I think in recent years, the world has witnessed a revolutionary technological breakthrough with Non-Exchangeable Tokens (NFTs). These unique digital assets are changing the way we perceive and trade digital goods. As NFTs continue to gain mainstream attention, I think digital marketing and advertising professionals are starting to discover the tremendous potential.
So what is NFT, really?
NFTs are cryptographic tokens that can be found on many blockchains, typically Ethereum. Unlike cryptocurrencies, NFTs can represent ownership of a unique item or content; such as digital art, collectibles, music, virtual real estate and more. Each NFT has a separate value; it can be bought, sold or traded. It is stored in blockchain, a secure and transparent digital ledger.
NFTs bring a groundbreaking solution to the authenticity problem in the digital space. NFTs based on blockchain technology can be utilized to verify the ownership and authenticity of digital assets. Brands can benefit from NFT technology to ensure transparency, combat plagiarism, provide proof of authenticity to consumers, and build trust and reliability.
Advantages of NFTs for brands
Increased brand awareness: NFTs can help businesses increase their brand awareness by creating a sense of excitement around their products or services. For instance, Adidas released an NFT collection that sold out in minutes and made a big impact for the brand.
New revenue streams: Brands can provide new revenue streams by selling NFTs directly to consumers or using them to generate royalties. For example, the Bored Ape Yacht Club NFT collection has sold over $1 billion in sales, and the owners of these NFTs receive a portion of the royalties when a NFT is sold.
Improved customer engagement: NFTs can help businesses improve customer engagement by creating a more personalized and immersive experience. For example, the NBA Top Shot platform allows fans to collect and trade digital trading cards of their favorite NBA players. This has helped to build a more engaged and passionate fan base for the NBA.
So how should brand-specific strategies be designed in NFT Marketing?
Social Media Marketing: Social media is a great way to reach a wide audience of potential NFT buyers. Brands can create interesting content about their NFTs. It can organize contests and gifts. For example, the CryptoKitty platform has more than 1 million followers on Twitter and regularly hosts contests and giveaways to promote its NFTs.
Email Marketing: Email marketing is a great way to stay connected with existing customers and promote new NFT offers. Businesses can send regular newsletters with updates on NFT projects, special offers, and more. For example, the NBA Top Shot platform sends regular newsletters to its subscribers with news about new releases, upcoming events and other information.
Business Partnerships: Partnerships with other projects in the field of NFT can help increase brand awareness and reach a wider audience. Businesses can collaborate on projects, co-market each other’s NFTs, and even create joint ventures.
Mainstream Media: NFT’s can be used to get positive media coverage for your project. It can help you raise awareness about your project and attract new buyers. For example, the Bored Ape Yacht Club project has been featured in a number of major media outlets; including the New York Times, the Wall Street Journal and Forbes.
NFT marketing is a complex and constantly changing field. However, if brands want to create an innovative perception of themselves, it is an important area that they need to focus on. By using the right marketing strategies, brands can reach their target audience and create excitement around NFT offers. I think NFTs are a powerful and innovative tool for brands of all sizes.