Interest in NFTs on the rise – but marketers should be cautious

Interest in non-fungible tokens (NFTs) are on the rise, according to data from both Semrush and Streem, however, marketers should take into consideration some caveats before involving NFTs in their campaigns.

In the broadest terms, an NFT is a unique piece of data stored on the blockchain. One of the most common uses of NFTs are as digital receipts of asset ownership, such as jpegs. NFTs are not the same thing as cryptocurrency, although both are stored on the blockchain. The blockchain is a public, digital ledger that, in order to be updated, complex mathematical problems need to be solved, called “mining”. For those interested in a more detailed explanation, The Verge has a breakdown of the terms.

Data from Semrush shows that interest by Australians in NFTs is on the rise, as can be seen below for the period of January 2021 to December 2021.