Technology has evolved at breakneck speed over the past few years. One area that has enjoyed some of the most rapid advancements is blockchain. That doesn’t mean only cryptocurrencies like Bitcoin, Ethereum and a host of other cryptocurrencies are being sold in the crypto market. death. Let’s look at non-fungible tokens (NFTs) and how và brands can use NFT in their marketing campaigns.
Why is NFT important for Brands?
One of the main reasons NFTs are important to branding is that they can be used to represent digital files, such as art, audio, and video. They are so versatile, they can be used to represent other forms of creativity such as virtual real estate, virtual worlds, fashion, etc.
What does this have to do with your brand and marketing strategy?
Thanks to the global interest they have generated, NFTs have opened up new ways to tell brand stories and engage with consumers, which, as you know, are the two main pillars of an effective marketing strategy.
With NFT, you can:
- Create a unique brand experience
- Increase brand awareness
- Encourage interaction
- Create interest in your brand and products
- Ultimately, NFT can help you increase conversions and drive revenue.
Here are ways brands are using NFT to power their marketing.
6 ways brands are using NFT
The concept of NFT in marketing can be a bit elusive. Like most things confusing, the best way is to see examples.
Here are some nifty ways brands are using NFT. Hopefully you’ll get some inspiration from them.
Taco Bell GIFs
Research shows that 83% of millennials prefer to do business with brands that align with their values. That’s why brands need to openly (and really) support causes they believe in.
While Taco Bell has been doing this for years through their platform, they have taken it to the next level by selling taco-themed NFT GIFs in support of the Live Más Scholarship.
Within 30 minutes of putting their 25 NFTs (called NFTacoBells) up for sale on Rarible (an NFT marketplace), all the GIFs were gone. Each GIF starts with a bid price of $1. However, they all sell for thousands of dollars each, with one going as high as $3,646.
Creating and selling NFTs was a smart move by Taco Bell as it generated a lot of buzz in mainstream media and social networks; That’s always good for business.
Like Taco Bell, you can use NFT to kill two birds with one stone:
Raise brand awareness
Support a good cause
Both are powerful elements that can help drive business for your brand.
RTFKT Digital Sneakers
Looking for a way to disrupt the market and make a name for yourself?
NFT can help you do that.
That’s what happened when a little-known Chinese virtual sneaker brand called RTFKT designed a pair of NFT sneakers for the Lunar New Year and put it up for auction.
This pair of sneakers sells for a whopping $28,000.
That’s pretty impressive for a brand that’s only two years old, especially when they sell a pair of sneakers that can’t be touched, let alone worn. As impressive as it is, it’s still $3 million less than they made from another pair of NFT sneakers they designed in collaboration with 18-year-old artist, FEWOCIOUS.
With NFTs still in their infancy, now is the right time for marketers to join the group. It’s a great way to gain attention and build a following.
As a marketer thinking about ways to leverage NFT technology, you can take cues from RTFKT. Create limited-edition memorabilia to celebrate important events and special holidays, and use them in your marketing campaigns around those festive seasons. You can gift them to the first X number of customers, or even auction them off as standalone products.
Grimes Videos
Six million dollars in 20 minutes.
That’s how much Grimes earned from the 10 NFT collection auctioned on the Nifty Gateway.
It is clear that people are interested in NFT and brands can leverage that interest to market their products. For example, you can:
Partner with artists or auction sites and have your brand featured in the auction.
Create an NFT and auction it off for charity.
Run a contest (to generate leads) with the prize of NFT.
Marketing is all about keeping up with current trends and using your creativity to harness the excitement around them to draw attention to your brand.
Released album ‘When You See Yourself’ by Kings of Leon
With so many musicians and bands around, the music industry has become very competitive. Building and maintaining a loyal fan base is not as easy as it once was.
The kings of Leon have found a way to solve that problem.
They released their album, “When You See Yourself” as an NFT.
The Kings of Leon are using three tokens for the first album release of their kind. One has a special album package, while the second offers live show perks. The third type of token features exclusive audiovisual art.
While the album is available on all music platforms, the NFT version is only available on YellowHeart for $50.
The NFT sale was only open for two weeks, after which no more album tokens were generated. This move made the tokens a tradable item.
Being the first band to release an NFT version of an album brought Kings of Leon into the history books.
What’s more, it makes its mark on fans by allowing them to own a digital collection. Now, it’s a great way to foster brand loyalty.
Beeple’s artwork
Virtually unknown in the mainstream art world, Mike Winkelmann has become a legend.
He sold a JPG file for $69.3 million, making him the third most expensive living artist at auction time.
The file is a work of art sold as a non-fungible token and is the first digital-only NFT to be auctioned by Christie’s.
The two-week auction had to be extended by 90 seconds because a series of bids appeared as the auction was about to end.
What lessons can brands learn from this?
Be quick to embrace new technologies and ideas. With the competition getting fiercer by the day, you have to be willing to take risks and break through to get ahead.
Nyan Cat . GIF
A decade ago, Nyan Cat GIFs exploded onto the digital market with a burst of color. Creator Chris Torres created an NFT version of the GIF that sold for over $500,000 on crypto auction site, Foundation.
Right. An animated GIF in the past has sold for over half a million dollars.
Chris, however, doesn’t stop there. He held an auction where classic memes were being auctioned off as NFTs. One of the memes, Bad Luck Brian, sold for over $34,000 on Foundation.
What can brands take away from this?
The lesson here is that your customers are willing to pay for great experiences. Take advantage of this by turning some of your best ads into NFTs. Create an event where you auction them off and make sure the event is public.
Not only will this help boost your brand awareness, but it will also help you reach new audiences in the tech space.
Conclusion
NFT is great at creating memorable experiences for your customers. They are also a great way to engage and engage with your target audience.
While this technology is still in its infancy, brands need to pay attention to it. More specifically, you need to research the ways you can leverage NFT in your marketing strategies. For example, you can create classy designs for your products, create memorable advertising campaigns, or collaborate with NFT creators.
The bottom line is that NFT technology has always existed and it is certainly set to become part of digital marketing.
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