Shudeep Majumdar, founder of influencer marketing company Zefmo, believes that the content creator economy today is grossly underpaid. This, according to Majumdar, can be drastically changed with the advent of non-fungible tokens (NFTs) in this space.
“A typical brand marketing campaign today pays a creator upfront for a partnership. But, when the brand repeats the use of that content in the future, the creator gets nothing out of it. That’s something that could drastically change with the establishment of NFT ecosystems for content creators, and we are actively in talks for the same,” said Majumdar.
NFTs have been one of the most discussed areas of technology today, which refer to a digital work of art or content that has a unique underlying digital signature. This unique signature can identify an online image as a unique property, even if many of its duplicates exist.
The technology could allow creators to track where and how their digital works are owned and used – somewhat replicating how a physical work would traverse the real world.
This traceability is a major factor on which influencer marketing firms rely. Majumdar said NFTs could help establish “a book royalty payment format for creators” where they get paid each time a brand reuses user-generated content. He is currently in active talks with NFT marketplaces and technology vendors, to see how these features can be integrated into social media platforms like Instagram and YouTube.
They might also get lucky, as the platforms are also considering integrating NFTs into their services. On January 25, Susan Wojcicki, CEO of YouTube, said the company was exploring integrating NFT marketplaces on its platform, while Instagram CEO Adam Mosseri said the platform ” was actively exploring” NFTs on December 21. Twitter, too, confirmed plans to integrate NFTs into its platform last year.
Influencer marketing companies, on the other hand, are looking to step up to Big Tech by offering an NFT ecosystem for creators to build on. Toshendra Sharma, managing director of white-label NFT platform provider NFTically, said that although official announcements have yet to be made, just about every major influencer marketing company in India is in talks. with NFT and blockchain technology providers.
“We have been in talks with a number of major influencer marketing companies in India, all of whom are looking to launch their own midmarkets in the next two to three months,” he said. Content creators themselves and celebrity marketing companies are also taking the same stance, he added.
Sharma’s estimate of around three months until the launch of NFT marketplaces by influencer marketers is corroborated by Majumdar, who said that Zefmo intends to present the first version of its NFT offering. to creators in the next quarter, which is by June 2022.
However, not everyone believes that now is the time for NFTs to explode into the digital marketing space. Gautam Madhavan, managing director of influencer marketing platform Mad Influence, said the industry doesn’t have “a good understanding of what NFTs really are” at the moment. He said it could take “at least a year” before NFTs in influencer marketing really become mainstream.
Some also worry about how NFTs lower barriers to entry into established industries, like art and music. Professional cinematographer Kshitij Sheetak feared that more amateurs could enter the industry thanks to the NFT trend, and that digital art forms might not have the same “essence” as their physical versions. .
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