Ad agencies must consider the benefits of using blockchain and NFTs for business

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 08, 2021, 12:53 PM UTC

Brands can pitch information like total budget, hours, and more using blockchain smart contracts, and have it validated by other stakeholders.

The author makes a case for the advertising agency ecosystem to find ways to use blockchain and NFTs, given the benefits they offer. A majority of NFTs are based on Ethereum, which is a decentralised platform that uses blockchain to build and execute decentralised digital apps (DApps).

The DApps ultimately enable the creation of smart contracts. This allows buyers and sellers to transact without the need for a central governing body.

Pitching using smart contracts make the process fair for clients and agencies as it can “take away the imbalance of power in pitches.” Also, due to blockchains and NFTs, decentralised autonomous organisations (DAOs) like LLC, allow like-minded people to work together, without exclusive employment contracts.

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