Shi LAN, CEO of Coffey Technology: the digital collection market is growing rapidly. How does the enterprise layout and enter the market?

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On May 26, the 2022 yuan universe cloud summit ใƒป digital collection Summit Forum hosted by Babbitt was officially opened. Shi LAN, founder and CEO of Coffey technology, delivered the keynote speech "crossing the era: the latest case and blueprint of digital collection marketing". She said that the meta universe is the next generation of Internet, and the digital collection or NFT is the cornerstone of digital assets to build the meta universe. Metauniverse marketing is a cube, which requires comprehensive consideration of value, content and action. Among them, the three elements of value include digital technology driven, unique brand stories and lasting ecological operation; The three elements of content include digital people, digital goods and digital space; The three elements of action include quick action, daring to try, single point breakthrough, creating explosive points, and value retention and continuous evolution. In addition, Shi LAN shared six entry points on how to create explosive points in Yuan universe marketing, including fun, social grass planting, hot topics, artistic beauty, uniqueness and commemorative significance.

The following is the full text of the speech edited by Babbitt

The topic I share today is the latest cases and blueprints of digital collection marketing. First, I will introduce the two most influential digital collection cases overseas, and then talk about the application scenarios in China.

My sharing session focuses on three topics: 1 Why pay attention to digital collection marketing or meta universe marketing? From the background of historical development, human culture and technological changes, we are crossing the critical point of an era. For brand enterprises and individuals, what does this critical point across the times mean? 2. let's take a look at the cube of meta universe marketing, that is, what is the so-called meta universe marketing or digital collection marketing, what content it contains, what connotation and extension it has; 3. practical, that is, how do we layout and enter the game? Through some specific cases, I will share how to use meta universe marketing to create explosive points from six directions.

What is digital collection marketing?

Why pay attention to digital collection marketing? Let's look at the data. In 2021, we heard the word NFT repeatedly. Collins dictionary also rated NFT as the word of the year in 2021, because its usage increased 1100 times that year. The transaction volume of opensea, the world's largest NFT market, was US $21.7 million in 2020, a year-on-year increase of 646 times to US $14billion. In the first quarter of this year, the total transaction volume of the global NFT market has reached 50billion US dollars.

Both the single market and the total market are in a state of exponential growth. The outbreak of yuancosmos in 2021 was prompted by the outbreak of the epidemic and the rush of leading technology enterprises to enter the market. Metauniverse is regarded as the next generation Internet, and digital collections or NFT is the cornerstone of digital assets to build the metauniverse.

Who are the users of meta universe or digital collection marketing, and who are the core participants? The most important thing is generation Z, the so-called "digital aborigines", who grew up in the digital age. They regard NFT as a digital asset for value storage. More and more people are aware of digital identity and digital ownership. Digital assets have naturally become a new way for the next generation of Internet value exchange.

Bayc boring ape should be an IP that can not be bypassed by all those who pay attention to the meta universe and digital collections. This project is actually very young. It was first released in the first half of last year, and it was created by four unknown young people. Yuga labs, the parent company of bayc, has been valued at $4billion. Many people believe that they will become Disney in the meta universe era and an enterprise with great influence in the world.

What did bayc do right? Why do they have so much influence in the world? First of all, from the visual image, I don't know if you will like such a boring ape. But it does represent a mental state that all coin circle users can understand when it appears. Is this kind of mental state indifferent, boring, or is it a kind of enjoyment? It can stimulate the cultural consensus of this group of people. Therefore, in terms of character image or aesthetic taste, it has emotional connection with the people it wants to face. Secondly, the ownership and blessing of stars and celebrities played an important role in the distribution of boring apes. As we all know, NBA stars curry, O'Neal, football star Neymar, and music circle Justin Bieber are all owners of boring apes, and they spontaneously publicize boring apes, so it quickly broke the circle. But the most important point is model innovation. Why can boring apes come from behind and surpass the old cryptopunks? Because of its open copyright, it can have close cooperation with commercial brands.

Recently, there was a very hot news in China's brand circle that Li Ning also bought a boring ape. After Li Ning bought it, he built a flash store and a flash event in Sanlitun, Beijing with the theme of "boring not boring" from the end of April to the middle of May. Li Ning has perfectly integrated youth culture, extreme sports and trend elements, and achieved a very outstanding effect in terms of the influence of brand events. The open copyright of boring ape has formed a new paradigm of IP licensing and brand cooperation. In the past, if we wanted to talk about cooperation with an IP, we might need very complicated and lengthy procedures. Now you may only need to purchase an NFT with full open commercial copyright to achieve this. Moreover, it is a global authorization, which really brings us a lot of imagination.

Next, let's introduce the encryption fashion brand rtfkt. In fact, rtfkt was established during the epidemic in 2020. In May last year, it received $8million from a16 Z. together with the chief digital officer of LVMH and the co-founder of fist games, it participated in the investment. At that time, rtfkt had only 2-3 full-time employees. At the end of last year, Nike acquired rtfkt.

When it comes to companies that embrace digital technology most closely in traditional sports, Nike is the first. As early as 2019, the US Patent Office released the patent applied by Nike for its blockchain sneakers cryptokicks. In this patent, Nike says that it can use blockchain technology to attach encrypted digital assets to physical products, that is, when users buy a pair of Nike shoes, they will also receive unique digital assets. Moreover, cryptokicks owners can also mix digital shoes with other digital shoes to create the second generation of shoes, so as to generate a new pair of physical shoes.

In November, 2021, Nike and the first stock roblox of metauniverse cooperated to build Nike space with Nike's global headquarters as the background. In addition to providing players with classic sports games such as trampoline and dodgeball, this space can also unlock virtual goods designed by Nike, such as the classic air force No. 1 sneakers. In December last year, Nike acquired rtfkt. The CEO of Nike said that this is a very critical step for Nike to accelerate its digital transformation, so that they can provide services for athletes and creators at the intersection of sports, creativity, games and culture.

There are several key words here, one is digital transformation, the other is sports, creativity, games and culture. When all brands are connected with digital collections or meta universe, they may start from these directions and combine the brand industry + creativity + Games + culture. What new space can we find at this intersection?

Metauniverse marketing cube: value, content and action

What are meta universe marketing and digital collection marketing? I call it a cube because it is not one side. Different people may see different things from different sides. Since last year, we have made the debut of China's digital collections for more than a dozen industries, so I want to share it from three perspectives today.

First, what is the value of meta universe marketing. I think it is a brand declaration and action guide for the new humanity. The so-called new humans are the aborigines in the digital age, who spend their time in the scene of online and offline integration. It is not necessarily about age, even if it is not the so-called generation Z of the post-90s and post-95s, but as long as the life scenes are more and more integrated with reality and virtual, they are all what we call new humans.

From a value perspective,We can see three core values: first, a new digital experience. It must be driven by digital technology. This digital technology not only refers to blockchain technology, but also includes a variety of technologies, such as the common integration of virtual human technology, vr/ar, 3D imaging, high-performance computing and other technology scenarios, as well as the data analysis used in traditional digital marketing.

Second, we need to create a unique brand user story. In the whole meta universe marketing scenario, the most important point is how enterprises establish empathy with users. Instead of telling them the story of your brand from top to bottom, you create it with your users, consumers and community members. In the example we mentioned earlier, whether it is boring ape or rtfkt, whether it is Li Ning or Nike, they all enter the scene of meta universe marketing from this perspective. In the new era, how to occupy users' minds? We need a new way, and the most important thing about this new way is that you should create it together with your users.

Third, it should be a sustainable ecological operation and create long-term value. Although what we are seeing now may be the hot money of oneortwo brands or activities with traffic, in fact, this is not the core. The core is that the enterprise has a set of sustainable ecological operations behind it. The management of customer relations, the operation of private traffic, the research and development of new products, and the release of market-oriented information are linked together, which is an organic whole.

From the perspective of content,Traditional retail or traditional commerce always mentions "people, goods and fields". It is easy to understand that there are digital people, digital goods and digital space in the meta universe.

In many industry cases, some started from digital people, such as Liu Yexi and ayayi, who were very popular last year, and various digital idols and digital people, who have made various cooperation with different brands. Since last year, many brands have continuously increased their budgets and investment in digital collections. In overseas, meta universe may often refer specifically to some public chain based meta universe spaces built on blockchain such as decentraland and sandbox, while China is talking about another thing, which is an immersive platform for online activities, such as Baidu's xirang, Netease's Yaotai and other meta universe spaces. However, whether or not it is built on the blockchain, the essence behind it is to create an immersive user experience scenario.

Finally, from the perspective of how to act,I also summarized the three elements of a meta universe marketing action. First of all, all relevant executives or business owners should act quickly and have the courage to try. You don't need to think very clearly, because all these things are developing very fast. If you don't bow down and join the game, you can't master this feeling. You must roll up your sleeves and really do a project. You must really buy a digital collection. You must really participate in the community and talk with users every day, so that you can really feel why people buy a commodity without entity, So courage and speed are very important here.

Second, single point breakthrough to create explosive points. If you want to gain trust quickly, this trust refers to the trust within the organization, that is, how to persuade your boss, board of directors and partners. If you want to do this, you may still need to find a single breakthrough and create a breakthrough point of explosion. This is to enable us to quickly achieve a visible success, so that we can get more resources in the organization, continue to invest, and build a consensus and confidence with everyone. Therefore, we should concentrate our troops to make a point and penetrate it.

Third, value retention and continuous evolution. From two aspects, one is the digital people, digital collections and digital space we have created, which should not be isolated and one-time. It should be a very important part of the future balance sheet. It is a digital asset created for the future. This value needs to be preserved. The second point is that the experience and lessons we have learned from our customers, whether at the C-end or the b-end, are important driving forces for us to rapidly iterate and continuously evolve. Therefore, we should retain these values.

The forms of digital collections are very diverse. In addition to the plane pictures, GIF motion pictures, 3D modeling and videos we usually see, they can also be ar interactions or equity certificates for the digitalization of physical goods. So I suggest you not to be limited to its form, but to see the value behind it.

How to arrange the Bureau

We already know why meta universe marketing is worth paying attention to, what is its connotation and extension, and what should we do?

As a manager of an enterprise and a brand owner, short-term and long-term goals are indispensable. Both short-term visible gains and the foundation for long-term gains are important. So I used this subtitle: "from the fruit that can be picked by hand to sowing seeds for the next 20 years". Why "the next 20 years"? Because we have seen the huge industrial changes brought about by digital collections and metauniverse, including Web3.0 technology. It has a 20-year influence. Everything we do today and the seeds we sow will continue to sprout in the future.

Coffey technology is an enterprise focusing on digital collections and metauniverse. Its main business is metauniverse marketing and creator economy. We hope to continuously connect brands, creators, users and their friends through two flywheel effects (content flywheel effect and social flywheel effect) in the process of creating the spiritual home of the digital world.

In the process of our own evolution, we have gone through many interesting ways by exploring meta universe marketing and digital collection marketing for our customers. Therefore, I would like to share our experience with you.

How to use meta universe marketing to create explosive points, especially how to quickly create fruit that can be picked by hand? We have summed up six points. In fact, there are far more than six points, but we can start from these points.

1. fun

For example, in October last year, we launched the digital collection of China's snack industry together with Publicis group and Oreo, which is also Oreo's world's first landscape painting biscuit. As long as the Orio app is opened, consumers can see a 360 degree long scroll of dynamic landscape painting, and can interact and play with it. And every consumer who buys biscuits or corresponding commodities can get a lucky code. This lucky code can draw a lottery. Winning the lottery can get a unique digital landscape biscuit. Each dynamic landscape is different.

In addition, "Naixue's tea" launched the 6th anniversary of "beautiful multiverse" in December last year. It also cooperated with Caffe technology to launch Nayuki NFT digital art blind boxes. 300 blind boxes were sold out in one minute, and led to a recharge of 200million Gmv within 72 hours. This is what we mean. The enterprise should make the whole thing interesting and fun for everyone to participate in.

2. social grass planting

You should make it social and plant grass. In February this year, tmall launched the official content channel "something". The theme of the first issue of "something" is yuancosmos collectors. Coffey technology and tmall have invited some brand customers, including jiangxiaobai, LiBai, definix chaopai, OLAM wine, etc. through the digital collection activities with very social topics, it has promoted the launch of physical goods and sold them out.

3. hot topics

Find some hot topics and current affairs. For example, the Winter Olympics themed digital collection we made with Philips in February this year combines Winter Olympics ambassadors and virtual idols. Before the Spring Festival, together with Midea and the China Green Development Association, we launched the meta universe public welfare project for the protection of endangered animals, linking the zodiac signs of the new year of the tiger with the themes of animal protection and biodiversity.

4. artistic beauty

The current consumers or young people have a slogan "beauty is justice". The taste and value of aesthetics and artistic sense are very important to them. Last May, together with China Guardian, we made the first NFT shoot in China's art collection industry. We have also brought a lot of goods by CO branding with artists, designers and well-known IP. For example, we have cooperated with rococo and Oran red wine to make the consumption of red wine more artistic. Cross border co branding through digital collections is much easier than the traditional way; There is no need for heavy offline execution, manufacturing and logistics transportation. It can change rapidly and the marginal cost is lower.

5. unique

The English word corresponding to the digital collection is non fungible token. It is very important that it is unique, which is also the focus of today's personalized young people. So in this scenario, we cooperated with the German enterprise Jiede, which has a long history, to combine the digital collection with the card surface of gift cards and personalized bank cards. For another example, we cooperated with Alipay to make personalized payment code skin.

6. commemorative significance

The digital collection has a very important feature. It is cast on the blockchain and will never die, so it is very suitable for commemorative scenes and moments. The Big Mac magic cube NFT that we cooperated with McDonald's to commemorate the completion of the new building, and the 2021 cover NFT that we cooperated with Caijing, all represent memorable collections.

When enterprises want to quickly get the fruit that can be picked, they can think from the above six perspectives. In 2018, the economist published a very influential cover article, proposing that data is the oil of the 21st century and that data is the most important and valuable resource in the world. In the era of the development of the Internet and mobile Internet, we all create value around data. In the next 20 years, we believe that digital assets will become the most important intangible assets in the future. We can not only find the extended value through data collection, analysis and mining, but also make the digital content itself become an important asset value.

How do we create it? Each brand has its own different practices, but the most important thing is that we should have courage and speed from now on. That's all for today's sharing. Thank you!

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