Most people working in Web3 will tell you that NFTs have a branding problem, and, as I’ve written about before, for the most part, it’s true. Hop on any social network today, and you’ll see the jokes and general disdain people who don’t know very much about the technology have for the industry, and, by now, most of us working in the space understand it comes with the territory.
The idea that NFTs have a branding problem is so pervasive that companies often take steps to address it, like publishing blog posts about use cases and creating content showcasing utility.
One of the main things brands do to dance around the branding problem is to avoid using the term “nonfungible token” or its acronym altogether, banishing it and wordsmithing their way through descriptions that often come with the unfortunate side effect of selling the technology short.
Not actually saying “NFT” is a particularly useful route taken by companies unwilling to risk their legacy branding when dipping their toes into the space for the first time, like when Reddit launched its Collectible Avatars last year and decided to describe them as “blockchain-backed” while never mentioning “NFTs.”