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How Not to Promote a $42,000 NFT
Also: Crypto VC fundraising, Snoop Dogg NFT Passport
Kuba Szewczyk
June 16, 2023
Happy Friday! Welcome to The Web3 Marketer, where I help brands and marketers stay ahead of the web3 curve. Every week, I bring you top stories on web3 & digital collectibles across consumer & loyalty.
Today's write-up is 819 words, a 3½-minute read.
This week’s TL;DR:
Louis Vuitton's $42K NFT marketed with cringe influencing
Crypto VC fundraising down bad
Snoop Dogg NFT passport brings fans on world tour
PLUS: Flipkart, McKinsey, Adidas, GameStop, Golf U.S. Open, Zara, and more!
📅 Upcoming events: Christie’s Art+Tech Summit, NY (Jun 19-20); Cannes Lions International Festival of Creativity (Jun 19-23); Non Fungible Tokyo (Jun 22); IVS Crypto, Kyoto (Jun 28-30).
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The Big One
Louis Vuitton missed the mark with the influencer campaign for the $42,000 NFT
Louis Vuitton is debuting a limited series of NFTs, each priced at $42,000 (€39,000), which will unlock exclusive products and experiences.
While the collection is mostly targeted at top-spending loyal customers, its promotional effort with web3 influencers (like this or that) was called out by crypto Twitter for lack of transparency and repetitive, cringe copy. Read more →
The Takeaway: Web2 influencer marketing does not work well with web3 users who favor transparency and authenticity. At a minimum, LV should have hired better PR to coach novice creators in posting a better copy.
By the Numbers
Fundraising for crypto VC has fallen off a cliff in 2023
According to PitchBook data provided to Fortune, crypto firms globally have raised just $500 million—98% less than in all of 2022. Read more →
The Takeaway: We should expect a wave of consolidations and shutdowns as startups near their runways in late 2023 and early 2024, and are unable to raise extensions or new rounds.
Bold Strokes, Long Marches
Snoop Dogg launched a $42 NFT Passport that unlocks access to his concert tour content
Rapper and entertainer “Snoop Dogg” is taking a further step into web3 with the launch of an “evolving digital tour collectible”. The pass will unlock behind-the-scenes footage and content tied to the artist’s “High School Reunion Tour”. Read more →
The Takeaway: This mix of affordable pricing, premium content access benefits, and seamless distribution via QR code displayed at concerts is a smart way of segmenting (and monetizing) the most loyal fans.
Top Headlines
🛍 Consumer & Mainstream
Apple rejected Bitcoin tipping feature on a web3 social app Damus.
Flipkart will launch a web3 loyalty program for its e-commerce customers.
McKinsey reported on unlocking commerce in the metaverse.
💍 Fashion & Luxury Goods
Adidas teamed up with FEWOCiOUS on digital and physical NFT sneakers.
Weekday launched a collection of wearable sunglasses.
Guy Fieri and Sammy Hager launch a web3 tequila loyalty program.
🎬️ Entertainment, Culture & Media
Rocky Horror Show will drop NFT collection in June, metaverse soon.
GameStop fired CEO who oversaw the retailer's NFT push.
Itoka wants to license AI-generated music via the blockchain.
🏈 Sports
Golf’s U.S. Open attendees will receive commemorative NFT from Amex.
Manchester United Museum revealed an exhibit with NFT memorabilia.
🤖 Metaverse
Wendy’s enabled consumers to get real chicken nuggets via metaverse.
Zara continues its journey through the metaverse with a new collection.
Minecraft still hasn't officially banned NFTs — but it's coming.
Marketer intel
🛠️ MarTech
Brands use NFTs for community building and DAO access.
Kraken NFT marketplace launches with over 250 collections.
🤳CreatorTech
Manifold integrated Optimism L2 to cut NFT creation costs to “pennies”.
Sound.xyz also followed suit.
Foundation NFT marketplace announced dynamic NFT pricing feature.
HeartX art NFT marketplace announced its open beta launch.
A new internet: On web3 primitives & social networks.
💰️ Deals
🗃 Additions to the Web3 Tools database (313 total)
For the Weekend
Now Trending: Established Projects Debuting Bitcoin (NFT Now)
Their Crypto Company Collapsed. They Went to Bali (NYTimes)
MoonPay Gifted Celebs Bored Apes to Promote Itself (The Block)
Big Beauty and Fashion Brands in Web3 (w/ L’Oreal) (🎙️Apple Podcasts)
Meme of the Week
That’s all. See you next week!
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Author Bio
Kuba Szewczyk is an NFT Product Strategy Lead at ConsenSys, helping build NFT tools for brands and creators. He previously worked at Bain & Co. Digital Assets and earned Harvard MBA.
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