According to Chainalysis Inc. statistics, the NFT marketplace grew at a breakneck pace, with figures for 2021 indicating the potential for even more massive future growth. Customers sent ‘at least $44.2 billion in cryptocurrency’ to Ethereum smart contracts related to NFT collections and marketplaces, they reported.
The recent decline in NFT trading has not deterred businesses from incorporating NFTs and innovating with blockchain technology in order to increase brand recognition and customer loyalty.
Unsurprisingly, many traditional businesses, including restaurants, have taken notice and see huge opportunities to capitalize on this exploding sector.
The NFTs: A Two-Way Superhighway
Many businesses have realized that NFTs can provide significant benefits to both themselves and their customers. NFTs are an excellent way to increase customer loyalty while also allowing businesses to learn about their customer base and tailor products and promotions accordingly.
NFTs are fundamentally digital assets stored on a blockchain that were initially used in the arts and entertainment industry to store digital art, music, and videos.
The appeal of NFTs stems from their scarcity, exclusivity, and one-of-a-kindness. This is perfectly applicable in the business world, where customers or consumers increasingly want to feel special and treated to a personalized experience. According to a Forbes Coaches Council expert panel, ‘genuine care is essential’ in order to establish companies as ‘customer first’ businesses and thus build customer loyalty in a world where profit is increasingly becoming the be-all and end-all. They provide 11 tips on how to do so, and it’s no surprise that the majority of them revolve around effective communication with businesses and customers. NFTs are an excellent way to accomplish this.
Introducing NFTs to the Table
Forward-thinking restaurant operators have been quick to adapt their business palettes to take on the new digital flavors of the digital world in the highly competitive and often cutthroat world of the restaurant business. Successful operators have long recognized the importance of maintaining open lines of communication with their customers.
They must inform them about special offers and promotions, exclusive events, and new menus, while also receiving open and prompt feedback from customers about their experiences, suggestions, and needs.
NFTs are being used by many restaurants to create personalized digital memberships.
Flyfish Club was the world’s first private dining club to offer NFT-purchased memberships that provided exclusive access to its restaurant and special events.
Some celebrity chefs are also involved with NFTs, providing a variety of food-related NFTs and rewards. Chef Christian Petroni’s Garlic Butter Sicilian Pizza NFT holders, for example, have access to special events, merchandise, secret recipes, and cooking classes.
Even trusted high-street fast-food chains are getting in on the NFT action; McDonald’s created its first-ever NFT to commemorate the 40th anniversary of the McRib, which they distributed to a limited number of their Twitter followers.
When it comes to gathering customer information, NFTs are an excellent choice. They could be offered as a perk for completing surveys and questionnaires. They can be used to track existing customers’ spending and product interest behavior to help further tailor the experience to their needs.
Not yet fully baked
While there are numerous examples of restaurants using NFTs, there is still a long way to go before this technology is fully utilized across the industry. One of the first issues is fear of the unknown, with some businesses misinterpreting this area and believing it to be more difficult to implement than it is.
Jennifer Faren, vice-president of marketing at Hopdoddy Burger Bar, stated in a recent interview with the Nation’s Restaurant News website: “When we start talking NFTs, it’s very confusing and it’s hard to know if they’re real or not.” If our front-of-house teams in the restaurant can’t explain things, I don’t trust us to do them. Before even considering going down that road, I would like to see it become more mainstream.”
“Our guests want to get that feeling of, ‘I come here all the time, so I get special perks and access to things that other people don’t,” Faren added. “They want that feeling of being so valuable to the brand,” Faren adds. NFTs could be the answer Hopdoddy and other restaurant businesses are looking for in order to help customers feel that bond.
So, while there is still some work to be done in getting the industry to adopt NFTs as a whole, there is no doubt that this sector will continue to grow rapidly. It will undoubtedly be one to watch in the near future and could be a goldmine for NFT companies looking to expand.
Read More about NFTs Here
Truth in Advertising Sends Harsh Letters to Celebrities Who Promote NFTs.
TINA has notified 17 celebrities who promote NFTs and digital art of their legal obligation to disclose any material connection to NFT companies. Any undisclosed endorsements from NFTs that these celebrities promote through their social media accounts must be made public.
The letters referred to FTC rules on the “Use of Endorsements and Testimonials in Advertising.” Celebrities endorsing products must disclose any relationships they have with the NFT projects they are endorsing.
A-listers who received notifications included Snoop Dogg, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled, Gwyneth Paltrow, and others. Some of the projects mentioned in the letters include Bored Ape Yacht Club, Tom Brady’s Autograph, and World of Women.
These letters are in addition to those sent to Justin Beiber and Reese Witherspoon about two NFT projects they regularly support, InBetweeners and World of Women.
The NFT industry is thriving. We continue to see new applications for NFTs, and a recent US Government report predicted that the NFT market could reach $130 billion by 2030.
As a result, it’s no surprise that so many people are venturing into space. We see another celebrity jump on the NFT bandwagon almost every day. Many of them, however, are not adhering to the FTC’s statutory and regulatory framework, which includes a personal relationship as one of its disclosure requirements.
This means that some celebrities promoting NFTs are not disclosing their financial ties to the NFT collections they are promoting.
Furthermore, some celebrities promote NFT projects in which they have a personal stake without disclosing the speculative nature of investing in digital assets and the potential monetary losses. Many vulnerable consumers have discovered the grave financial risks associated with the hype surrounding NFTs to their detriment.
According to a TINA consumer alert, “NFT investment decisions should not be based solely on celebrity endorsements.” Before purchasing these risky digital assets, consumers should always conduct their own research.”
Justin Beiber was chastised for promoting NFTs.
On June 10th, Justin Beiber’s legal team received a letter stating that he has been promoting an NFT company, InBetweeners, without disclosing his connections to the company.
TINA mentions in the letter that Beiber is listed as a partner on the InBetweeners website’s about us page. They then refer the legal team to tweets from Bieber promoting the NFTs that make no mention of his relationship with the NFT company.
In response, Beiber’s legal team denied any wrongdoing but added that Justin would “update his post concerning InBetweeners in order to further underscore his widely publicized connection with the company,” according to the article.
The posts were not altered by Beiber or his team.
Many NFT buyers see these promotions and interpret them as investment advice, placing their trust in their idles. Consumers have a right to know whether or not their favorite celebrities have a financial stake in the NFT collections they promote.
Finally, all connections should be clearly and conspicuously disclosed to the public when promoting products, according to long-standing FTC law. We both agree. Transparency benefits everyone involved. Especially for celebrities who are afraid of negative publicity. It will be interesting to see how everything turns out.
Read More NFT News Here
This Week’s Top 5 NFT Projects
Despite all that is going on around the globe economically, NFT projects continue to gain more popularity and value. The amount of NFTs that have been brought to market from the onset of 2022 has doubled the number of projects created in 2021. The NFT space’s growth has been nothing short of amazing. As we engage and research this digital investment opportunity we can start to appreciate the dominance of certain collections, as they continually appear on our aggregation of Top 5 NFT projects. We’ll give you a rundown on the hottest and most prolific platforms of this week. We’ll familiarize you with the prices of pieces from these collections and allow you to view a unique item from each platform as well.
Capturing 5th place in this week’s Top 5 NFT projects is Moonbirds. Moonbirds is no stranger to the bright lights and has captured a place in the Top 5 often. This week the Moonbirds NFT project accumulated a total sales Volume of ETH 3091.98 ($5,869,196.436). There are 10,000 unique items belonging to the Moonbirds collection. Those 10,000 items are held among 6580 owners. The floor price for this stalwart collection of digital masterpieces is ETH 13.88 ($26,373.9432).
One piece from the Moonbirds collection that allows you to marvel at creativity being digitally displayed is Moonbirds #703.
Moonbirds #703 sold for WETH 36.69 ($69,609.3687) about three months ago. This particular piece was minted 4 months ago and is now being re offered at the bargain basement price of ETH 44.69 ($84,793.0184).
Holding down fourth place in this week’s Top 5 NFT projects is the 8liens NFT collection. For interdimensional travel, the Ethereals created 8liens. The primary goal of these missions is to seek out new information. There are no sex differences among the six recognized subspecies. Furthermore, their vibes and characteristics are distinct from one another. The distinguishable characteristics of the individual pieces belonging to this 8lian subspecies are yet to be revealed. The sale ends February 2023. There are 10,001 individually unique items in this collection. These items are held between 3,290 owners. The floor price where you can be a part of the digital universe of 8liens is ETH 0.53 ($1,007.4664). This new subspecies of the 8lian nation garnered a sales Volume of ETH 3,131 ($5702.16) this week.
Here is a sneak peek at the newest edition to the 8lian NFT project 8liens – Unrevealed.
This piece is available to be purchased for ETH 99 ($186,987.24).
The NFT Project holding third place in the middle of the pack is another newcomer to the Top 5, The Webaverse Genesis Pass. Your metaverse toolbox is the Webaverse Genesis Pass. You can take part in Webaverse’s collaborative MMO The Upstreet with the pass. Each pass will come with its own lore, relics, future airdrops from the Webaverse team, and the ability to claim a plot of land in The Upstreet in the near future. Webaverse Genesis Pass amassed a sales volume this week of ETH 3,246 ($6,160,388.64) the project contains 18,907 unique items. These items are held amongst 4,013 owners. The floor price for this collection is ETH 0.43 ($816.1443).
Here’s a glimpse of the Webaverse Genesis Pass. Your eyes can feast on its ingenuity and creative dynamism. Webaverse Genesis Pass #3627.
Webaverse Genesis Pass #3627 can be purchased for ETH 10 ($18,887.60).
Coming under the checkered flag in second place is the Rare Apepe YC NFT project. The Rare Apepe YC collection accumulated a sales volume this week of ETH 4,100.27 ($7,748,280.219). The collection holds 10,000 unique items. These items are held within a group of 3,079 owners. The floor price for this collection is ETH 0.86 ($1626.7244).
An unrivaled piece from the collection is Rare Apepe #6447.
Rare Apepe #6447 can be purchased for ETH 420.69 ($795,667.82). This piece last traded 12 days ago at ETH 0.175 ($331.863). The best bid for this piece at the time of this writing is WETH 2.4449 ($4,624.14).
Clinching the top spot in our Top 5 NFT projects this week is CryptoPunks. CryptoPunks succeeded in generating the highest total of sales Volume for the week ETH 4480.03 ($8,506,770.5646). The floor price for this collection was not available at the time of this writing. All the owners are holding on for dear life (HODL) in case the project exceeds all expectations and becomes priceless. There are 9,999 unique items in this collection. There are 3,566 owners in total claiming ownership to the various items belonging to this collection.
One piece that is a true work of digital creative genius is CryptoPunk #6642.
CryptoPunk # 6642 last traded two years ago at ETH 3.61 ($6865.8229). It’s uncertain where the next trade will take place within this project , although owners that claimed unique items from this collection in its early stages may be well positioned for some hair raising trading levels. Time will give us the ultimate answer.
With The FTX Partnership, Reddit Continues Web3 Efforts.
FTX made the announcement on Tuesday that it will be rolling out the tokenized Community Points program in conjunction with its global relationship with the social media network Reddit. By utilizing the FTX Pay option, FTX is functioning in the capacity of a third-party service provider.
FTX mentioned this in its statement,
“We are pleased to assist bring Reddit’s vision to reality and help communities break free of walled gardens and take responsibility of their existence online. This is a big deal for us.” We look forward to having you explore Community Points!
The initiative, which was launched in 2020 as an innovative approach to give Redditors more control, has at long last made its beta version available to the public. After the New Feature Token Avatar has been implemented, the Community Points feature will enable users to “own a piece of their community” by adding a unique token to their subreddit. Additionally, it enables users to earn incentives, produce higher-quality content, and unlock additional features, all of which can be done more easily.
The regulated cryptocurrency payment service known as FTX Pay is operated by FTX. Because FTX Pay is a partner of Reddit, its capability has been incorporated into the Reddit Vault wallet app so that users can top off their accounts if they have insufficient funds. Even though Community Points cannot be purchased, they can be given as gifts; and FTX Pay makes it possible to buy additional ETH in an easy way in order to pay the “gas fees” required by the Ethereum network in order to collect airdrops. If the app determines that the user does not have adequate funds, it will instantly prompt them to reroute to FTX so that they can purchase ETH with a credit or debit card after they have authenticated themselves.
The project is being implemented in stages, and the r/CryptoCurrency and r/FortnightBR subreddits will be the first ones to try it out. Because it is currently very much an opt-in function, other subreddit moderators who are interested in participating in the project can sign up on a waitlist to do so.
Once utilized, these Community Points, which are tokens based on the ERC-20 standard and stored on the Arbitrum Nova blockchain, are destroyed and removed from circulation. Points, in contrast to the vast majority of other tokens, cannot be purchased; rather, they must be earned through contributions such as the creation of content and the moderation of subreddits.
“The Internet wouldn’t be what it is today without its communities. On the other hand, in the Internet of today, they do not have control over their own destinies. Instead, they are under the authority of the huge platforms that hold the sway over everything that happens online. It is time for a different approach. The introduction of Community Points marks the beginning of an alternative path forward for online communities. Because they are stored on the blockchain, these tokens can rightfully be said to belong to the community as a whole. Your community will eventually reap the benefits of an even higher degree of authority and independence — both on and off of Reddit.
In addition, individual communities on Reddit have the ability to alter the Community Points tool in order to generate tokens with unique names, symbols, distribution rules, and purposes. Additionally, they can be utilized by subreddits for the sake of community governance and moderation, in addition to the unlocking of premium services.
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