How Brands Are Using NFTs!

It doesn’t take an expert to tell that technology has been advancing at warp speed lately. One of these elements (and arguably the most discussed) includes blockchains. It used to just stand for different cryptocurrencies but has now expanded further into the world of Non-Fungible Tokens, also known as NFTs.

These have been around for the last few years, but very recently became a hot topic (and an even hotter investment). It’s a unique cryptographic asset that cannot be replaced, and more interestingly, cannot be exchanged for another. The result? Every NFT has its own value and reserves the right of distribution.

NFTs are incredibly versatile and can potentially reframe new avenues for brand storytelling and consumer interaction. Now, you can:

1. Create unique brand experiences
2. Encourage interaction
3. Intrigue audiences and sharpen interest
4. Increase brand awareness

Ultimately, all of these aspects will be key pillars in driving conversion rates, and subsequently, overall revenue earned. At the moment, research has proven that 83% of millennials prefer to do business with a brand that aligns with their values.?

Need proof? Understandable, and here’s some undeniable evidence of the power NFTs hold. Taco Bell decided to sell 25 NFTs to fundraise their ‘Live Más Scholarship’. The result? Started bidding at $1, they all sold for thousands of dollars each - with one even racking up a whopping $3,646! They really killed two birds with one stone in this initiative as they drove brand awareness and created immense hype all whilst supporting a good cause - tripling up positive PR points.?

I know NFTs may seem daunting at first, but you need to consider this: Are you going to be a leader or a follower? It’s clear this is a trend that’s going to engrave itself into the system, so you need to take a (calculated) leap of faith and venture into the future!