30 September 2022
These days, NFTs are trending to be a Thrilling Happy ride of the Cryptocurrency amusement park. Everyday prices are shooting high, leveraging many celebrities as well as brands participating in this Joyride. From Grimes making $6 million in 20 minutes for her series of 10 digital artworks to Beeple topping the list with his “Everydays: The First 5000 Days” at $69 million. NFTs are now extensively recognized amongst the Crypto and non-Crypto users as the platform has given a recognition stage to the content creators.
NFT is creating a lightning buzz in the Cryptocurrency world, and everyone wants a piece of it. It has built a spectrum of potential for artists and everyone associated. The NFT model is being used to buy and sell digital artwork pieces, but it is also being applied beyond its purpose. Brands are making their way in the NFT path. How are they using NFTs? How can the Brands unlock this opportunity? Moreover, how can your Brand use or benefit from NFTs?
In this blog, we are going to discuss 15 Ways To Boost Engagement With NFTs:
NFTs - Non-fungible tokens are digital artwork, also categorized as a Crypto asset. As the name suggests; this digital artwork does not have a physical embodiment but rather a digital one. It can be termed as a digital certificate for the ownership and authenticity of an artwork, this piece could be anything from images, GIFs, music, videos to tweets. Since NFTs are based on Blockchain technology, it is almost impossible to hack, tamper or alter; making your token unique. NFTs also involve royalty programs, so you will receive a value from the portion every time your piece is resold.
The creation, buying, and selling of NFTs are processed on platforms like OpenSea, SuperRare, Rarible, Nifty Gateway, etc. Ethereum is also one of the popular blockchains for NFTs, followed by Binance Smart Chain, Tron, EOS, Tezos, WAX, Flow by Dapper Labs, and so forth.
Also Read, 8 Celebrities Binging In The NFT Space
So what is in it for Brands?
Topshot, a dedicated website by the NBA, allows its fans to buy digital collectibles from their favorite basketball moments. The site racked up $200 million in its sales! On the other hand, Jack Dorsey, the CEO of Twitter, had auctioned his first-ever tweet, and at the time, the highest bid was $2.5 million. Many artists and celebrities like Paris Hilton, Lindsay Lohan, Shawn Mendes, Snoop Dogg, have joined the NFTs art craze.
Taco Bell, the fast-food chain, through their foundation, set a whole new level when they sold taco-themed NFT GIFs on Rarible to support the Live Más Scholarship. Their 25 NFT Crypto art collection, each at $1 was sold out in 30 minutes, whereas some of them were resold for over thousands of dollars.
This very factor opens the door for Branding and Marketing. Brands could use a new way of interaction and storytelling through NFTs. It creates an opportunity to connect, engage and interact with the fans or people in general across the world. It enables brands to place campaigns, gain recognition, mint designs, create iconic moments, and so forth. The NFT model can empower brands to garner more consumer engagement, conversion and drive revenue.
Ways of Branding through NFTs
- Brands can auction their assets to their fans, for instance, the logo or the brand pattern.
- Brands can sell their product’s designs along with retaining their rights to market them.
- Brands could leverage from selling their products or services by creating iconic and unique experiences for the users.
- Creative industry-related brands could represent art pieces or mint luxury designs through NFTs.
- NFTs can also help with brand awareness and marketing.
- It can help grab attention on a wide range, reach new audiences, and create more potential perspectives.
- NFTs are the new hottest crypto trend, thus the use of NFT can help the brand to go mainstream on media and social media platforms.
- Brands can capitalize by turning their best ads, slogans, shots into NFTs and auction them on events.
- Brands can run contests and reward the winner with NFT.
- A good cause never fails. Many brands made donations to charities by creating and auctioning NFTs.
- Brands can collaborate with content creators and NFTs platforms by representing themselves in an auction.
- The adoption of NFTs can help you build a community from the Cryptocurrency and Blockchain space.
- Offering NFTs with giveaways, pricing, discounts, or rewards can help engage with the existing customers as well as attract new customers.
- Brands could use NFTs for marketing through collectibles, royalties, badges, access rights, memberships, certificates, etc.
- Brands can also use NFTs to launch new products to rebuild the brand.
NFTs are a whole new avenue that can unlock a new branding model to create interest, experience, and awareness. The journey of NFTs and Brands blending together can create a whole new paradigm in the industry.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.