Lately I’ve been somewhat fascinated by the use of interactive quizzes and ‘self-liquidating premiums’ in radio and other advertising. Smart marketers were able to gain permanent conversion to a product by offering small tokens or premiums, which were fully paid by the customer.
NFTs are so horrible that they can’t serve as a self-liquidating premium!
GM made a unique offer last month. If you bought an NFT representing a specially made Corvette, you not only got the NFT, you got the REAL PHYSICAL Corvette. Admittedly the price wasn’t a dime or a quarter like the old self-liquidating boxtop premiums; it was about $200k.
The price probably seemed like a good bet, given that pipe-smoking monkeys without any physical accompaniment were selling in that range, and the price of a fully loaded new Vette without an NFT is in the $110k range. A uniquely equipped and certified one-off supercar gains value quickly, and likely could be sold for more than $200k.
Nobody bought it. NFTs are so awful that even a real Corvette can’t persuade people to buy them.
Special bonus: GM was treating the auction as a benefit for DonorsChoose, a charity that I supported enthusiastically and expensively until 2020 when they officially required rioting and cop-killing.