It seems like wherever you go, you hear all about NFTs.
Even though I am a professor who studies, consults and teaches in new technology, I am not what you call an expert in NFTs. However, I am excited and have a lot of enthusiasm to learn more about what, how, and why they are becoming the trend of the year in our field, and in society.
So, you may be asking what exactly are NFTs? I actually was able to cover this a bit in SMSC 2e when it came out this summer, but NFTs are a “Non-fungible token.” Okay, you may be thinking, Karen! That doesn’t help me at all!
In short, here is a brief overview of the most common questions about NFTs. Essentially, they are a digital asset you own (ex. music, art, etc) that can be bought using a digital currency (most popular is ETH, but there are others that can be used). Some of these NFTs are sold and displayed on OpenSea, which has this great overview of everything you have ever wanted to know about their platform and NFTs. I did not realize there were different levels of fungibility – but there you are. Insert the gif from Reading Rainbow that shows: The More You Know!
Why is this important for professors and students to know? This has a direct impact on social media and strategic communication, and is a trend that is currently in pay here. More brands, professionals, and transactions are happening here in this space. Many have said that social media was the Wild West. They have said this about influencer marketing. NFTs are in the same boat. It is all about evolving with the times, observe, learn, and discuss what are the best practices and trends we need to be aware of, and which ones to avoid in this new space.
There are several brands and people you may want to check out and follow as how they are not only utilizing NFTs, but really are leading the way in terms of how to create, market, and build these within their brand strategically. We have seen major brands like Coca-Cola, Taco Bell, and more get into the space and do it successfully. Gary Vaynerchuk has had a lot of success with his NFT ventures, even launching VeeFriends and soon will have a dedicated conference (VeeCon) just on NFTs and to those who are active in VeeFriends.
Here’s a good overview of NFTs from Gary:
This is a lot of new elements, concepts, and practices that are being discussed, and as professors and professionals in the field, we have to make sure we are taking the time to learn all we can. I know I have a ways to go in this venture, but I think this is a good starting point as part of our community to have these discussions.
So, how can we incorporate NFTs into our classes? Here are some ideas:
Case studies. I think at this point – there are still a lot of early trends to watch and not all NFTs and campaigns are going to work. Some will, some won’t. So, case studies for the class can share some great information and insights for the future.
Ethical and legal analysis for copyrights on digital assets. This was the first thing I was thinking about when I first heard about NFTs. What about the ethics and legal aspects these new digital assets bring to the table? This could be an interesting exercise for classes to discuss in a debate situation. Always good to have a balanced perspective on things.
NFT audit. What if we were to audit the NFT and the community it represents to explore trends, themes, and characteristics that make one NFT community work, and others that do not. Having students search for NFTs on OpenSea to explore what others are saying on Discord could be very valuable and insightful to see what the community says about the project, and what they are excited/worried/concerned/thrilled about.
Presentations on major NFT players. I am all in for creating a supportive learning environment where students can provide value to everyone. I think having a presentation that informs and educates the class on the major players in this space (ex. creators, communities, brands, people, etc) would be extremely informative. Coinbase is one I think would be great to highlight and explore as an example for this type of presentation. Or even one on Discord since this is one of the main places these communities come together to have NFT discussions and conversations.
Client analysis. Most classes work with clients in the social media realm, so providing a proposal on what could potentially be some new elements for them to explore in the NFT space. For example, I have worked with the Louisville Bats for quite some time, and sports teams are definitely looking at the NFT space to sell digital assets as NFTs.
The biggest thing I can do as a professor who is still learning – like pretty much everyone else in the industry and in society – is be a student of the trend. As I have shared with others who I have talked to for guest lectures, I would not be a good professor if I did not assign “homework!”. So, these links and resources are your homework:
- OpenSea Guides and Resources
- Basics of NFTs (Social Media Today) + Tech Republic
- Gary Vaynerchuk’s NFT Guide
- How-Tos for NFTs and Blockchain
- Social Media integration: TikTok and Twitter (Adweek)
As I mentioned earlier, I am *still* learning along with you all about NFTs. That’s what’s fun about teaching and doing social media and new media work. You are never bored. Will NFTs go away? Will they stay? I do not have the answer, but I am always willing to learn, observe, and explore these questions.
Have a great day!
Best Wishes,
