Non-fungible tokens or NFTs are attracting creators and brands as new mediums for communication and expression. The media are also testing NFT approaches, with strategies that go well beyond simple communication. Because NFTs can help the media win back their audiences, editorialize their content differently and explore new business models. Explanations with 4 examples: 20 Mint, The Drum, Vogue Singapore and CNN Vault.
20 mins: 20 mins
20 Minutes announced its “Web3” project on 1er April 2022, but it is not a hoax, quite the contrary. The principle: 999 NFTs put up for sale by 20 Minutes and Capsule Corp. Labs, to participate in the adventure of creating a free magazine devoted to Web 3. (details) The “20 Mint” project aims to decrypt the blockchain, NFTs and the metaverse, but also to apply to the press the spirit of “web3” with its principle of decentralization. Indeed, each NFT gives its holder the power to sit on 20 Mint’s virtual editorial board (via a Discord channel) and vote on the articles that make up the magazine.
20 mins will be a paper magazine, in a special issue printed in 400,000 copies. A circulation comparable to the current circulation of a “20 minutes grand Paris”(CMPA data). Output of 1er number the next June 16.
The editorial team highlights two unique advantages for paper : “Firstly, it has a beginning and an end and when it comes to diving into such a vast subject, it’s reassuring to know that the rabbit hole has a bottom. Second, it lands in the hands of those who didn’t ask for it. Many of these readers, who thought they had to read a classic 20 Minutes and instead receive a copy of 20 Mint, will be immersed in a world they do not know. » (excerpt from the 20 Mint FAQ)
The 999 NFTs went on sale on April 27 and all found takers in less than a day, with 792 owners. The sale price was 0.0999 Ether, or 270 euros at the time of the sale, and 166.29 euros on the date of writing our own article. Because the price of cryptocurrencies is volatile but the approach of the contributors of 20 Mint is part of the long term. An approach that evokes the media in a cooperative structure. The “Minters” participate in the writing of the articles, and for the first issue they select 10 French NFT projects that will be highlighted. (details in this article from June 3) The publication of future special issues is planned but without indication of dates for the moment.
The Drum: “The New Normal”
Established in London in 1985, the Drum is a reference medium for the marketing and advertising sector in the United Kingdom and the United States. Its publishing house works on proximity with the market and expertswith The Drum website, print magazine, agency directory, events, training and awards.
In a logic of understanding of trends and experimentation direct from technologies, we therefore understand that The Drum wanted to try NFTs. Thus in August 2021 The Drum offered for sale a cover of its paper magazine. Sound #8, volume #41, dedicated to a retail deep dive with many brand NFT marketing cases. Its title, “The new normal”, referred to the post-covid context and therefore also places this NFT in our “collective history”. Transaction amount: 0.17 Ethereum (source opensea.ioor approximately 500 US Dollars at the time of sale).
This approach was not intended to generate direct profits since the profits were donated to a charity. But this experiment reinforces the credibility of The Drum to its readership of marketing and advertising specialists. In 2020, the group also created a virtual influencer (the “girlbot” Floresta) and in 2019 tested the “sonic branding” by creating the sound identity of The drum (yes, with percussion 😊).
The Drum also learned two relevant lessons. First of all, that it is necessary to understand the functioning of cryptocurrencies (and the ecosystem of its technologies) when one is interested in NFTs, the two being intimately linked. And brands and media must also go back to basics: understand their community to offer an experience with NFTs that has value for her. (details in this THE Drum article: “ What we learned selling NFT “)
Vogue Singapore: “New Beginnings”
The world of luxury and fashion is often a forerunner in the use of new technologies to offer exclusive experiences to a demanding clientele. The luxury and fashion specialist media therefore also have to experiment with blockchain, NFTs and cryptofinance more broadly.
Thus in November 2021 Vogue Singapore launched an NFT collection with the platform OpenSea, based on Ethereum. An operation in collaboration with digital creators, on the theme “New Beginnings”. On the same model as The Drum, the collection included two digital-only covers as NFTs. In addition, the magazine offered eight other works from the world of fashion, beauty and art. An opportunity for fans and collectors to own “a piece of Vogue Singapore history”.
Offered at the floor price of 0.16 Ethereum (more than 260 Euros as of June 8, 2022), some NFTs traded at more than 5 Ethereum (more than 8,000 Euros). Some transactions targeted short-term speculation more than collecting and loving art, since there are 151 owners for 10 pieces offered for sale.
Let’s not forget also that digital fashion is a promising market for a new generation of creators already offering clothing and accessories for avatars. One of Vogue Singapore’s partners, the fashion house The Manufacturer, is reinventing its business in a decentralized web3 world. She thus compares the arrival of NFTs to “a new dawn” for the world of fashion”. A new “age” that The manufacturer baptized “The RenaiXance”with an unrestrained lyricism in homage to the Italian Renaissance of the 16th century. (details in the press release Vogue Singapore)
The traditional and audiovisual media have also embarked on the NFT adventure, such as in the United States CNN, Fox ViacomCBS or Warner Bros. NFTs are thus a new channel for promoting content, consolidating audience bases and possibly seeking new sources of revenue.
The project “Vault by CNN” has thus been exploiting media archives since 1980, to transform historical moments and artists’ interpretations into collector’s items. It is therefore now possible to “own” cult moments from the non-stop news channel and its star presenters.
This strategy of staging and enhancement of catalog extracts actually merges approaches popularized by other platforms. We think both of the tactics ofeditorialization used by streaming platforms such as Netflix, Hulu, Amazon prime video and approaches to ultra-short content snacking offered by TikTok and YouTube Shorts.
CNN Vault also allows the news channel to do its own “news jacking” : inserting oneself into conversations and debates in society by drawing from the archives linked to news. Thus CNN Vault is currently promoting an NFT dedicated to the swearing-in ceremony of Justice Ruth Bader Ginsburg to the Supreme Court of the United States in 1993. Nearly 30 years after this recognition of an icon of the struggle for women’s rights, in the United States the constitutional right to abortion is now being called into question. The 250 copies of this NFT tribute to “RBG” will go on sale on September 6, 2022 at a price of 100 Dollars.
Beyond the world of media, blockchain and NFTs are also used by brands to loyalty strategies. Example with our decryption of the Coca-cola, Singapore Airlines and PSG cases.
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Media NFT: An Editorial, Community and Commercial Strategy (The 20 Mint, The Drum, Vogue Singapore and CNN Vault Cases) | Viuz
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