Por stringnet
NFT stands for “Non Fungible Token”. Basically, they are digital certificates of authenticity. It’s therefore a unique asset that allows you to buy and sell ownership of digital items. These items can be anything digital, such as an image, a video, a drawing, a song, etc. Additionally, who owns them can be tracked using a public blockchain and Ethereum network standards. For this reason, NFTs are related to cryptocurrencies, since the technology used by both is the same, the Blockchain. They are non-fungible because NFTs cannot be modified or exchanged for another asset of equal value, due to their unique and unrepeatable nature. Have you heard about NFT marketing? yes, it exists. Here we tell you.
NFT Marketing? First thing’s first
Before we talk about NFT marketing, let’s talk a bit more about what exactly NFTs are.
How do these really work? Well, any digital content can be tokenized, that is, thanks to blockchain technology and smart contracts, it can be provided with a series of metadata that guarantee its authenticity, identify its author, its starting and acquisition value, and all transactions that it has lived since its creation.
When tokenizing digital content, a digital certificate of ownership and authenticity is created, which indicates that this content is unique and that the property rights are from the person who has acquired it.
NFT smart contracts can serve different purposes, to ensure for the original artist a part of the benefits that may be produced by a future sale of the token.
These digital assets are bought and sold on NFT markets, where their creators or sellers put them up for sale at fixed prices or through auctions.
Some benefits for brands that use NFTs are:
- NFTs can be created from any digital item, such as a JPEG, GIF, 3D animation, virtual reality, etc. This opens a wide range of possibilities for brand catalogs.
- NFTs facilitate a direct connection with fans and customers of the brand. The customer may own a small part of the brand, which fosters an emotional relationship with it.
- NFTs eliminate many expenses derived from the activity of companies, such as shipping costs, returns of defective products, or the need to maintain warehouses with stock.
How Brands are using NFTs for marketing
Brands and companies have started to tokenize their products, their content, or some specific parts of their digital assets.
In content marketing, certifying a video or audio created by the brand with an NFT is very simple and helps protect this asset against theft and copying. The company can maintain ownership of its content without restricting its free movement over the internet.
Another very relevant use of NFT marketing is to create limited edition digital objects. Brands can stand out from the competition, improve interest in their products and services, and increase brand awareness, all of which help increase profits and revenue.
An example of a brand implementing this would be the Norwegian Cruise Line. The brand collaborated with an artist to create 6 NFT art pieces, which were auctioned, and the proceeds were donated to Teach For America. Norwegian Cruise Line stated that they decided to celebrate the launching of the Norwegian Prima Class, a new class of vessels with the NFTs due to their innovative technology.
Another brand that used it this year was the beverage company Anheuser-Busch. The company hosted an event called #NFTBeerFest for holders of specific NFTs from Budweiser, who enjoyed free beer, tours, giveaways, and performances.
It is true that NFTs can be difficult to sell for brands due to their risky nature, it is also unclear what will be their impact on a large scale in the future, but we must admit that they have been very successful lately. It is wise then to stay informed and keep an eye on them.
The truth is that NFTs are disrupting the current marketing scenario, allowing brands to incentivize their audience with exclusive content, and find innovative ways to engage with their audience, and this is where marketers can leverage.
We can create a NFT marketing plan for your brand
In Stringnet, we have been implementing NFT marketing strategy for many companies, which have benefited both in reputation and sales with this technology.
Do not stay behind and implement it in your business, take advantage of the fact that not many companies have launched these routes yet, but there are more and more.
We are experts in experiencial marketing, virtual and augmentes reality, hybrid experiencies, videomarketing, metaverse and more.