[Short #3] eToro
Last week, news broke that eToro created a $20 million NFT fund to purchase NFTs and support creators. Pretty obvious play for them as an investment app/platform for trading stocks and crypto.
After all, this is their homepage and NFTs are a prime example of it.
That said, what I find more interesting is WHAT eToro has in their portfolio.
Do you see what I see? There’s BAYC, Doodles, Cool Cats, Kongz, Clone X, some dope art, and more. A portfolio worth millions easily. (Holla at ya boy if you need some more ideas of what to add!)
But…wait a second…a disproportionate number of NFTs in their portfolio have a similar trait.
Wait a second…what’s the eToro logo?
Oh snap…so what’s going on here? Here’s my takeaways.
Individuals aren’t the only one enhancing their digital self. Brands are too. I think we’ll start to see more brands allocate marketing budgets and augment their brand in different ways through NFTs. The perfect example of an OG brand that has done this very well is Arizona Iced Tea. To the point where they’ve created their own NFT Twitter account.
Some brands are going to do #1 successfully and some won’t. This is a tricky space, as navigating any brand is these days. With great risk comes great reward. This isn’t for every brand and IMO that’s why the adoption of this strategy may be slower than anticipated. That’s probably a good thing.
From a marketing POV, NFTs are considered a marketing expenses, but they could also operate as an asset that appreciates over time. Marketing ROI with NFTs will be measured more than just dollars in and dollars out. Not only that, the NFTs expand the marketing strategy and tactics available significantly.
A good case study would be with Arizona and their Quirkies purchases. Over the past two months, they’ve purchased 6 Quirkies, for a total of $35k.
The current floor price of a Quirkie is 3 Eth, so the minimum value of their Quirkies is 18 Eth, so around $55k at the time of this writing.
So…Arizona has gotten the attention of thousands of current and potential new customers, if they needed to sell their assets would have a positive ROI on instantly, or could run some high exposure giveaways that would logistically be easy to fulfill (digital asset, no shipping, instantaneous and verifiable).
Not to mention, if Arizona created custom cans, they’d have the whole community talking about it for days.
BBL, time to buy any NFT with horns and sell it at a premium to eToro ;)