Penang, 31 May 2022 – Non fungible tokens or NFTs is a debatable subject having come into existence since 2014. However, marketing agency Jumix Sdn Bhd is determined to grab the bull by the horns and turn the buzz into more than just a fad with BeUtopia – a universe where characters called BeU live in.
"We believe that this approach (NFTs) will change how brands and businesses work in the future. First, we need to get brands familiar with the concept and then offer to help them from end to end in campaign launches," said Sanz Teoh, Chief Executive Officer and Founder of Jumix.
Introducing the firm’s project BeU, Teoh explains that Jumix's initiative is for anyone who feels misplaced in society for the sole reason of choosing to be different, or out of the norm. The BeU are inspired by Matryoshka dolls known for their representation of a mother carrying a child inside her.
"Prints on prints, inner-wear worn as outerwear, tattoos and piercings as a sign of expression rather than representation; this is why our NFTs are unconventional looking. Our community aims to include all walks of life, including the creative people but most importantly, we want to create a safe space where everyone can embrace their strengths and weaknesses and just be themselves in BeU," he adds.
Citing many NFT campaigns that have failed because it was seen as fad, Jumix is committed to change this perception. Renowned brands like Adidas, NIKE, Gucci and FMCG brands are starting to invest in NFTs and the interest is expected to flourish.
Acknowledging possible resistance to the new marketing approach, Teoh said: "We cannot change the adaptation rate in Malaysia but we are looking at brands who no longer believe in fax machines, mobile phones with a physical keypad and opting for things that are digital because it is more sustainable, convenient and beneficial."
An NFT is constructed with the same type of programming as cryptocurrency but it is a digital asset that represents objects like art, videos, music, or in-game items. Each NFT bears a digital signature or a unique identifying code. They exist on a blockchain – a public ledger that records transactions.
Globally, the use of NFTs is spiking, and in 2021 it developed into a US$40 billion market. Research hub Finder released a survey indicating that the Southeast Asian (SEA) market will take the limelight in 2022 as the region's interest is growing and has the highest adoption rates, worldwide.
The online survey consisting a polling pool of 28,000 from 20 countries ranked the Philippines first with 32% ownership, while Thailand scored second with 27% and Malaysia (24%) at third position. The rankings prove that SEA may be driving the international NFT ownership for the near future.
Calling out to brands that are willing and ready to join the evolution of marketing with NFTs, Jumix commits itself to bridging the gaps and to help propel businesses and technology into the future to reap what it has to offer.
"We will not use the word guarantee for success in a campaign, especially in the world of marketing, but we want to help our clients greatly improve their chances at success without losing out on costs, time and manpower coupled with a big amount of risks.
"Jumix has had our own humble experience at this ourselves. Our NFT journey was not easy but when you know what you are doing, have done it yourself, had good data and evaluation of it, it will help reduce risks and increase the chances for success and that's why Jumix should be the choice for brands who want to explore NFTs," Teoh adds.
Some 10,000 BeU collectibles will be available for sale from mid-May, and hosted on the Polygon blockchain, where collectors can mint without paying for hefty gas fee (the transaction fee on blockchain). There will be different stages to the project, each to involve and engage with the community.
"Upon selling 2,000 collectibles (20%) we will organise a donation to a charity organisation that will be decided upon by our community. Upon reaching 40%, we will create an AR filter for our users then at 60% we will launch merchandise for the owners of BeU.
"At achieving 80% sales, we will create an actual 3D life-size doll for 30 of our BeU owners and upon reaching 100%, we are looking to create a game for our community. There are many other plans that we have in the pipeline but ultimately we want the people and our clients to know that Jumix is ready to help them grow from start to finish with NFTs," Teoh adds.
