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Sai Karra and the Impact of Influencer Marketing on the NFT Phenomenon
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By Adriaan Brits
In the aftermath of the explosive rise of NFTs, many influencers are noticing the marketing opportunity of a technology that leverages online content and intellectual property.
A Non-Fungible Token (or NFT) is a type of digital asset that can be seamlessly bought and sold online which is driving huge advancements in the art and music industries. Recently, NFTs have been dragged into the spotlight of public knowledge by their potential to make thousandfold returns in an only expanding market.
Indeed, as of the summer of 2021, the total money used on completed NFT sales had reached over USD$34.5 million. This figure does not reflect the true potential value of this market, which is still in the early stages of its development. Despite this, many influencers have been able to realize the opportunities this technology tenders, particularly as a means of generating revenue and further investing in their content output.
This article will explore what NFTs are, before moving onto the ways in which creators and brands can utilize them as well as how major players are taking advantage of them at the moment.
What Are NFTs?
Put simply, NFTs are a file type that allow for the creation and transfer of unique and irreplaceable digital assets. They facilitate the ownership of digital assets in a manner analogous to that of the physical assets of the real world by prescribing digital assets a perceived value. This renders them a collectible and any copies a valueless reproduction.
This is comparable to the way in which you could buy an original piece of art rather than a print of it or reproduction. You would then own the only original in the world (i.e. the only one with value), but anyone could own the prints of it, which would be worthless. Making digital assets ‘unique’ collectibles is done by binding them to a token of Ethereum (which has a distinguishable code) to act as their distinct identifier.
Since NFTs are backed by the blockchain of Ethereum, information regarding ownership can be stored on a ledger that is kept decentralized and thus assured. This allows for rapid verification of both an NFT’s authenticity and ownership.
The Opportunity NFTs Present
Present and Future Possibilities
NFTs create endless possibilities for those creative enough to realize them; creators can use this medium for almost any form of digital content – ranging from art to music to videos. With regards to digital marketers specifically, NFTs provide a means for them to own the intellectual property they create for their clients, remaining in receipt of passive income on each occasion the assets are used by the brand.
NFTs also offer influencers another means to generate significant revenue. Their current methods available to them are limited as they are almost purely reliant on sponsorships from companies as well as ‘collabs’ to make money. These digital assets create an entirely new manner of growing income and skyrocketing marketing.
The Impact of Influencers
David Hoffman
One of the many influences taking full advantage of NFTs is David Hoffman. This travel blogger created an NFT project containing all the memorable moments of his recent trip to India.
It enabled greater interaction with his followers, who bid on and purchased these collectible pictures and videos of this influencer’s favorite moments from the trip.
Taylor Bennett & Big Zuu
Two rappers, Big Zuu and Taylor Bennett, used NFTs as a medium to sell stakes for the music rights of a track they were in the process of recording. This was done by dividing the stakes into portions of 1%, which were then assigned to NFTs and sold for $100 each; this gives each portion owner a 1% share of all the track’s digital royalty streams.
Sai Karra
Sai Karra is the owner of BuiltGen, a digital marketing agency that specializes in transforming businesses through social media. Following his immense success in this medium (accumulating over 10 million followers across all his social media platforms), Sai has moved into the NFT space.
Sai’s prominent NFT project, Metaversity, is a project that provides education and tools to a community of hustlers who want to make money online. Metaversity was founded by Sai, along with his brother, Srikar Karra. Sai has used his platform to help like-minded individuals find a space where they can thrive, and build a successful career.
Final Comments
Evidently, NFTs represent a huge revenue-generating opportunity for a number of digital content creators. Influencer marketing appears to be only adding to the phenomenon as the increased use of this technology forces it to become common knowledge for the vast majority.
Furthermore, since this represents an additional stream of income for digital marketers and influencers, these creators are creatively imagining unique ways in which to best use NFTs to grow their income and expand their marketing. It would be no surprise if this only results in further growth for the NFT industry.
Originally published at ValueWalk.
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