THE NFT MARKET FELL APART. BRANDS ARE STILL PAYING THE PRICE

Summary from the TLDR Marketing newsletter

Once hailed as a marketing breakthrough, NFTs have become a liability for brands like Nike, DraftKings, and Dapper Labs. Once-promising web3 ventures are being shut down, and buyers are suing over lost value, unfulfilled perks, and alleged securities violations. Studies suggest NFTs may even hurt brand perception, especially for luxury goods. As NFT valuations continue to crash, companies are left dealing with legal fallout and little return on their blockchain bets.