WTF are NFTs?: The future of digital collectables
by Pierre Dadd, Chief Marketing Officer, Terra Virtua

Pierre joins the Community to demystify NFTs and showcase their ability to boost consumer engagement.

4th March 2022 Read time: 3 minutes Watch time: 32 minutes

NFTs (Non-fungible tokens) have marketers asking a lot of questions. One of those questions is: WTF are NFTs? For marketers familiar with them, there is concern that they are a fad, a gimmick, and irrelevant to their audiences. Conversely, it’s impossible to ignore that the biggest brands in the world seem to be jumping on the bandwagon and investing in NFTs and metaverse infrastructure.

Pierre Dadd is the CMO of Terra Virtua, an immersive collectables platform and gateway to the metaverse. He joined the What’s Possible Community to demystify NFTs, evidence how they plug into the metaverse and discuss how they can strengthen brand awareness and boost consumer engagement.

The future of digital collectables?

Pierre has more than 20 years of experience in marketing and brand development. He has worked at Disney, Lego, and Autotrader. Pierre has seen first-hand how traditional marketing has shifted into digital spaces. As technologies advanced through the years, he began to specialise in helping brands build online marketplaces and experiences.

After working for Terra Virtua for the last twelve months, he is now well versed in explaining what NFTs are.

It’s a digital collectable. That’s all it is,” Pierre explains. “You will consume it a new and unique way just as you would if you were a Star Wars fan with lightsabers or figurines on your wall. It’s the same thing; you’re just consuming it through a digital device as opposed to it being right in front of you”.

The follow-up question a consumer might ask is: ‘why would I want one?’ Pierre explains that the collectable will have absolute rarity, much like in the real world. It’s an authentic collectable, and its ownership lies entirely with the consumer.

Immersing consumers in new worlds

Terra Virtua offers exclusive social, gaming and creative metaverse experiences with NFTs. Pierre demonstrated the Terra Dome to the Community, a virtual space where users can house their NFTs and interact with them. They also have a virtual art gallery where a user’s NFT can be displayed as a piece of art on a virtual wall.

It’s a new way to enjoy and connect with the brands you love, and that’s what we’re offering consumers,” Pierre explained.

Terra Virtua has a host of NFTs available from industry collaboration partners such as Paramount, Legendary Pictures, Unreal Engine and more.

Pierre says the audiences that NFTs are attracting can vary from cryptocurrency adherents, fans of sports teams, art lovers, movie buffs, fashionistas and more. This involvement from such a broad spectrum of audiences has made brands begin to interrogate their future role in NFTs and the metaverse.

Jumping on the bandwagon

JP Morgan, Dolce & Gabbana, Rolex, Disney, McDonald’s, Nike, and others are all investing in NFT and metaverse technologies. However, Pierre cautions marketers to ensure that NFTs are suitable for the customers they are looking to target.

Big brands are getting involved because they know that’s where the eyeballs are going to be. It must be the right fit in terms of their specific audience. I think there is an opportunity to be disruptive at this point still. It’s an opportunity to engage with your audience in a completely new way,” Pierre said.

Pierre details that one way Terra Virtua has used NFTs is to build up user acquisition. They can create a database of specific NFT holders, and can interact with that group in unique ways. Recently, they offered a free digital collectable for fans of the Indian Super League, a football tournament. Once a user registers, they receive their free NFT, which is then stored in their digital wallet.

Marketers are still discovering the use cases for NFTs. Whether it is building communities out of specific NFT holders, coupling NFTs up with real-world items, engaging fans in unique ways, or building trust with consumers, these digital collectables may remain a significant consideration for marketers well into the future.