NFTs (the popular Non-Fungible Tokens ) are a reality that cannot be ignored anymore—and it seems like pioneering brands are usually learning this more and more.
Even though some people are still getting to holds with the concept (if a person don’ t fully understand what an NFT is, don’ t feel like an unfamiliar: polls show that one in 4 Americans don’ t either ), the fact is that this technology is in meteoric increase (in 2021, NFTs grew by 11, 000% ). Plus some brands are adopting really creative strategies with it—and generating results just as meteoric for themselves.
Coachella, Extremely Bowl, Adidas, Dolce & Gabanna and MAC are simply some of the many examples of brand names and companies that utilized NFTs in a strategic method to achieve higher results in the campaigns and provide a different and unique experience for it clients.
In this article, we’ll discover more of these examples, and show you how brands have been using NFTs, what results they are having and what insights are you able to absorb for your brand—using, delete word, this news tech.
Just to remember… What are NFTs again?
NFTs, or Non-Fungible Tokens, are exclusive, distinct and irreplaceable rules registered by the blockchain system, the same technology used in cryptocurrencies such as Bitcoin and Ethereum.
If you want to explore more about the topic, I highly recommend you to definitely read this article . Now, let us explore how NFT continues to be used by brands as part of their particular strategy!
Coachella Music & Arts Festival and the NFT Blooming Flower
If you’ re one of those people who, like me, likes a good music celebration, then you’ ve probably noticed that the big hype this particular April was the Coachella Valley Music and Arts Festival . It is a festival popularly known for its duration, held over two full weekends, and for the particular wide variety of artists from all over the world.
This year, in addition to the great destinations and guest artists, a specific attraction caught the attention of the participating public: the NFTs. The festival offered most of paying participants an NFT digital picture of a floral that bloomed on the 2 Fridays of the festival.
Coachella 2022 also brought other technologies, like metaverse plus cashless payment, to mix up in-person experiences with digital marketing, and it became an illustration of this the importance of engagement Marketing in the post-pandemic era.
NFTs because event tickets
As you noticed on the previous example, NFTs offer advantages for the entertainment market today, such as concerts, cinema and sports because they are unique, distinct and irreplaceable codes.
One of the gains that brands can have is the generation of a valuable item for fans, such as a ticket. From matchboxes to luxury cars, the collectibles marketplace moves vast amounts of dollars each year and arouses the interest of people from around the world. A few companies realized the appeal of their consumers towards collectors items from their brands and decided to join the passion associated with collectors of physical items to the world of NFTs.
In order to give the experience of collecting tickets off their consumers, some brands have already decided to launch their tickets in a fully digital edition. This is the case of the NFL franchise, which decided to change tickets from its biggest yearly event, the Super Dish, into collectible NFTs.
Brazilian soccer golf club Vasco da Gama recently partnered with Block4 (a Brazilian company specializing in the particular creation of NFT collectibles) to issue NFT tickets for the team’ s enthusiasts.
In the entertainment universe, the particular AMC cinema chain distributed 86, 000 NFTs to those who bought tickets for the movie Spider-Man: No Way House. In the case of the Coachella event, NFTs were launched that will guarantee lifetime access to the big event. This was only possible because of blockchain technology.
Using NFT and blockchain technology just for ticketing, brands and consumers benefit from security against counterfeiting of the items sold. With blockchain, a unique code is generated on the ticket and this code is easily verified by event organizers, and can even be created as a non-transferable and locked code for resale. This proves the ticket’ s authenticity and certifies that it is being sold by a legitimate organizer, thus preventing solution counterfeiting and providing traceability of the ticket for fraud control.
NFTs as electronic merchandise
Companies in the style industry are riding high on the NFT hype. Final March, the virtual platform Decentraland held its very first fashion show, creating a totally virtual and immersive Fashion Week. Brands such as Dolce & Gabanna, Tommy Hilfiger, Forever 21 and Paco Rabanne walked the catwalk at style week , and the system generated fan engagement, opened new precedents for style shows and ways of nearing the public. In addition to the experience of taking part in a fashion show, the event also sold NFTs of clothing and accessories from the brands present in the shows.
NFTs as exclusivity
Some businesses have been using NFTs in order to provide unique experiences for their customers. This is the case of the Californian winery Robert Mondavi , which usually decided to launch the first wine label sold by NFT in the world. There are only 1996 bottles collectible and traceable by blockchain technology.
Each NFT of wine retails for $3, 500 and has a key to unlock a bottle redemption. That would be any revenue of $6. nine million dollars. Not bad, huh?
NFTs like a fundraiser
Some brands also are known for their performance in social responsibility. NFT’ s have opened up new opportunities for them to change the way they will raise money for these social movements they support. MAC Cosmetics , for example , will sell collectible NFTs to raise funds to aid organizations in the fight against HIV/AIDS.
NFTs open up new opportunities not only for brands but also for nonprofits. The United Nations Children’ ersus Fund ( Unicef ) started the particular sale of a collection of 1000 NFT’ s to raise funds for the promotion of internet access just for students in schools all over the world. Hope for Haiti in partnership with FXG announced the launch of NFT’ s to raise cash for victims of an earthquake in Haiti.
What results are brands having with NFTs?
Hype or not, NFTs seem to have been moving in high volumes considering 2021, when $25 billion dollars were transacted, smashing the record since their construction.
Attentive brands have improved on the NFT hype and are generally cashing in on it. Adidas , for example , migrated approximately 43 million bucks in NFTs in a relationship with Bored Ape Luxury yacht Club, Punks Comics plus GMoney.
In addition to financial advances, brands have been achieving personalisation results with their customers, supplying exclusive experiences to buyers, creating a sense of neighborhood and bringing younger audiences tuned into new technologies more easily. Breaking down barriers between physical and digital world has provided a series of penetrations to markets that were previously amazing for brands, such as the video gaming and entertainment market, perhaps even visibility in social result actions.
If you want to start purchasing NFTs for your brand, start with your branding and online digital marketing strategy. Define exactly what you hope with this new strategy. For instance hope to increase the reach within your audience? Strengthen the nature of community? Engage supporters in your brand? Support public causes?
Remember that strategy occurs before tactics. Another important point to highlight is to understand if the audience engages with this fresh trend. Only then considering able to delight your listeners and increase your brand popularity.
The post 5 Times Types Used NFTs for Branding, Unique Experiences, and Better Success appeared earliest on Coarse Content .