Are NFTs Dead?

April, 2023

We all read the same thing, “Instagram and Facebook (Meta) are pulling the plug on NFT support,” which begs the question: do Digital Collectibles (NFTs) stand a chance? Horizon Media’s Web3 division Chapter & Verse has an answer, but it’s not so clear-cut.

We’ve found there isn’t a one-size-fits-all approach to NFTs. We do, however, champion utility: providing holders with real-world rewards and other privileges linked to ownership. This fulfills several elements of human needs simultaneously and allows your brand to cut through the clutter.

There is currently a User Experience Problem vs Technology Problem, and brands need to distinguish between the two:

Technology Problem: A limitation of hardware, software, or code which prevents a successful execution
User Experience Problem: An activation can be executed via the blockchain, but people who are not familiar with Web3 struggle to access the benefits

Brands must identify which is applicable to their efforts and solve accordingly, remembering that the simpler it is for consumers, the better.

To read the full POV from Horizon’s Web3 division, Chapter & Verse, click ‘Download PDF’ below.

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