Despite the necessity of the name change, Insomnia had actually been planning to pivot its business for some time. The firm achieved early success through collaborations with major brands like Under Armour, with which it created NFTs based on Steph Curry’s shoes. But as larger ad agencies and holding companies increasingly embraced Web3, Insomnia found it difficult to compete for brand partnerships. That’s when it decided to position its value-add toward ad tech.
“We want to swallow up a part of the market that we think we fit into rather than trying to compete with a space where there’s tons of resources being thrown behind,” said Insomnia’s other co-founder Jack Cameron.
Insomnia is primarily offering two tools for Web3 marketing: The first, called NFT Checkout, allows brands to enable NFT minting directly on their websites, as opposed to doing so through a microsite. According to Huang, the latter method results in a loss of traffic by driving consumers away from a brand’s main site, thereby adding more friction to the experience.
The second tool, NFT Ticketing, can turn any NFT into a corresponding QR code, which can then be scanned in order to verify the owner. As the name suggests, the tech would most commonly be used to process tickets to events, like music festivals and sporting events. This has become an increasingly popular use case for NFTs since they can be programmed to confer special access—a process often referred to as “token-gating.” Events like Tomorrowland and Coachella have already incorporated NFTs into their tickets.