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Lesson 2: How NFTs Transformed Marketing

MetaMonarchIX February 28, 2023

More brands have become open to selling NFTs as millennials—the age group that is most likely to invest in these digital assets—gained considerable purchasing power over the past five years. Fast-food chains, sportswear manufacturers, and tech companies are just some of the industries that have released NFTs to the public.

One of the primary driving forces behind NFTs is money, By the end of Q2 2021, the estimated figure for NFTs stood at an impressive $2.5 billion. While the number is constantly in flux, it’s undeniable that there is a tremendous earning potential for brands that want to share one-of-a-kind assets to their most loyal fans.

One of the most common ways brands used NFTs to bolster their marketing efforts is by creating interest in the brand. Releasing NFTs caused a considerable buzz around a certain product, as evidenced by NBA Top Shot. The NBA’s foray into taking a slice of the NFT pie was talked about by tech giants and sports fans alike, which brought more attention to the league.

Another way companies used NFT for marketing is to collect customer feedback to utilize for improving products. Brands can use NFTs to reward their loyal customer base for providing them with feedback on their offerings.

Companies can also use these NFTs as part of their corporate social responsibility campaigns. Multiple brands donated NFTs to charity in an attempt to sweeten their standing in the wider community, and their efforts worked at varying levels of success.

 

A. How Can You Leverage NFTs As a Brand?

Companies that want to jump onto the NFT bandwagon can approach the technology in several ways. While it is a legitimate revenue stream, just providing a one-of-a-kind digital copy of your brand’s products can only go so far.

Use your brand’s NFT assets to build a consistent brand voice that will foster greater brand loyalty among your customers. By providing value to your digitized assets, your customers will be more than likely to look at your NFT marketing efforts as something they’d want to have.

Another way you can use NFTs to your company’s advantage is by creating digital assets that naturally drive engagement. Digital marketers will be the first to tell you that high engagement numbers are great for your business’s online presence, and creating quality NFTs that people will talk about online will put your brand in a better light.