The Rolling Stones Digital Certificates | NFTs in Disguise
Not everyone who gets involved in NFTs is entirely a fan of them. This month, The Rolling Stones are releasing a new NFT project, but are avoiding any NFT terminology. Why is this potentially a smart move?
More and more bands and artists are getting in on the NFT hype. However, not all of them are keen to associate themselves with the term. The Rolling Stones will release 40 photos linked to non-fungible tokens in April. Instead of being named NFTs, these will be Digital Certificates of Authentication (DCOA).
Anti-Terminology Trend
There is a keenness to push NFTs into the mainstream. Mass adoption of blockchain technology has been a key focus within the community for some time. There are a number of new and exciting use cases that display the versatility and helpfulness of NFTs beyond digital collectibles.
There’s a slight snag, though.
NFTs don’t have the greatest reputation across the board. It can feel like there’s quite a high barrier to entry, leading to many people not really understanding what these tokens are. The most information about NFTs lots of people will have received likely centres around celebrities and tanking NFT projects. Overpriced JPEGs with little real-world value. Vanity projects gone awry.
Recently, a trend has seen blockchain projects avoiding NFT terminology altogether. The idea is to promote the project’s advantages and value, without linking to the technology behind it, or its sketchy reputation. As a result, non-NFT-obsessed people are more likely to take a look, rather than be scared away.
Why Do NFTs Have a Bad Reputation?
Since NFTs are a relatively new technology, there have been a number of teething problems. Unfortunately, bad actors have attempted to spoil things for many.
People have been put off the idea of NFTs thanks to numerous scams, rug pulls, hacking, fraudulent behaviour, and other scandals related to crypto. A series of lawsuits and collapsing projects towards the end of 2022 left many feeling like NFTs were dead.
Despite all this, there are plenty of people still ploughing ahead with NFT projects. This is largely down to the acknowledgement of their inherent usefulness, far beyond expensive digital collectibles. A great way to swerve a bad rep and get people excited is to ditch the terminology that incites scepticism in people.
The Rolling Stones Digital Certificates
The latest project to join the anti-terminology trend is one from rock and roll legends, The Rolling Stones. 40 photographs of the band, comprised of “historical moments captured from various tours over the 1960s-1990s”, will be released as non-fungible tokens. These will be priced between $199 and $300.
Rather than using the term “NFT”, these photographs will be referred to as Digital Certificates of Authentication (DCOA). In essence, this describes perfectly what an NFT is. But, it sounds much more official and easy to understand.
These Rolling Stones NFTs will be put out by Globe Entertainment and Media, and the web3 company OneOf.
Whether this strategy to encourage the mainstream use of NFTs by sneaking them past people under a different name will work remains to be seen. There have already been examples of this being successfully done. The marketing for the new vampire movie, Renfield, featured NFTs without the term “NFT” being used.