NFTs and Your Brand: When and How to Explore New Channels

NFTs and other evolving types of — well, OK, let’s call them “channels” — may be an area your brand wants to invest in, but might also not be the smartest idea. Whether you’re evaluating the benefits of creating your own brand’s NFT now or jumping into any new marketing channel or strategy that develops in the future, you need a framework to make a quick yet still informed decision.

Take advantage of the possibilities offered by a new channel or marketing strategy while minimizing the risks by following a fairly straightforward formula, tailored to your own unique circumstances:

• Do your research: Identify the nature of the new channel and how it operates. Learn the basics of the new channel’s foundation, whether that’s a new technology, a new business model, a new audience, or a different set of operating rules
• Evaluate the drawbacks: Each new strategy or channel will pose a set of drawbacks and someone will have to bear the cost of those drawbacks, whether individually (as in the case of added legal or financial risk) or societally (as with environmental damage or societal costs of misinformation).
• Outline the advantages: What good can possibly flow from your investment into or adoption of this new channel or strategy? List out those benefits, both tangible and…