HOW CAN MARKETERS USE NFTS
What Are NFTs?
?Non-fungible tokens are referred to as NFTs. They're digital assets that can be purchased and traded just like any other asset. Each NFT is "tokenized," which means it has a unique digital certificate of ownership. The blockchain is a digital ledger that stores the ownership token.
All of this appears to be rather difficult.
Here’s an example:
Assume you wish to purchase the Mona Lisa. The fact that there is only one original adds to the painting's worth.
Despite the fact that there are millions of prints of the Mona Lisa, you would only own the original.
The same is true with NFTs, only everyone has effectively opted to agree which version of a digital file is the “original.” This implies that you have the original, tokenized form of whatever NFT you buy, but others can still access it.
This is where the example deviates: with an NFT, there is no tangible thing to hold. Your transaction is instead recorded on a blockchain ledger.
If you want to understand more about how NFTs operate (and how brands are utilizing them); I will be publishing articles on this topic.
??How Can Marketers Use NFTs (With Examples)
?The field of art isn't the only place where NFTs are gaining traction. This technology is being used by a lot of prominent firms to fuel their marketing efforts. Here are six examples of how companies are using NFTs to increase brand recognition and profitability.
?Build Brand Awareness: Marriott
Interested in expanding your brand awareness initiatives into the metaverse? NFTs can assist companies in increasing brand awareness.
Marriott's Marriott Bonvoy travel program takes advantage of NFTs. Three artists collaborated with the brand to produce three different NFTs inspired by travel experiences. On their website, they posted the following teaser:
The NFTs were introduced at an event held at Art Basel, the world's largest contemporary art fair. The NFTs were raffled off in a drawing. The winners received their own NFT as well as 200,000 Bonvoy points.
By utilizing NFTs, the event served to raise brand awareness and create enthusiasm for Bonvoy's brand and experiences.
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Expand Audience Reach: Bicycle Cards
?Want to broaden your reach and tap into new markets? You don't have to stick to Facebook lookalike audiences.
Bicycle, one of the oldest card businesses in the world, is aiming to expand its market. The company has been a cornerstone in the card printing business for almost a century, having been founded in the 1800s.
However, things are changing, and Bicycle wants to reach out to a younger demographic, many of whom are interested in cutting-edge technology like NFTs.
Their first-ever NFT collection was just unveiled. Owners will get access to unique events, presales, and a physical deck of NFTs in addition to the NFTs designed by artist Adrian Valenzuela.
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Protect Brand Image: Robert Mondavi Winery
While smaller businesses are less concerned about knockoffs, heritage brands are turning to NFTs to preserve their brand image.
Robert Mondavi Winery has also joined the NFT bandwagon, albeit in a completely different way. Rather than employing NFTs to extend their audience or promote their brand, one well-known business utilizes them to safeguard the quality of their wine.
Concerned about the rising popularity of knockoff vintages, they collaborated with artist Clay Heaton to produce a line of wines with porcelain bottles and NFTs to authenticate the wine.
They?launched this collection?in an effort to get ahead of the curve in wine providence:
“Both the NFT and wine collector communities thrive on authenticity, traceability, and ownership, so a pairing of the two through this unique offering is a natural progression that offers exciting possibilities and foreshadows the future of collectorship, where blockchain technology sets the standard for provenance.”
Support a Good Cause:?Kinetic Sand
Consumers prefer to patronize businesses that give back. In fact, 84 percent of millennials say they prefer to support businesses that are open about their principles and have a trustworthy culture. They aren't looking for promises; they are looking for results.
NFTs are being used by Kinetic Sand, a popular brand of squeezable, moldable sand, to collect funds for the Boys & Girls Clubs of America (BGCA) to enhance its arts and creative experiences programs.
In partnership with artist Dan Lam, the NFT collection was created.
Promote In-Person Events: AMC/Spider-Man
Are you searching for a way to advertise live events? Consider taking a page from AMC and providing NFTs to the first few registrants.
When the new movie's tickets went on sale, AMC awarded the first 86,000 AMC investors who bought or reserved a ticket a free NFT. Users would no longer be eligible for an NFT if they purchased a ticket but did not attend the movie.
Users had to not only be a member of the AMC rewards program, but they also had to go to the cinema in person to view the movie.
Adidas utilized a similar technique, rewarding hard-core supporters who attended certain events with POAP tokens.
Drive Pre-Orders: Gary Vaynerchuk
Gary Vaynerchuk is well-known for a variety of reasons, one of which is his obsession with NFTs. He liked them so much that he chose to market his new book, Twelve and a Half: Leveraging the Emotional Ingredients Required for Business Success, with them.
It's important mentioning that this isn't his first book; the book may easily have sold well without the NFTs. Regardless, the book immediately surpassed a million pre-orders in its first day, which is a huge accomplishment.
It operated like this: for every twelve copies purchased in a 24-hour period, purchasers received one NFT. The NFTs certainly created a splash, based on the findings.
Conclusion: NFTs for Marketers
?NFTs give advertisers a new method to connect with their customers, raise awareness, and even promote new product lines. Are they, however, here to stay, or are they merely another marketing blip? Only time will tell if this is true. Big companies are utilizing NFTs in novel ways, according to what we've seen, so it's worth paying attention to.
Make sure you're getting the most out of SEO and content marketing before diving into new techniques like these. These tried-and-true techniques are what create long-term success, not just market attention.
We can assist you with your digital marketing plan, as well as your interest in employing NFTs for marketing.