The new technology craze may be here to stay, and PR firms should be well-positioned to meet the demands of brands wanting to utilize it.
By Olivia DiFilippo
If you have so much as looked at the internet recently, you’re probably aware of the new trend going on in technology. There has been an exponential increase in the sale of NFTs, or non-fungible tokens. These “tokens” are actually data units stored in the blockchain that gives a digital asset a kind of certification, making it completely unique. NFTs can be used to represent all sorts of assets, like digital art, videos, photos, audio and more. This new technology craze is supported by the enthusiasm people have for cryptocurrency. Many are buying and selling NFTs through digital currencies like Ethereum.
More and more brands have become aware of this new passion in the technology industry, and some are using that to their advantage. Firms like 5WPR have begun to create specialized NFT PR practices with a team of experts ready to aid brands and help them navigate the process. This maneuvering is necessary for the PR industry because NFTs are changing the way we consume and share digital content. Any PR pro should be invested in this phenomenon if they want to successfully appeal to a technological audience.
While the NFT trend is changing the internet as we know it, there are some drawbacks to this frenzy. The carbon footprint emitted to create a token is staggering. One NFT by the name of “Space Cat” is basically a GIF of a cat on a rocket headed to a moon. The energy necessary to produce this artwork was the equivalent to powering an EU resident’s home for two months. Since NFTs are created on a blockchain, that means there needs to be someone who “mines” the Ethereum or other digital currency needed to make the asset. This process uses data centers with thousands of computers, and is extremely energy inefficient.
Data centers are attempting to implement systems that release fewer greenhouse gases so that the cryptocurrency industry, among others, is placing less of a carbon footprint on the world. Milldam is in a position to market these companies so that the NFT process can run smoothly without having a detrimental impact on the environment, the place we call home. If this new digital trend is here to stay, technology PR companies need to adapt to the demands that come with it.
