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Monday’s Marketing Minute: Reddit’s NFT Marketplace, Creator Economy Research, NIL Marketplaces

Happy Monday, y’all!  Welcome to Monday’s Marketing Minute for this week! Each Monday I share three marketing/business/web3 news items I found over the last week that caught my interest.  Let’s dive in!

 

Reddit has launched a marketplace that allows users to buy a blockchain-based profile picture as an NFT. The NFTs will come with a licensing agreement that allows the users to use the avatars on other sites. However it appears the user will not be able to use it to create merchandise based off the avatar design as you can with some NFT collections like BAYC.

This is an interesting monetization move by Reddit.  I think you will see more of web 2..0 social platforms introducing new purchase options such as this. However, this will also create an opportunity for web3 competitors to offer similar offerings for free or tie the offering to activity on the site. For instance, lets say such avatar marketplaces become the norm over the last couple of years.  If a web3 version of say Twitter launches in 2024, it could offer the avatars that users are accustomed to paying for, for free.  Or offer them for free if a certain level of activity is achieved.  It feels like this is a story worth watching and see how other social platforms respond with similar moves.

 

Very interesting research into the Creator Economy by The Tilt, which is a great site and newsletter, BTW.  A key takeaway for me: It takes 6 months for the average content creator to earn their first dollar, 17 months to become self-suficient, and 25 months to reach a point where they need to start hiring outside help.  The rise of web3 technologies will greatly enhance the ability of content creators to make a living off their work, so this research is very important to give us an understanding of what’s coming for content creation and the creator economy.

 

Love how simple and clean this NIL marketplace is that the Miami Hurricanes have for their student athletes. It let’s you see who the athletes are, their sports, interests, social media accounts, everything. You will start to see most colleges having a marketplace such as this to highlight their student athletes and connect them with potential sponsors and brands to execute NIL deals.

 

So that’s it for this week’s edition of Monday’s Marketing Minute! I hope you have a lovely week, try to stay cool and remember to drink LOTS of water!

About Mack Collier

My name is Mack Collier and I am a digital marketing and content strategist located in Alabama. Since 2006 I've helped companies of all sizes from startups to global brands such as Adobe, Dell and Ingersoll-Rand, create customer-centric programs, content and experiences. A long-time internet geek, I've been online since 1988 and began using social networking sites in 1991 when I joined Prodigy. Today, I help companies understand how new technologies like web3, crypto and artificial intelligence can integrate with existing marketing strategies to lead to exceptional customer experiences.