C2 Montreal in defense of non-fungible tokens (NFT)

Avery Akkineni, President of Vayner 3

October 24, 2022

For the general public, non-fungible tokens (or “non-fungible token– NFT) continues to be a still-fuzzy concept, laughed at by late-night show hosts (see Stephen Drops An AFT That Explains The NFT Craze). At C2 Montreal, the perception is the exact opposite. A general curiosity and enthusiasm emanated from the conferences and workshops on these famous “collectible” digital items.

Let’s briefly describe it: a non-fungible token is a virtual item – which can take the form of a work of art, a piece of music, an access ticket to an event, a reward, etc. .. – which is located on the blockchain, and which is collected and traded from a “virtual wallet”.

On the 2nd day of C2 Montréal, on September 27, the conference Integrating NFTs into your business strategy came to give an accurate picture of the current state of this nascent market, as well as a perspective for the future.

No need to rush into it, first assured Avery Akkineni, president of Vayner 3. Not all brands have need of a web strategy 3. This market is still very young. It is difficult to go there alone, she also added. Those who succeed in this space are those who choose the right partnerships. The good news is that we are still at the stage where people want to help each other and collaborate. »

This clarification made, the host Shira Lazar (founder of What’s Trending) and the president of Vayner 3 gave some concrete examples of the use of NFT. Tickets to a major corporate event, listed and sold on the blockchain. Digital works of art, accompanied by a smart contract, allowing the artist to earn royalties with each resale of the work.

From the point of view of the big brands, the case that will be schooled is that of the Starbucks chain, predicts Avery Akkineni. Last September, the American company integrated non-fungible tokens into its loyalty program. However, host Shira Lazar pointed out that Starbucks did not mention using this technology during the announcement.

Currently, the terms we use to describe this technology – web3, NFT, blockchain – sound very sci-fi and technical, and it does not appeal to everyone, predicts the president of Vayner 3. The technology is often invisible to the public. end user, she recalls. And it will probably be the same for web3. I believe that we are moving towards a model that will insist less on the financial and technical aspects, to let the consumer experiment, with the benefit of really owning their digital experiences, and making them exchangeable on the Internet. »

Avery Akkineni sees great virtue in the arrival of Web3.

The world of Web2 is fundamentally broken, with an advertising ecosystem that siphons off consumer data without asking for their consent, she analyzes. Web3, when done right, allows users to control their data and bring it with them through virtual experiences. This is what is so powerful and so important in this new technology. »

Some promoters of this technology already see the virtual wallet where you store your tokens as “the new witness”, she points out. A kind of private place, containing all our digital personal effects.

In conclusion, the president of Vayner 3 recalled a fundamental notion: despite all the enthusiasm that surrounds this technology, nothing can replace a good idea or a good marketing strategy to position your brand.

Platforms have their limits in getting people to desire or connect with a brand; it’s really at the level of the creative idea and marketing that it happens; it is the creators and thinkers who will grow the concept of NFT and make it thrive. »

Those are wise words!


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C2 Montreal in defense of non-fungible tokens (NFT)


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