September 08, 2022
By Sharan Kaur Phillora
According to the leading digital subscriptions platform Evolok, publishers moving into the digital space can use NFTs to strengthen their business and make digital pay. NFTs can be used for a variety of things, from verifying digital ownership to powering in-app purchases. For publishers, the benefits are clear: NFTs could help reduce fraudulent activity, increase customer loyalty, and generate new revenue streams.
Here’s what we know:
As a publicly tradeable asset or as a token that can be traded within a closed, in-house system, NFTs are ideal rewards for readers.
By giving readers NFTs for signing up for newsletters or sharing articles on social media, for example, publishers can add a “valuable element of gamification,” says Evolok, increasing engagement at comparatively low costs.
A recent Press Gazette analysis of a number of major media companies has revealed that they’ve generated almost $12 million ($9 million) worth of NFTs since March 21st, 2020. Of these, $10 million, by far the most, was generated by Time Inc., followed by the New York Times at $560,000 ($430,000).
Time Magazine embraced blockchain technology by launching an initiative called “Time Pieces” where they sell art pieces using blockchain technology. They’ve been able to increase their revenues by almost 30% since then.
Publishers may have a lot of valuable material lying dormant in their archive that could be used to create nonfungible tokens (NFTs) without losing ownership of the original asset.
NFTs don’t require any transfers or copyrights, so they’re perfect for archival purposes. For example, museums could sell NFTs featuring artworks from their collections without having to worry about giving up ownership of the artwork.
Publishers can then use reader interest in NFTs in the same way they use it in any other subject, be it sports or politics: “to drive further specialised content and maximise engagement”.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.