Welcome to The Yellow Summarin - collecting the most interesting ideas, topics, and tweets from the past week at the intersection of tech, media, and commerce.
In today's edition (06.11.2021), we explore the world of intellectual property through the prism of NFTs, gaming, and brand building.
Read and listen:
Rich IP
Intellectual property (IP) created in the virtual world is having its moment in the limelight. The biggest driver is the NFT craze which seems to occupy every corner of the media - from Twitter to Rolling Stone magazine. Everyone seems to be talking about it. While the majority of people view the technology as a speculative bubble, a few creators are laying the foundations of what could end up being the next generation of dominating IP.
If today, we go to the movies to watch Marvel or Star Wars epics, in the future, we may be going into a metaverse and interacting with our favorite creations that have their own personality and backstories, established over time by a community of like-minded people.
NFTs
NFT creators are already thinking of ways to transcend the digital, two-dimensional representation of their creation, and are doubling down on world-building around their IP.
How Four NFT Novices Created a Billion-Dollar Ecosystem of Cartoon Apes (Rolling Stone)
A story of the making of a modern media phenomenon? Probably. One of the biggest NFT projects - the Bored Ape Yacht Club (BAYC), earned another badge of legitimacy - a feature in Rolling Stone. It's a nice retelling of the origin story behind the project, it's pseudonymous creators, and how they see the BAYC evolving in the future. Also, Rolling Stone announced a partnership with them. Read story
NFTs that Think (The Generalist)
Building up on the thought from above, this exploration of what a "thinking" NFT could be is worth including. NFTs can be the catalyst of a new medium for storytelling. The ability to imbue a character in an NFT as with certain personality traits adds dimensionality which can be picked up by the community and expanded upon. The potential is that such projects give rise to a new type of IP that grows through a community effort, and in turn, increases in value. Read story
Gaming
Game developers are naturally turning their attention to this change as well. Popular titles, such as Fortnite, can soon have movies that expand on their digital worlds. Whether by setting up their own entertainment studios or going to production companies like Netflix or Disney, game studios may end up producing future blockbusters.
Epic Games Is Considering Making a 'Fortnite' Movie (HypeBeast)
Can a game studio produce movies? Epic Games, creators of Fortnite, think so. The company has established an entertainment division, reportedly exploring the possibility of making movies around the Fortnite IP. Trying to turn a game into a movie franchise is nothing new and has been tried a few times and unfortunately, always failing to reach the cultural impact of the Marvel, DC or Star Wars universes. Could this time be different? Read story
Brands
Brands can also participate in this technological whirlwind and deliver innovative experiences and products tailored for this digital-first world. Luxury fashion has been paving the way by experimenting with NFTs and how the tokens can provide value for their owners, but also how they can expand on the story that each of these brands tells. Exclusivity and utility are the most common traits a company-branded NFT can provide. But with the evolution of the whole medium, the projects will evolve as well and could potentially turn into foundational parts of a brand's communication and retail strategy.
Clinique’s first NFT ties to loyalty and products as uses expand (Vogue Business)
The majority of NFTs that exist out there are quite unremarkable. Most projects are just an attempt at maximising returns in a speculative boom that is happening across marketplaces. However, a few creators are pushing the boundaries and exploring new avenues where value can be derived. Those are characterised by exclusivity and utility. Owning an NFT of this sort can give you access to a community, exclusive merch drops, having a seat at the table when decisions are made with regards to the future of the project. Brands are slowly understanding this and are beginning to create tokens that expand on their brand, products, and community. Read story
Nike is Looking to the Metaverse with New Hires and Virtual-Focused Trademarks (The Fashion Law)
The sportswear titan filed seven new intent-to-use applications late last month for its most famous trademarks – word marks “Nike,” “Just Do It,” “Jordan,” and “Air Jordan,” its iconic swoosh logo, the Jordan silhouette logo, and a stylized combination of its name and the swoosh – for use on various virtual goods/services. Read story
Tweets
That’s all for this week. Have a good week(end)!
Marin