Media NFT: an editorial, community and commercial strategy (cases The 20 Mint, The Drum, Vogue Singapore and CNN Vault)

Non-fungible tokens or NFTs attract creators and brands as new media for communication and expression. The media is also testing NFT approaches, with strategies that go far beyond simple communication. Because NFTs can help the media reclaim their audiences, redact their content differently, and explore new business models. Explanation with 4 examples: 20 Mint, The Drum, Vogue Singapore and CNN Vault

Source: 20 Mint, The Drum, Vogue Singapore, CNN Vault

20 minutes: 20 minutes

20 Minutes announced its “Web3” project on 1er April 2022, but it is not a hoax, on the contrary. The principle: 999 NFTs for sale by 20 Minutes and Capsule Corp. Labs, to join the adventure of creating a free magazine dedicated to Web 3. (details) The “20 Mint” project aims to decipher the blockchain, NFTs and the metaverse, but also to apply on the press the spirit of “web3” with its principle of decentralization† Each NFT empowers the holder to sit on 20 Mint’s virtual editorial board (via a Discord channel) and vote on the articles that make up the magazine.

Source: 20 Minutes and Capsule Corp. labs

will be 20 minutes a paper magazine, printed in a special edition in 400,000 copies. An edition comparable to the current edition of a “20 minutes grand Paris” (ACPM data). Output of 1er number de next June 16

Editor’s Highlights two unique advantages for paper“First, it has a beginning and an end and when it comes to diving into such an extensive subject, it’s reassuring to know that the rabbit hole has a bottom. Second, it falls into the hands of those who have not asked for it. Many of these readers, who thought they should read a classic 20 Minutes and receive a copy of 20 Mint instead, find themselves immersed in a world unfamiliar to them. † (excerpt from the 20 Mint FAQ)

The 999 NFTs went on sale on April 27 and all found buyers in less than a day, with 792 owners. The retail price was 0.0999 Ether, or 270 euros at the time of the sale, and 166.29 euros at the date of writing our own article. Because the price of cryptocurrencies is volatile, but the approach of 20 Mint’s entrants is part of the long term† An approach that evokes the media in a cooperative structure. The “Minters” participate in the writing of the articles, and for the first issue they select 10 French NFT projects that will be featured. (details in this June 3rd article. The publication of future special issues is planned, but without date indication for the time being.

The drum: “The new normal”

Founded in London in 1985, The Drum is a reference medium for the marketing and advertising industry in the United Kingdom and the United States. Her publishing house is working on proximity to the market and expertsfeaturing The Drum website, print magazine, agency directory, events, training and awards.

in a logic of insight into trends and experiments directly from technologies, so we understand that The Drum wanted to try NFTs. For example, The Drum offered a cover of its paper magazine for sale in August 2021. Sound #8, volume #41, dedicated to a retail deep dive with many brand NFT marketing cases. The title, “The new normal”, referred to the post-covid context and thus also places this NFT in our “collective history”. Amount of the transaction: 0.17 Ethereum (source Opensea.io, approximately 500 US Dollars at the time of the sale).

This approach was not intended to generate direct profits as the profits were donated to charity. But this experiment strengthens the credibility of The Drum to its readership of marketing and advertising specialists. In 2020 the group also created a virtual influencer (the “girlbot” Floresta) and in 2019 tested “sonic branding” by creating the sound identity of The drum (yes, with percussion 😊).

The Drum also learned two pertinent lessons. First of all, it is necessary to understand the workings of cryptocurrencies (and the ecosystem of its technologies) when one is interested in NFTs as the two are closely linked. And brands and media also have to go back to basics: understand their community to offer an NFT experience that has value to her. (details in this THE Drum article: “What We Learned Selling NFT”)

Vogue Singapore: “A New Beginning”

The world of luxury and fashion is often at the forefront of using new technologies to deliver exclusive experiences to a discerning clientele. The luxury and fashion specialist media should therefore also experiment more widely with blockchain, NFTs and crypto financing.

Source: Vogue Singapore

For example, in November 2021, Vogue Singapore launched an NFT collection with the OpenSea platform, based on Ethereum. An operation in collaboration with digital creators, around the theme “New Beginnings”. On the same model as The Drum, including the collection two digital-only covers as NFTs† In addition, the magazine offered eight other works from the world of fashion, beauty and art. An opportunity for fans and collectors to own “a piece of Vogue Singapore history”.

Listed at the bottom price of Ethereum 0.16 (over 260 euros as of June 8, 2022), some NFTs traded at more than 5 Ethereum (over 8,000 euros). Some of the trades were more focused on short-term speculation than on collecting and the love of art, as there are 151 owners for every 10 pieces put up for sale.

Let’s not forget that too digital fashion is a promising market for a new generation of creators who already offer clothing and accessories for avatars. One of Vogue Singapore’s partners, the fashion house The Manufacturer, is reinventing his business in a decentralized web3 world. She likens the arrival of NFTs to “a new dawn” for the fashion world”. A new “era” that the manufacturer has christened “The RenaiXance”with unbridled lyricism as a tribute to the Italian Renaissance of the 16e century. (details in Vogue Singapore press release)

CNN: Vault

Traditional and audiovisual media have also embarked on the NFT adventure, such as in the United States CNN, Fox ViacomCBS or Warner Bros. Thus, NFTs are a new channel for promoting content, consolidating audiences, and potentially seeking new revenue streams.

The project Vault by CNN has therefore been using media archives since 1980 to convert historical moments and artists’ interpretations into collectibles. It is therefore now possible to “own” cult moments of the non-stop news channel and its star presenters.

Source: VAULT BY CNN

This strategy of staging and enhancement of catalog extracts actually merges approaches popularized by other platforms. We are thinking of both tactics ofeditorial used by streaming platforms such as Netflix, Hulu, Amazon prime video and approaches to ultra-short content snacking offered by TikTok and YouTube Shorts.

CNN Vault also allows the news channel to do its own thing “newsjacking” : Immerse yourself in conversations and debates in society by drawing on the archives related to news. For example, CNN Vault is currently promoting an NFT dedicated to the 1993 swearing-in of Judge Ruth Bader Ginsburg to the United States Supreme Court. is now being questioned. The 250 copies of this NFT tribute to “RBG” will go on sale on September 6, 2022 for a price of $100.

Source: CNN VAULT

Outside of the media world, blockchain and NFTs are also used by brands to loyalty strategies† Example with our decryption of the Coca-Cola, Singapore Airlines and PSG cases.

Severine Godet

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