While Gen Z is skeptical of investing in NFTs, they’re even more distrustful of the forms of investment to which previous generations would often turn. Seen as old-fashioned and outdated, buying stocks presents an even drearier precarity, and Gen Z becomes more aware every day that the investment methods of their parents likely won’t be panning out for them. The entire prospect of either investment weighs heavily on them. However, Gen Z is interested in cryptocurrency overall and does want to get involved.
As brands move further into NFTs and invest in them as marketing tools, here’s what they can do to get GenZ on board with the value of this emergent token.
Offer educational tools for Gen Z to empower them to feel confident in making decisions. This isn’t merely emphasizing trustworthiness or building hype for NFTs, but rather helping equip Gen Z to approach investments with knowledge. Digital investors cite social media influencers and accounts as the number one way they educate themselves and get advice about investing, compared to stock investors, who turn to the news, family, and friends. This is an opportunity for brands to partner with savvy, smart influencers when releasing NFTs.
Present NFTs as a tool for advocacy
Gen Z also deeply cares about their world–they want to take an active role in positive change, and they fully expect brands to do so. The cutthroat environment of the investment world often feels antithetical to their communal understanding of social justice. Their understanding of investment and ownership is less individualistic than that of their older counterparts, and they view their own interests as intrinsically tied to a wider community. NFT investments become more appealing when they blossom into something that benefits individuals and causes, in tandem.
Helping the Cause
Brands can strategically present NFTs as a creative way for Gen Z to invest such that they’re benefitting the communities and causes they care about as well as investing in themselves. NFTs function not only as a solo investment but are also a way Gen Z can show their support materially. Consider Bacardi’s Music Liberates Music 2021 activation, wherein Bacardi minted NFT mixtapes with tracks from three Caribbean female musicians. The auction helped to generate buzz for the NFTs and funds for these artists, but also gave the auction winner and the artists ongoing benefits. With every song stream, both the NFT owners and the artists continued earning.
Traditional investment methods may have been a way to demonstrate financial clout, but NFTs offer a more creative way for investors to express themselves. Gen Z finds freedom in expressing their identity and experimenting with aesthetics, and part of their interest in NFTs specifically stretches beyond mere monetary gains.