One of the primary reasons NFTs are essential to brands is that they are versatile. They can represent digital files, such as art, audio, video, and other forms of creative work like virtual real estate, virtual worlds, fashion, and much more.
But how does this help with your brand and marketing strategy?
Brand storytelling and consumer interaction are the new ways for NFTs, which, as you know, are also the two main pillars of an effective marketing strategy.
Why Are Non-Fungible Tokens (NFTs) Important to Brands?
With NFTs, you can:
- create unique brand experiences
- increase brand awareness
- encourage interaction
- generate interest in your brand and product
NFTs, ultimately, can help you increase conversions and drive revenue.
What can NFTs do for your brand?
The concept of NFTs in marketing may be a bit difficult to grasp. But one must ask, what are the ways other brands are using NFTs to power their marketing. Here are some nifty ways.
1. Taco Bell GIFs
83 percent of millennials prefer to do business with brands that align with their values. That’s why brands need to back causes they believe in firmly.
Taco Bell has been doing this for years through their foundation, but they took it to a whole new level when they started selling taco-themed NFT GIFs to support the Live Más Scholarship.
2. RTFKT Digital Sneakers
If you are looking for a way to disrupt the market and make a name for yourself, NFTs come to the rescue. Chinese virtual sneaker brand called RTFKT designed an NFT sneaker for the Chinese New Year and put it up for auction. The sneaker sold for a whopping $28,000!
For a brand that’s barely two years old, it is impressive. Considering the fact that the sneaker can’t be touched, let alone worn. It was still way behind the $3 million they generated from another NFT sneaker they designed in collaboration with the 18-year-old artist, FEWOCiOUS.
3. Grimes Videos
Six million dollars in 20 minutes! That’s how much Grimes made from a collection of 10 NFTs auctioned on Nifty Gateway.
With the growing interest in NFTs, brands can leverage that interest to market their products. For example, you can:
- Increase your brand presence by partnering with artists or auction sites.
- Create an NFT and auction it for charity.
- To generate leads, run a contest with NFTs being the prize.
4. Kings of Leon’ When You See Yourself’ Album Launch
Building and keeping a loyal fanbase for musicians and bands in and around the music industry isn’t as easy as it used to be. It is competitive now.
Luckily, The Kings of Leon found a way to get around that.
They released their album, “When You See Yourself,” in the form of an NFT. They used three types of tokens for this release -
a. a special album package,
b. live show perks and,
c. exclusive audio-visual art.
While the album is available on all music platforms, the NFT version was only available on YellowHeart, priced at $50.
All these examples make one truth exceedingly clear — customers are willing to pay for great experiences. Make the most out of it by turning some of your best ads into NFTs. Create an event where you auction them off with as much show-off and publicity.
Not only will this boost your brand awareness, but it will also help you reach new audiences in the tech space.
How to make an NFT
Anyone can make, buy, and sell an NFT without inquiring for anyone’s prior consent. These are truly democratic tools that are here to liberate artists and creators. But minting NFTs is only the first step. You also want the ability to sell it, find the right NFT marketplace, and even fractionalize it so it can be purchased by a much larger audience. By minting BEP-721 tokens on the Fusible platform, users can now take advantage of Fusible’s curve-based price discovery protocol and bring their NFTs to the world. Read this Step by step guide on how to mint/trade on Fusible for more info, and keep these in mind when buying or selling NFTs.