It took less than a year for NFTs to turn from something obscure to something insanely desirable. These unique as well as irreplaceable non-fungible tokens utilize the same blockchain technology as that of cryptocurrency. With Nyan Cat, a digital cat cashing in close to $600K in 2021, NFT investing has become mainstream and highly sought-after.
The NFT ecosystem gives artists, digital creators, brands, and others a unique opportunity to offer digital assets that can have only one owner at a time. When it comes to brands, NFTs have the potential to offer meaningful experiences to their customers, increase brand awareness and loyalty, and build communities in innovative ways.
So, how can brands utilize NFTs? This article discusses various ways brands can use NFTs to enhance their marketing potential. Also, find examples of how popular brands are using NFTs for marketing.
How Brands Make Use of NFTs?
NFTs allow brands to support their marketing efforts that are targeted at generating conversions and sales. You can use NFTs in:
Increasing brand loyalty and awareness:NFTs allow you to offer a whole new level of personalization. The uniqueness gives you the opportunity to generate brand awareness, advocacy, and loyalty.
Providing unique brand experiences:NFTs can be a convincing part of your brand storytelling. You can offer your customers NFTs that they can own and which represent their brand experience.
Encouraging community building:NFTs help you create a buzz by allowing you to get suggestions from your community about the NFT tokens they’d like to see and own, create user-generated content, or offer NFT as rewards in crowd-funding contests and campaigns.
Building your brand’s image and showing dedication to social causes:You can utilize NFTs to demonstrate your brand’s commitment to social causes. The NFT revenue can be used to support charities. Or you can invite artists to create tokens for your brand; this helps the artists to get exposure, and their creations help you generate revenue.
Generating interest in your brand and what you have to offer:When your brand enters the NFT space, it automatically becomes a topic of interest as it offers new experiences to the community. This interest helps drive revenue and increase conversions.
5 Examples of Brands Using NFTs for Marketing
Below are a few notable examples of how popular brands are using NFTs to market their business:
NFTacoBellTacoBell is known for its bold digital marketing initiatives. The very first fast-food chain to make use of NFTs in their marketing efforts. When they decided to return potatoes to their menu, they marked the occasion by putting out 25 NFTs. Within 30 minutes, all the NFTs were sold; one of them sold for as high as $3,646, and it is now being auctioned for as much as 10 ETH.
TacoBell went a step ahead and announced that the profits from the initial sale and the revenue generated from resale would be diverted to Live Más Scholarship program.
Papa Johns’Taking inspiration from the pizza delivery bag, Papa Johns’ launched their first collection of NFTs – a series of handbag designs to promote the newest element of their Papa Johns X Cheddar line. Designer Tom Hoff from Spain and artist Ash Sketch from London’s Central Saint Martins took inspiration from the pizza delivery driver bag and introduced an NFT collection of 19840 items, referring to Papa Johns’ founding year 1984.
ParlerParler, an alternative social media app, has conservatives as their user base. They launched DeepRedSky, an NFT marketplace, and its first project were on former President Donald Trump. Called the Official CryptoTrump Club, the NFT project is said to sell for 250 NFTs in the first drop. Parler estimated that this NFT collection would eventually reach 10,000 NFTs.
Liquid DeathLiquid Death, a canned water company, has announced the launch of its presale list (or Murderlist), its first limited-edition NFT collection of 6,666 unique severed heads.
WranglerWrangler, the jeans retailer, announced an NFT auction to celebrate a long-time Wrangler fan, singer-songwriter Leon Bridges. The NFT campaign is crafted around a unique denim suit made for Leon Bridges. The NFT collection named “Mr. Wrangler” is conceptualized, choreographed, and directed by Leon. It is created to celebrate the brand’s 75th anniversary.
NFTs have opened up a whole new level of marketing for brands. The above are just a few examples of how brands use NFT trends to their advantage. NFTs are here to stay, and the marketing possibilities with them are limitless. It’s time to get on with the NFT trend and make it a part of your marketing strategy.