‘Convince them that this is real’: How publishers are getting audiences to adopt the blockchain

Skepticism still rings loud in conversations about NFTs, the metaverse and cryptocurrencies.

Many everyday users of the internet are leery of being scammed out of their money or don’t understand why someone would want to buy a piece of digital art in the form of a non-fungible token. And as of the beginning of 2021, only about 14% of the U.S. population owned any cryptocurrency at all, according to Gemini’s 2021 State of Crypto report.

As a result, publishers that have some form of interest in the blockchain are finding themselves needing to educate their audiences about this new technology, in order to turn them into customers and participants of their blockchain experimentation. While Leaf Group is working to draw comparisons between NFT collection and investing in art in order to appeal more to its network of artists, Brit + Co and Turner Sports are leaning on education and rewarding participation in a way that makes learning about the blockchain less intimidating.

Not all audiences are going to be interested in delving into the nitty gritty of how the blockchain works (see our guide on WTF is the blockchain, if you are). But they will need to understand the different ways in which it can impact their lives if they were to buy an NFT from their favorite publication or take the time to participate in an event in the metaverse.

“I think [the blockchain will] span every industry, ultimately, but your adoption curve is going to be driven by the perception of immediate utility, discounted for potential risk. I remember when people [thought] it would be crazy to use your credit card to buy something online,” said Sean Moriarty, CEO of Leaf Group. “The practical applications [of blockchain technology] are endless, but the rate of adoption is going to be driven by the early utility.”

Making the blockchain feel familiar

Leaf Group is arguably in a position where the blockchain can be utilized rather effectively in its business and for its audience. As both the publisher of media brands Hunker and Well + Good, and the operator of art marketplaces Saatchi Art and Society6, commerce is core to its business — and turning digital art into NFTs makes sense. This is especially true given that one of the first things that comes to mind when people hear NFT is a picture, digital drawing or illustration.

The company’s first collection of NFTs called The Other Avatars under the Saatchi Art brand will launch in early 2022 and will consist of several digital art pieces that are reimaginings of artist Vincent van Gogh’s self portraits done by artists in the Saatchi Art network.

“The joke is, ‘Well, I can have a JPEG of this for free.’ But you can have a print of the Mona Lisa as well, but it’s not the Mona Lisa,” said Moriarty. Getting art buyers and artists alike to think about digital art as an investment piece like any physical piece of artwork is …read more

Source:: Digiday