How Your Brand Can Create Commercial Value With NFT’s

POV: You're a company, seeing billion dollar brand after billion-dollar brand turn their legacy assets into NFT's, and you're wondering: to tokenize, or not to tokenize?

Yes, your brand should tokenize. Don't make the mistake of thinking of NFT's as just a passing trend. NFT's are the foundation of web3 commerce, and they're absolutely here to stay.

Here's why and how big brands are getting into NFT's, and how you can, too. Read on!

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NFT's, or non-fungible tokens, allow for NFT buyers to interact and connect with brands and community in ways that have never been possible before. The introduction of NFT's into your business can completely transform the future of your brand, and expands how consumers interact with and consume your brand. How?

• NFT's create a sense of belonging within a unique, digital community
• Space for collaboration and connection is created alongside like-minded people that share similar values and interests
• Buyers get to access special or one-of-a-kind rewards and experiences (e.g. physical events, etc.)
• The opportunity to invest in collections or other assets is now available, potentially for a financial gain

NFT creators can also benefit from turning into a brand and building a community around their brand as well:

• Creators can share work (e.g. art, collectibles) or their ideas directly with their community, and eliminating third parties
• Community members are provided with more opportunities to engage with the NFT creators brand through discounts, voting rights, or exclusive events
• Accessibility increases and community members from all over the world can participate
• Lower customer acquisition cost through user-ownership and direct engagement

One thing to remember about successfully building a brand in web3: community is key.

How Legacy Assets Benefit From Tokenizing

How Are Brands Tokenizing?

When you hear about brands entering the NFT space, you typically hear of them launching an NFT collection. Currently, the most popularized use case for NFT's is digital collectibles, i.e., fun pieces of art. These art NFT's, and other NFT use cases, are a public signal from brand to the public of their alignment with the modern and innovative infrastructure of NFT's and NFT communities.

What are some other ways your brand can enter the NFT space? Here are a few different NFT types to consider:

What Brands Have Already Gotten Into NFT's?

A few (non-exhaustive) examples:

• Gucci x Superplastic, "SUPERGUCCI" – Gucci and Superplastic collaborated to launch an ultra-limited series of 500 NFT's. Each NFT incorporates House codes found in the Gucci Aria collection, and comes with an exclusive 8-inch tall white ceramic SUPERGUCCI SuperJanky sculpture, which is hand-crafted by ceramicists in Italy.
• The Australian Open, "The AO Art Ball" – The Australian Open partnered with artists to create artsy tennis balls that allows people to participate in the Australian Open event remotely with exclusive physical merchandise as rewards
• Death Row Records, "Series 1: Nobody Does It Better" – Death Row announced their becoming an NFT label. Not too surprising since Snoop Dogg is an NFT kingpin that goes by the name of Cozomo De' Medici in the NFT world. Snoop Dogg released new album as NFT’s including rewards, like an invite to a party at Snoop’s LA mansion. The project sold out for $125M.
• Coachella, "Coachella Collectibles" – Coachella published a range of NFT’s for tangible real-world benefits, including lifetime VIP and other exclusive accesses
• Oregon University Football Team, "Flying Formations" – Nike designer & University of Oregon graduate Tinker Hatfield designed 120 unique, physical pairs of UO special edition Nike Air Max 1s, featuring the unique NFT on the tongue of the shoe as well as Hatfield's autograph.
• Liquid Death, "Murder Head Death Club" – Liquid Death created a limited-edition collection that includes perks for the NFT holder like getting branded merch, the chance to be in a commercial, the chance to have their face tattoed on the CEO, and becoming CEO of Liquid Death for a day

Why should my brand get into NFT's?

How can I get my brand into NFT's?

Once you know how and where to start, the rest is easy! Here's where to begin:

Step 1: Start

They say the hardest part of getting started is actually starting, and that is completely true. All you have to do to get started is put one foot in front of the other. Develop a long-term strategy for NFT's within your business, and put together a future roadmap of how you will roll out NFT's and when.

Step 2: Do your first mints

Once you decide upon your strategy and roadmap, you will know how and where you will be minting your NFT's. We advise starting with simple mechanisms and projects that easily serve your target audience.

Step 3: React

After launching your project, gather your feedback and results. Analyze your results, and compare them to the goals you had set for the project. Then, based on your analysis, iterate.

Step 4: Develop

Test. Analyze. Iterate. Repeat. Continue developing your mechanisms and work on attracting a wider audience.

Step 5: Keep building

Keep leveraging the lessons you have learned from initial experiments as well as market developments and build upon your roadmap.

#wagmi

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