Cheat sheet: Yahoo is selling sponsors on NFTs, starting with Rebecca Minkoff
Yahoo is getting into the non-fungible token (NFT) space, but is starting off by creating a gallery of NFTs for a brand partner rather than itself.
In time for the return of New York Fashion Week this week, Yahoo, the official innovation partner for the event, is working with fashion designer Rebecca Minkoff on a 15-piece NFT drop that features clothes and accessories from her latest fashion collection. The NFTs will include 10 photos of models in the outfits as well as five “digital garments,” or virtual, 3D renderings of her clothes that can ultimately be used on an avatar in a number of future metaverses, according to Yahoo’s head of consumer Joanna Lambert.
For now, though, these NFTs will remain collectors items.
This is a different approach from other publishers that have been experimenting with NFTs, including Time and Bleacher Report, and that have created a micro, consumer-based revenue stream off the sales of its own NFTs.
The key details:
- This is Yahoo’s first entry into creating NFTs, but the publisher is accomplishing something that many other media companies are still struggling with — getting advertisers on board with the inclusion of NFTs in a media buy.
- The partnership with Rebecca Minkoff marks one of the first times that a publisher has been able to sell a campaign that includes an NFT component.
- The terms of the partnership were not disclosed.
- Head of content at Yahoo Ryot Lab Nigel Tierney and his team built the entire virtual gallery and NFT collection in-house, using Yahoo’s Immersive XR platform, which was launched last year to create more augmented, mixed, and virtual reality advertising and branded content. The team partnered with OpenSea as the NFT selling platform.
- The gallery is set in a 3D model version of New York City that users can navigate by zooming into the virtual Rebecca Minkoff storefront. Within the virtual store is a Guggenheim-style museum of the 10 available NFTs that users can move around in and view the digital art pieces.
- The gallery is able to be accessed on a mobile device with an …read more
Source:: Digiday
Author: Aaron
Related Articles
Publishers’ secondary market strategy: What happens when the monetary appeal of NFTs isn’t enough?
By Kayleigh Barber On April 11, Forbes pre-released its latest NFT collection, the Forbes Virtual NFT Billionaires, to subscribers as a play-off of the publisher’s…
Decrypt Studios is selling brands and creators on producing NFTs and metaverse presences without worrying about the technical legwork
By Kayleigh Barber Decrypt Media is looking to capitalize on its knowledge of the blockchain, Web 3.0 and the metaverse through a new production studio…
How publishers experimented with NFTs in 2021
By Kayleigh Barber Many publishers closed out 2020 in a better financial position than they expected early on in the pandemic, giving them the flexibility…
‘More dynamic, loyalty driven communities:’ What comes next for publishers on the blockchain
By Kayleigh Barber To the naked eye, it looks like media companies’ dalliances with NFTs have come to an end. In the early summer months…
How Brands are Using NFTs
By Neil Patel Technology has been advancing at warp speed in the past few years. One area that has been enjoying some of the most…