Can you NFT a logo?
Before I get into that, I’m sure you are asking….what in the heck is an NFT?
An NFT (Non Fungible Token) is a unique digital graphic or video that is sold or traded on specific NFT auction platforms, that record transaction data on Blockchain.
Huh? I hear you say. Let me explain if you haven’t already dove into the NFT rabbit hole.
On face value most NFTs are amazing, hyper-modern digital art. Sometimes political or just for fun. Exceptionally beautiful or exceptionally gross. Highly inspirational or completely ridiculous. NFT digital art is like any other art really. But made on a computer with pixels instead of paint. Basically anything with a digital footprint can become an NFT. Digital art must be minted (listed by the creator) or purchased via an NFT platform to be considered an NFT. Digital art on your laptop is not an NFT, unless you mint it.
Why the recent tsunami of interest in digital art, and specifically the term NFT?
That’s because digital artist Beeple recently sold an NFT ‘Everydays: The First 5000 Days” for a record $69.3 M through Christies. It wasn’t a fluke sale either. NFTs have been selling for high prices for some time. See the top 10 most expensive NFT artworks sold according to Artnet.
Digital art isn’t new by any means.
Digital art has been selling for big bucks way before the crypto currency craze hit. One of Australia’s highest selling digital artworks is Shaun Gladwell’s “Storm Sequence”. The 7:59 minute digital video of the artist skateboarding by Bondi Beach before a storm, sold for $84,000 at Sotheby’s in 2007. It was on DVD.
But NFTs aren’t always ‘art’.
Twitter CEO (and co-founder) Jack Dorsey, NFT’d his first Tweet which sold for almost $3M .
An NFT of sports highlights recently sold for $230M, while an NFT of NBA star LeBron James sold for $200,000.
Musician Grimes (and partner to Elon Musk) sold an NFT music video for $6M.
Lindsay Lohan sold a filtered selfie for $50,000 as an NFT digital artwork titled ‘Linsay “Lightning” Lohan’.
Digital sports trading cards are some of the other types listed on NFT platforms such as Open Sea.
NFTs are essentially digital collectables. Digital items of interest, that can be valuable depending on how much interest there is. But, you can buy NFTs from as low as under $100.
What is the buyer buying?
A physical version of the art to hang on their wall? No. Copyright of the digital image? Not even. The images and videos can still be viewed, watched, shared and downloaded from the net by anyone. The copyright remains with the NFT creator. So what is the point of owning an NFT and what are people actually buying? They are buying a record of their name permanently linked to the NFT… a digital provenance through encryption database Blockchain, the technology behind crypto-currency Bitcoin. The owner can then buy, sell or trade the NFT, with the change in ownership recorded on Blockchain. The expectations of the tech thought leaders is that NFTs will become another trading commodity in a crypto-economic landscape, with long term investment benefits. Less confident future gazers believe NFTs will become as worthless as digital art in a blackout.
So, back to my initial question, can you turn your logo into an NFT? Certainly! Animated, 3D rendered, a post-modern version, or as it is. The answer is yes. Like any digital image or video, you can mint a version of your logo, and your logo becomes an NFT.
I guess the better question is should you NFT your logo? If you do, you still hold the copyright of the logo, and can continue to use your logo. So what would be the purpose? Like any collectables, if there is an interest in your logo or your brand, there is a chance to make some money. The other thing to consider is, the future and our lack of foresight. Who knows what the trajectory of your Brand will be into the future. Your logo today, might become the highly valued digital prize of tomorrow. I mean, who would have thought a five word tweet from 2006 would be worth $3M today?
Either way, see it as a bit of fun, dip your toe in the pool or dive in head first. As an NFT creator, you might just catch the big crypto wave of success… or wipe out.
When it comes to a true investment thought, you are safer investing in a Brand Strategy to create a strong logo that connects with your buyers. And there is no mystery or guesswork there… WISDOM can assure you of that!
