{"id":89492,"date":"2022-03-26T02:49:54","date_gmt":"2022-03-25T21:19:54","guid":{"rendered":"https:\/\/centralrecorder.com\/why-buzzfeeds-future-may-depend-on-pivoting-to-nfts-and-the-metaverse\/"},"modified":"2022-03-26T02:51:11","modified_gmt":"2022-03-25T21:21:11","slug":"buzzfeeds-future-could-depend-on-using-nfts-and-the-metaverse","status":"publish","type":"post","link":"https:\/\/centralrecorder.com\/buzzfeeds-future-could-depend-on-using-nfts-and-the-metaverse\/","title":{"rendered":"BuzzFeed’s Future Could Depend on Using NFTs and The Metaverse"},"content":{"rendered":"\n
Digital companies must think beyond traditional media and online commerce to build solid growth. <\/p>\n
So what\u2019s next for a digital media company that is scaling back its news staff and struggling to gain a foothold in the supposedly more lucrative e-commerce space? Multiple experts have told BuzzFeed that it must continue to position itself as a profitable player in tech. They should look into Web3, the next generation of blockchain-based internet, which supports cutting-edge tech like NFTs and metaverse.<\/p>\n
\u201cIt would be consistent with the tech-forward story they are selling to [Wall] Street,\u201dPeter Csathy is the chairman of CREATV Media Media, a media and tech advisory company. \u201cThe trick is to convince the Street that it is more than a media company with these numbers \u2026 and commerce is also the burgeoning world of Web3.\u201d<\/p>\n
As the first digital media company to go public, BuzzFeed faces growing pressure to boost its profit margins \u2014 and traditional advertising and content-based revenues will not be enough to convince investors. BuzzFeed emphasized its potential for commerce growth in its preparations for an IPO. This was especially true with its partnership with Tasty, a food brand, and Complex Networks, a youth entertainment company. Each of these companies earn commissions from sales via content, events, clothing, and other merchandising.<\/p>\n
\u201cAs a private company, BuzzFeed could attempt any new revenue growth strategy with little fanfare outside of the organization,\u201dPaul Roberts is the founder and chief executive officer of Kubient digital ad company. \u201cAs a newly public company, there is a tremendous amount of pressure to not only share your roadmap, but to also execute against that roadmap.\u201d<\/p>\n
Non-fungible tokens, or NFTs, are another revenue source. These non-fungible tokens (NFTs) are the collectible bits of Blockchain that every artist from Hollywood studios to emerging artists has made into the Next Big Thing. The New York Times and The Associated Press are legacy publishers that have sold NFTs. Articles<\/a> Photography<\/a>Six-figure salaries. Some digital artists are Made tens or millions<\/a>You could auction their work. BuzzFeed could, ostensibly, get in on the action with its brands and content to create digital goods for the metaverse. This immersive virtual reality world could include digital goods.<\/p>\n \u201cIt certainly could be \u2026 a limited edition Gucci bag NFT, or it could be enabling a celebrity, whom they cover in content, to bring an NFT opportunity to their audience, [like a new song, visual or experience],\u201dCsathy said.<\/p>\n BuzzFeed could also use NFTs to return to its roots. Memes, quizzes and viral content, ingrained in BuzzFeed\u2019s DNA at its height, especially lend themselves to this digital economy. <\/p>\n \u201cThey could build a footprint [in NFTs] with entertainment,\u201dQuynh Ma, CEO of marketing company Moving Image and Content said. \u201cThe core of their content business is trending on pop culture, unlike Hearst or Cond\u00e9 Nast.\u201d<\/p>\n