PPB May 2021

continued on page 70 BRANDABLE Grammy Awards Gift Bag Emphasizes Diversity, Inclusion One of the year’s most sought-after gift bags takes on a theme of diversity and inclusion, featuring products from companies that represent various backgrounds and lifestyles. Every year, the Grammy Awards, hosted by The Recording Academy, provide musical artists, fans and producers the opportunity to collectively recognize and celebrate top songs, albums, and music films and videos from the previous year. As to be expected, this year’s 63rd annual ceremony proved slightly different, incorporating virtual components in line with the coronavirus pandemic—but it also featured a slew of new, must-have products in its sought-after gift bags, which were designed around diversity and inclusion. The Recording Academy asked for this year’s bags to be filled with products from “companies owned and operated by individuals across race, ethnicity, sexual orientation, gender, age, persons with disabilities and beyond.” Given to all award nominees, the gift bag certainly did not disappoint, with an exclusive array of top-notch skincare, haircare and self-care products, tasty treats and interactive activities for families. The value of the 2021 gift bag was not initially disclosed, which is also atypical compared to prior years, although InStyle later reported the bag is worth more than $5,000. Some of this year’s items are available on Amazon, and all the products have a story to share or a cause they help support. One of the products featured, for example, is the Trevor Noah Foundation X Karabo Poppy t-shirt by Bonfire, of which 100-percent of proceeds go to the Johannesburg, South Africa-based Trevor Noah work holds greater value than a duplicate. There are millions of reproductions of Van Gogh’s Starry Night and Vermeer’s Girl with a Pearl Earring , but there is only one original of each, and though you can access the Nyan cat meme through a quick search on Google, there is only one person who owns it. However, arguably one of the most confusing parts of NFTs is that those who own them do not have rights to the actual asset. Although someone owns the Nyan cat meme, the original creator still possesses intellectual and creative rights, according to CNET . The other downside? Even though NFTs run on computers, the running and use of blockchain requires a colossal amount of processing power. According to Digiconomist.net, per transaction, Ethereum uses enough energy to power a household in the U.S. for more than two days. How does it work? NFTs are seen as digital assets that are tied to “tokens,” which hold monetary value in cryptocurrency. NFTs are varied, with some tokens being tied to digital art, trading cards or video clips, and others to tweets, memes or piece of music. With NFTs, artists and companies alike can decide whether they wish to sell a one-off work, or whether they wish to sell a collection or several copies of an original work. And possibly the best part, sellers can continue to earn a percentage from the sale of their works, even after they are sold. Creators and brands, thus far, have begun tapping into the NFT market as a way to sell digital assets, which are referred to as “tokens.” DJs and musicians Deadmau5 and Steve Aoki have made and sold NFTs, while rock band Kings of Leon released its latest album, When You See Yourself , as an NFT. Nike has reportedly registered for a patent for “tokenized shoes,” writes CNN , known as “CryptoKicks.” And with more individuals, investors and brands tapping into the NFT industry by the day, we’re only likely to see more innovative assets and unique creations being made and sold. Read about the applications one distributor owner sees for NFTs and promotional products on page 71. Giogiogio / Irin.a.r.t / Shutterstock.com 68 | MAY 2021 | THINK