NFTs are taking the tech world by storm for the past few weeks but what are they and why is this relevant to the Events industry?
NFT stands for non-fungible tokens. They’re a type of crypto token (similar to a coin) but are used solely to record and identify the owner and information of a particular digital ‘asset’ using the blockchain. The most popular blockchain for NFTs is Ethereum (ETH). ColdFusion has a fantastic video taking a deep dive into what NFTs are.
What are some examples of NFTs?
The image you see below is a digital art piece created by a friend of mine, Ahmed. He was in attendance at a Clubhouse event where they discussed the future of digital assets and NFTs during a 24hr streamed clubhouse event with an array of guest speakers from the audience and panel. He decided to (in his words) capture the moment and translate it into a Non-Fungible Token. He titled it ‘The moment that made us friends’ referring to the atmosphere in the Clubhouse room.
This was a special event for those in attendance and being able to ‘own’ that moment via the means of an NFT was a powerful enough reason for someone to buy it from him for 0.24 ETH ($500~ at the time). What he has done here is unknowingly create a strong case for NFTs use in virtual events and the events industry in general.
I asked him some questions.
What inspired you to create your first NFT?
I was in a clubhouse room called “24hrs of NFTs” the room was run by prevalent figures in the NFT space. Many of them are sellers of digital arts and other forms of digital assets. As the event was gearing towards an end, in the last 10 seconds of the event the hosts began to countdown 10 ..9 ..8 ..7 ..6 ..5 ..4 ..3 ..2 ..1.
As the countdown was happening I was inspired by that moment, that conversation, and thought to myself this is the perfect time to capture! I began taking screenshots of the room and curating it into a cohesive digital art piece (see image above). Many well known faces in the community, together in the same virtual room. You can look at this as the equivalent of a the group photo you take at the events you attend!
How did you go about selling it?
I knew this would be easily appealing to others that were present in that moment with me. So I began following and interacting with them on Twitter. I then shared my NFT with them online. Within the next few hours someone had purchased it!
The purchaser said “Just snagged this gem” speaking to the value that they perceived in purchasing this NFT. He was part of that moment in time and he wanted to ‘own it’. NFTs have commoditised time via blockchain technology. Using the perfect ledger, we can now ‘trade’ and share moments and experiences with each other in a digital format. Much like the way the Art world operates.
You can learn more about Ahmed Abdi’s work by connecting with him on Twitter: @checkmatetheory or by visiting his website: https://legendsoftheinternet.com.
His story is a testament to the opportunity NFTs can produce for your event, whether in-person or virtual. Although value in NFTs are only perceived by the purchaser. We can all agree we’d all love to relive a cool event we attended!
NFTs can provide a small sense of ownership in a particular moment, if it carries enough meaning for that person. It’s a fascinating concept that you can play around with.
NFT ideas for your next event.
- Economise your community
ColdFusion gave a great example of this in the same video. If you run a community or cater to an audience, you can offer a set number of NFTs that carry ‘membership’ perks and rewards. You limit the number of NFTs to create scarcity and exclusivity. This way ‘owners’ of these perks (related only to your community) can then trade and sell these NFTs with each other as though they are shares in an organisation (technically, you can look at it in this manner).
The downside to this is you potentially lose control and don’t know who owns your community’s NFTs anymore. A lack of oversight could be very risky.
- Create digital assets for your Events
This can be a very good supplement revenue for the events you create. Whether it's a charity event or a community event this is still a powerful way to engage with your audience. Sell digital assets derived from the event to your attendees so they can all ‘own’ a moment in it. This is the same way that artists are selling their digital art and it contains all the ingredients needed to conjure up FOMO for your events.
I could go on and on about this fascinating development in the blockchain space and I think it’s safe to say that technology continues to be unpredictable.
If you’re interested in improving how you conduct your live Q&A events then check out Newny. It’s a Live Q&A, Feedback and Insights tool built for organisations using events for audience engagement.