently Adams, Colossal, Lamar, Outfront Studios, Clear Channel and others were up for awards? https://specialreports.oaaa.org/2020obiefinalists/
Not sure about you guys, but if I were one of those companies, I would NFT the shit out of those things as soon as possible. Does it have to get into the Obies to be NFT worthy? You guys tell me. Are their kids still stealing posters from the subway cars to put up in their dorm rooms? Instead of buying a Beeple video of a Beeple, Would I like to own the exclusive rights to the creative for the Coors Light Volleyball Player campaign? (ya…the one that caused accidents).
Additional food for thought: “His visionary and often irreverent digital pictures have propelled him to the top of the digital art world, winning him 1.8 million followers on Instagram and high-profile collaborations with global brands ranging from Louis Vuitton to Nike, as well as performing artists from Katy Perry to Childish Gambino.” https://www.christies.com/features/Monumental-collage-by-Beeple-is-first-purely-digital-artwork-NFT-to-come-to-auction-11510-7.aspx
Use case #3:
Turn our digital OOH displays into NFTs. Okay that makes my hair hurt. Me too. I guess what I mean is time on the unit could be bought and sold like any other NFT. Wait Johnsen, isn’t that called Programmatic and its already perfected? Ehem, think about throwing away all of that programmatic wiring (closed systems, gate keepers, bad api’s, black box algorithms, limited access to DSP’s etc) and allowing a simple “bitcoin” NFT transaction between an advertiser and the billboard itself. Alright, full confession, I am wayyyyy the f out over my ski tips now.
Time to go get that virtual background – https://www.slideranch.org/virtual-backgrounds
Securities transacted through StillPoint Capital Member firm FINRA/SiPC
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