Every week, I check the paid press about NFTs. And every week, there’s a new brand launching their first NFT. This week it’s Twix and Glenfiddich. Last week it was Crockpot. While I’m not opposed to corporate NFTs (especially brands with great cultural appeal), I am often disappointed by the lack of creativity.
Making the Crockpot NFT Better
This past week, Crockpot celebrated its 50th anniversary. Naturally, they dropped an NFT to piggyback on the accolade. However, their NFT collectible was a little underwhelming.
The Crockpot NFT is a gif featuring the evolution of 5 notable Crockpot designs – one of which nearly everyone has owned at some point in their life. It’s cute and nostalgic. But aside from that, doesn’t offer anything unique to the NFT world (which is reflected in its top bid of 0.3 ETH).
Here’s how I’d do it better.
I’m still drawn to the format that Tom Sachs created with the Tom Sachs: Rocket Factory. If you’re unfamiliar, it’s a build-your-own-NFT where you collect three NFT components of a rocket (nose cone, body, and tail). Once you have all three, you can assemble a new, completed NFT rocket – with real-life rocket launches and other perks on its roadmap.
Crockpot should have bit this exact format, as it aligns perfectly:
- Release a diverse collection of ingredients in 3 categories (protein, vegetable, and broth)
- Rarity associated with each ingredient
- Collect three ingredients to have the option to “slow cook them” (mint a crockpot NFT with ingredients inside)
- Collectors get to name the new dish
- All collectors vote on the creations → Crockpot releases a cookbook of top creations
- Airdrop Crockpot NFT Cookbook to all holders
- Maybe rev-share for all the creators who made it in the cookbook
The follow-up roadmap (from point 5 on) is where my idea might trail off a bit – there are definitely better ideas.
However, conceptually, the “build your own NFT” as showcased by Tom Sachs fits too perfectly for Crockpot. And I wish they would have done it!
Choices for Brand NFTs
Brands all have a choice to make right now, whether to enter NFTs cautiously or boldly. It’s quite a conundrum, as I understand why the cautious approach is more appealing. Basically, test the waters and see if people will bite before investing in an elaborate NFT strategy.
But where’s the fun in that. After all, fortune favors the bold.
Right off the bat, brands are at a slight disadvantage releasing NFTs. Giving money to a corporation isn’t exactly in the ethos of blockchain collectibles. That doesn’t mean it cannot be done.
Coca-Cola’s metaverse loot box succeeded. Dolce & Gabbana’s 9-piece digiphysical fashion release did very well.
Yes, top creative blockchain talent is hard to come by. Hiring an NFT agency will really eat into the profits of an NFT release. And overall, brands that already operate on razor-thin margins probably have a hard time getting a budget for an NFT experiment.
But my advice for brands that want to get into NFTs is to take it seriously and make that investment – or not get in NFTs at all. A half-assed NFT collectible isn’t going to do much for your brand, nor your bottom line.
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