NFTs are one of the hottest topics in the world right now, with around 1.2 million Google searches per month all over the globe.
With the worldwide roller-coaster of interest in cryptocurrency constantly ebbing and flowing, it should come as no surprise that people everywhere are starting to research the NFT phenomenon.
NFTs are making waves throughout various industries, including the collective realms of art, finance, gaming, esports, packaging, branding and graphic design.
Early adopters of cryptocurrencies and virtual reality technologies linked to the rise in popularity of the metaverse have been talking up the potential revenue attribution potentials of NFTs since at least the arrival of bitcoin.
The idea that digital assets (and other variations of what may be considered an NFT) may be profitable has inspired many to research these "non-fungible tokens."
And their supposed ability to generate income from ownership in the context of Intellectual Property dynamics has captured the interest of many business owners.
But, many of the ultra-wealthy elite have long scoffed at NFTs as a viable way to make money, let alone start a successful business.
For those who long for the days of the gold standard, NFTs come off as a temporary trend with little value beyond their hype.
However, with rising interest in the financial value and capabilities that cryptocurrencies have to offer, both world governments and more open-minded economic powers are turning their heads.
These include venture capitalists and cutting-edge tech start-ups who are beginning to sound the alarm on the potential that cryptocurrencies may hold for generating massive revenue.
As such, more and more people are hopping on the crypto bandwagon, and many tech-savvy entrepreneurs are starting to work with NFTs and the related dynamics of these digital assets in an effort to launch successful businesses.
But, how can you possibly use NFTs to launch a successful brand? What does that look like? And more importantly, how does packaging come into all of this?
This article will explore the answer to these questions through the lens of legendary restaurateur Andy Nguyen's Bored Ape Yacht Club pop-up restaurant.
After reading this article, you will better understand how NFTs can be combined with packaging materials and design to launch a successful brand.
What Is NFT Packaging?
NFT packaging is the design and implementation of product packaging that features the artwork or associated assets of an NFT on the physical packaging materials used by a brand to market and sell its product offerings.
Now, you are probably asking yourself...
What Is An NFT?
A non-fungible token (more commonly known simply as an NFT) is a non-interchangeable piece of data that is stored via blockchain technology which gives people the ability to purchase, trade, or sell ownership of "one of a kind" digital assets.
NFTs can take various forms, including but not limited to photographs, videos, audio clips, and other variations of digital modules, with blockchain technologies verifying public proof of ownership.
For example, internationally renowned visionary artist Alex Grey has been making variations of older pieces of two-dimensional artwork and re-creating them as interactive digital video NFTs. These items are for sale on his website.
Ownership of these NFTs may be sold to potential buyers for a fee in a way similar to how art collectors may purchase a rare painting.
NFTs often range in price from a few hundred dollars to multiple millions of dollars. The owners of the NFTs may use these items for building online communities, branding and design for product lines, or the development of other entrepreneurial endeavors.
Sometimes, buyers purchase NFTs from their favorite creators simply to display them in their homes for their own personal enjoyment.
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How Can NFTs Be Used For Product Packaging?
The owner of an NFT may brand their packaging materials with the artwork or associated assets from the NFTs of which they own in an effort to sell more of their physical or digital products.
How Can NFT Packaging Be Used To Sell Products?
A brand may generate sales of their products from their NFT branded packaging materials by selling products that are packaged in said materials.
For example, world-famous restaurateur Andy Nguyen who co-founded multiple successful food companies including Matte Black Coffee, Afters Ice Cream, Portside Fish Company, Dough and Arrow, Happy Hours Group, Banh Xeo Boys, Trill Burgers, and The Secret Sauce Society, is opening a new fast food restaurant which features NFT branded packaging.
Nguyen has recently branded his fast-food packaging materials with the NFTs he owns for his pop-up restaurant “Bored & Hungry,” which he will be opening on April 9 in Long Beach, California.
The packaging materials feature the NFTs he owns associated with the Bored Ape Yacht Club. This non-fungible token collection will be featured on the packaging materials used to package the menu items that will be available for purchase at the restaurant.
From HYPEBEAST.com:
"According to Nguyen, “The reason I did this was to make a statement to the public, letting them know that this JPEG … could be utilized to turn into a brand and ecosystem for the restaurant world.” Bored Ape holders are invited to the opening of Bored & Hungry with a variety of merch, Web3 and NFT-related surprises planned. Nguyen hopes to have a Bitcoin ATM machine at the restaurant and is looking into accepting cryptocurrency as a form of payment."
Nguyen has over 73,000 devoted followers on Instagram.
The event is expected to attract many followers who have suggested that they plan to attend the event to buy the NFT-packaged food and related merchandise mentioned above.
Nguyen has said that he is considering installing a Bitcoin ATM machine at the restaurant and is looking into the possibility of accepting cryptocurrency as payment from those who come to his new restaurant.
While this is one of the first examples of how you can launch a potentially successful brand with NFT packaging, Nguyen is only one of many crypto-conscious business owners who will be launching similar NFT based business ventures in the near future.
Where Can You Learn More About Packaging Materials And Design?
NFT packaging design and branding is a fascinating topic. Still, there are many other unique ways in which you can work with packaging materials and design.
But, where can you find new ways to package your products and inspire new packaging design ideas?
If you would like to explore more ways to brand your packaging materials and find inspirational articles on this topic, we would like to invite you to peruse our learning center!
Here you will find everything you need to inspire your imagination for new packaging projects and materials!
