Of course, NFT marketing has seen a drastic pullback compared to its heyday 18 months ago, when it seemed like every brand was showering consumers with digital tokens. Even after such a marketing blitz, many consumers not only remain unfamiliar with NFTs but also feel antagonism toward them. This illustrates an undesirable consequence of excessively promoting a new piece of technology.
At the heart of this misunderstanding is a conflation of consumer interests with those of marketers, according to iHeartMedia, which presented the study, along with Malcolm Gladwell-owned Pushkin Media, at its annual AudioCon event in New York on Wednesday.
In the case of NFTs, for example, every marketer reported being familiar with NFTs. The theory held by iHeartMedia suggests that marketers’ familiarity led to an overestimation of familiarity and value for consumers.
“This research is a reminder of how different we marketers are from today’s consumers, especially post-pandemic,” said Bob Pittman, chairman and chief executive of iHeartMedia, Inc, in a press statement.
A similar line of thinking could be drawn with respect to AI-focused marketing practices—a possible explanation for why consumers report lower enthusiasm for the technology than marketers.