Reporting from New York this week, I bring first-hand impressions from NFT NYC. Spoiler: The turnout wasn't great, indicative of a broader trend — the decline of NFTs for consumer brands. We also talk about what’s behind Memecoins and Q1 funding.
“Persist, pivot, or concede. It’s up to us, our choice every time.” ― Matthew McConaughey
Yesterday’s NFT NYC conference day was a ghost town.
For me, this is symbolic for the inevitable decline of the “NFT” as a concept that was hyped as a single vertical for brands to innovate in.
It’s also the sign of an awakening that consumer engagement is hard and doesn’t get easier by throwing “digital collectibles”, aka. NFTs, at consumers.
Looking back: 50% of Interbrand’s Top 100 Global Brands have launched NFT projects. Most of them failed to create sustained engagement or ROI.
Be smart: Brands have recognized this. Many brands moved away from Web3, disappointed by the meagre results.
The ones who stayed either backtrack (Starbucks & Nike) or start looking at the future of consumer engagement more holistically.
Start-ups building in this space have a hard time making cash, as they’re held back by endless education sessions with brands without bringing traction on their platforms.
