8 Uses of NFT in Marketing

If you read online or follow social media for micro-content and micro-news, we're sure you've heard a lot about NFTs in the last few months. So we decided to investigate how NFTs will affect marketing in the future. Because picture JPEG photographs sell for hundreds of thousands, if not millions, of dollars!

 

Given that even industry-leading luxury labels like Gucci are jumping on the NFT bandwagon, it's safe to assume that they're more than just a millennial craze. It is a new feature in the digital world that will become much more frequent in all industries.

 

That is why it is time for marketers to become acquainted with NFTs. 

 

NFT and Marketing

 

To begin, NFT stands for non-fungible token, which indicates that each NFT is unique and cannot be interchanged due to the data it contains.

 

So, in essence, NFTs are one-of-a-kind digital assets that can only belong to you and you alone. Consider it like a limited edition Gucci bag that only one celebrity possesses since it was custom-made for them. Currently, the most popular types of NFTs include artwork, music, films, tweets, and even memes!

 

First, we must define the term "fungible." When the constituent units of some of the most common goods are interchangeable and indistinguishable, they are said to be fungible.

 

It makes no difference what type of business you run. If you want to be on top and ahead of your competitors, you must continually think outside the box and do new things. NFT marketing is your chance to do that.

 

And, as with any other sort of marketing, you begin by analyzing the industry, understanding the trends, and investigating the notion of NFT from every imaginable angle and perspective. 

 

Finally, your efforts will be rewarded because NFTs are now highly flexible and lucrative. This is why many businesses have already opted to invest in an NFT approach.

 

In truth, NFT marketing is the plan itself, the one that you envision as a marketer in order to put the entire notion into action. Some people sell NFTs in order to advance in their careers, while others aim to provide a service to their consumers or community. Some people or marketers offer NFTs because they provide access to an exclusive domain.

 

Also Read | Top NFT Platforms

 

How is NFT used in Marketing?

 

Uses of NFT in marketing:- 

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Uses of NFT in Marketing

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1. Creating Exclusively for Retention Marketing

 

To stay up with their target demographic, luxury companies such as Gucci, Burberry, and others are collaborating with designers, artists, and blockchain specialists to get into the NFT ecosystem.

 

Gucci for example, has collaborated with Christie's to present its first NFT – a digital drawing inspired by Aria, Alessandro Michele, and Floria Sigismondi's film presentation – for their spring 2021 collection.

 

Likewise, Burberry announced a collaboration with Mythical Games to create a limited-edition Blanko for the game. Mythical Games is well-known for their popular game Blankos Block Party, which involves NFT vinyl toys that can be collected, updated, and sold.

 

Luxury companies are pursuing exclusivity and utilizing the excitement surrounding NFTs for customer retention marketing purposes, which appears to be a promising approach in a world where people are paying millions of dollars to create mansions in the metaverse!

 

2. Brand Awareness with NFT Marketing

 

Marriott is a well-known hotel chain with locations all over the world. The company is experimenting with NFTs in order to increase brand awareness for its Marriot Bonvoy Travel Program.

 

They collaborated with three artists to produce several NFTs based on vacation experiences, which they used to generate interest in the travel programme. They wanted them to be indicative of the brand's consumer experiences.

 

Marriott debuted its NFTs during a ceremony held at Art Basel, the world's largest modern art expo. They held an event in which the winners received not only their own NFTs, but also 200,000 Bonvoy points to utilize to properly experience everything the travel programme has to offer.

 

3. Establishing Digital Customer Base

 

Nike, an American multinational corporation that designs, develops, and manufactures athletic footwear, clothes, equipment, and accessories, has teamed with RTFKT, a virtual shoe startup. The plan is to release sneaker NFTs for the metaverse.

 

The purpose of their collaboration and marketing is to build a digital consumer base and maintain brand loyalty as the globe transitions to digital. Call it the first mover's advantage, but all sneakerheads will enjoy amassing their collection online.

 

4. Promoting in-person Events

 

Getting people to attend events is difficult at a time when everyone is too used to watching Netflix and chilling at home. By incorporating NFTs into the mix, AMC was able to get individuals to not only join their rewards programme and secure a ticket for Spiderman, but also attend the event.

 

When the new film's tickets went on sale, AMC gave the first 86,000 investors who purchased a ticket the option to acquire a free NFT. They did, however, include a condition stating that if the individual did not attend the movie, they would no longer be eligible for the NFT.

 

5. Supporting a good cause 

 

According to a new poll, around 70% of consumers prefer to contact and buy from firms that actively address a cause. Why shouldn't your cause marketing follow suit as the world shifts to digital and the metaverse?

 

Kinetic Sand, a prominent brand known for its moldable sand, is raising funds for the BGCA using NFTs (Boys & Girls Clubs of America). The purpose is to assist them in expanding their programmes for arts and creative activities. They collaborated with artist Dan Lam to develop their NFT line.

 

6. Securing pre-orders on new release

 

Gary Vaynerchuk has been outspoken about his predictions for NFTs. To put things into context, he used NFTs in the promotion of his book, Twelve and a Half: Leveraging the Emotional Ingredients Required for Business Success.

 

Buyers received one NFT for every twelve copies purchased in a 24-hour period. With the book's booming success in the market, the impact of employing NFT in marketing is very clear; the book received over a million pre orders in the first day. 

 

7. Protecting & Promoting Brand Image

 

Most popular or legacy brands are subject to product and brand copycats. Consider the last time you saw a Gucci bag that didn't precisely appear like it came from the expensive label, but was a knockoff of their print. Yes, knockoffs are ubiquitous, but they do more harm than good to a brand's reputation.

 

Legacy brands, such as Robert Mondavi Winery, are using NFT in marketing to safeguard brand images. Instead of attempting to reach out to a new audience, they are concentrating on safeguarding their brand's collateral.

 

8. Increase in the number of audience

 

Bicycle Cards is using NFTs in marketing specifically for this purpose. It is one of the market's oldest card-making companies, but with increased competition, they sought to strengthen their interests in order to satisfy the interests of their target audience (younger client group). To accomplish this, Adrian Valenzuela developed the first-ever NFT collection.

 

Also Read | Learn How to Create An NFT Wallet

 

 

NFT Marketing Tools

 

When it comes to NFTs, it's not so much about the tools as it is about the platforms you may use to market or sell your tokens.

 

1. KnownOrigin

 

KnownOrigin is an Ethereum-powered site that presents some of the most sought-after and unique pieces of digital artwork. You may tokenize your own pieces and get paid instantaneously after each sale. Visitors to the site can put bids on the artworks or purchase NFTs.

 

2. Enjin

 

Enjin is one of the greatest places for learning about NFTs and blockchain technology. It offers a marketplace where you may find, purchase, and sell unusual digital artifacts, among other things. 

 

Of course, you may design your own NFTs and incorporate them into your website, applications, or games. You may exchange them with the Enjin Wallet, which is accessible on Google Play and the App Store.

 

3. OpenSea

 

OpenSea is the world's largest marketplace for unique digital assets such as digital art and collectibles. To register an account and begin buying and selling on the site, all you need is a wallet like Torus, Metamask, Dapper, Bitski, or Fortmatic.

 

4. Crypto.com

 

Before you can utilize Crypto.com, you must first create an account, which is well worth the effort. Subscribers are notified of each new sale, which means you will receive a lot of assistance in promoting your tokens in the first place. In addition, you may sell anything, including art, digital objects, NFT games, and sports NFTs.

 

 

Pringles’ CryptoCrisp NFT Campaign

 

As part of a non-fungible digital art campaign, Pringles collaborated with artist Vasya Kolotusha, who designed a digital package of chips that was sold on the NFT marketplace. 

 

Because there are only 50 of them available, they are considered a rarity among digital owners and art fans. At the present, the price is 4.95 ETH, which is equivalent to around 19,550 USD. Each token was initially valued at $2. Isn't it amazing? 

 

Also Read | MekaVerse Ethereum NFT

 

Conclusion

 

NFTs have arrived and are here to stay. Furthermore, it appears that people may buy strange stuff for insane amounts of money on crypto marketplaces. Why not take advantage of it and take your marketing to a whole new level? Why not try something new and get out of your comfort zone?

 

And, certainly, NFT is new to the majority of us. It is uncharted land that must be touched, explored, and exploited. Because the first thing you should understand about marketing is that there should be no restrictions on where, what, or how you sell as long as you sell to the right people and for the right reasons.