NFTs are becoming more mainstream by the day, but what does this mean for small business? Everything. Today we’ll focus on entertainment again.
This is incredible!
AMC, the movie chain, released 86,000 NFTs created in partnership with SONY for the new Spiderman movie coming soon. They sold out – fast.
In fact, it created the second largest one day ticket sales in AMC history, as the NFT also acts as a ticket into the movie. Overall, the sales were 1.5% lower than the all-time high ticket sales, which belongs to the Avengers. However, had they released 100,000 and not simply 86,000, that record would have easily fallen. (Maybe SONY didn’t want that record to fall, and their solution was to limit the NFT release)
I’ve said in previous post in this series that there is no reason you, as a small business, can’t do the same type promotion with your own NFT. Okay, maybe not on a ‘Spiderman’ level, but certainly on a local a level.
There are artists, entertainers, athletes, musicians, and all manner of other individuals who would probably be happy to partner with you! Even venues – concert halls, movie theaters, nightclubs would as well. It’s just a matter of coming up with a plan!
Are there expenses? Sure! There always are. From art design (the actual NFT), to what the offer is (for instance, a show ticket), to marketing – however, the amount of press and publicity a small business can gain from doing an NFT in this way offsets some of the costs, and in the end, as I’ve mentioned before, an NFT is a lot better way to spend marketing dollars than giving money away to Groupon!
Oh, you’d like an example?
I’ll give you an example of how your own NFT could work using “Betty’s Cupcakes”.
Betty’s cupcake business is down, and she knows if she could just get 1 or 2 more ‘primo’ events, things would turn around. She doesn’t know anyone who could help, but her son Dylan is friends with a musical artist that has the whole town buzzing with excitement and possibilities (maybe there’s a chance he could get signed to a record deal). So Betty’s son talks to the artists and they come up with a plan to release an NFT to a special showcase event being held at a local nightclub. While Betty’s son is talking the artist into joining forces, Betty is talking to the nightclub and proposing something super special for the night – maybe something they’ve never done before that would be awesome and showcase Betty’s talent as a cupcake maker. Both the artist and the nightclub come on board and the three set off on creating the most awesome NFT the town has ever seen. The NFT acts as not only a ticket to the event, it also acts as a “one of a kind” unlockable gift the night of the show (like a T-shirt, signed poster, backstage pass, whatever!). Now with one swoop a buyer would have a ticket to the show, an NFT all their own, and something ‘more’ as a gift. Soon the press is involved and then more press – and even more press. Date of the NFT release, the NFT sells out in 4 minutes, the event is booked solid, the artist is thrilled to have all the new found fame, and Betty goes on to book four more events – before the event even takes place, thus saving her business.
This may sound like a fantasy. But it doesn’t have to be. What can be done at the national / world level (like the AMC Spiderman deal) can be done at the local level as well.
And let’s take this even one step further. Let’s say the artist is signed to a major label and becomes a sensation. The NFTs released by Betty could be very valuable memorabilia. Remember, we’re talking about the Blockchain and Smart Contracts. The NFT could be resold, and resold again and again by those who purchased it. Do you know what happens then? Betty gets a royalty for each and every sale! Forever! Everyone could profit for years into the future because Betty had an opening to change her business, and her life. And you know what? Because it went so well the first time, Betty decides to not stop with one artist and one show. She decides to do this quarterly. Every 3 months Betty is hosting something similar and her business is growing like wildfire.
Are you going to be the one to do it? What would stop you from trying?
The NFT Creative Group is here to help. Visit our website at www.NFTCreativeGroup.com or contact us directly at NFTCreativeGroup@gmail.com – The first consultation is always free and we look forward to hearing from you.