The smallest mom and pop shops to large corporations are embracing NFTs. Let’s learn how NFTs will supercharge your marketing strategy to connect with your esteemed patrons and customers. Want to get a personalized NFT marketplace and are an established artist or corporation? Get started with Tegus NFT Platforms.
What makes NFTs so valuable?
NFTS (non-fungible tokens) in the form of digital art have had astronomical price valuations in recent years. In 2021, the NFT industry exploded into a multi-billion dollar market. In fact, global transactions totalled more than $17 billion in 2021 which was a 21,350% increase from $82.5 million in 2020.
When we look beyond the value of the digital art itself, NFTs create inherent value by showing proof of ownership that can’t be destroyed or counterfeited in addition to the ability to be easily transferred or sold. Thanks to blockchain technology, ownership is publicly verifiable on the blockchain for everyone to see. Fake art becomes a problem of the past!
How your business can use NFTs to improve your marketing
NFTs and the blockchain technology that powers them are still in their infancy. The commercial applications are even more so. There’s no denying that businesses that capitalize on a first-mover advantage in NFTs will be better positioned to leverage their headstart to become more profitable.
Ways in which businesses are utilizing NFTs are developing brand interest, creating memorable experiences, and expanding promotions through the use of redeemable NFTs. NFTs and smart contracts can be used to show digital ownership of physical items that are high ticket. There are now many cases of high-end luxury brands using NFTs that are redeemable for actual luxury products. The Italian luxury fashion house known as Dolce & Gabbana released a set of mysterious glass boxes. These were redeemable for a variety of merchandise options in addition to digital access and benefits.
Utilizing NFTs for building community engagement
Perceptive brands are tapping into NFTs to engage with new fanbases. There are great opportunities in this space! In fact, 10% of all US adults collect NFTs with Millennials being the most interested in them. 23% of Millennials actively collect them so savvy companies should definitely target this demographic!
One exciting way that NFTs were used to build community engagement was the US Grand Prix. Mclaren Racing of Formula one gave complimentary NFTs to their biggest fans which each part representing a specific car part. Fans collected multiple NFTs in order to build their very own digital McLaren race car.
Raising Funds for Causes with NFTs
If you’re a business that’s a non-profit or focused on causes to better the world, NFTs offer the benefits of providing funding for them. A great way to raise funds is for your brand to auction rare NFTs in a collectibles collection. The earnings of each sale can be used to fund causes that you believe in and provide more opportunities to beneficiaries. This will bring awareness to your cause with the hype generated by social shares being a force multiplier for your marketing efforts. It’s a win-win situation for everyone involved.
Supercharge your promotions and events with NFTs
They can take various forms such as coupons that are block-chain based, promos, and access codes that can’t be counterfeited in the way that QR codes are cracked today. Your NFT community members can enjoy member-exclusive deals to reward them for their support.
A notable application of using NFTs to supercharge promotions was the NBA auctioning their “All-Star VIP Pass NFT” for 30 consecutive days. These NFTs were hosted on the NFT platform, NBA Top Shot with each NFT representing an NBA team. The benefits of many of these NFTs included embedded utility packages for five separate All-Star weekends and tickets to basketball games.
With so many ways to enhance your marketing, you can’t go wrong with NFTs. This innovative bloc-chain powered tool will upgrade your current marketing efforts and give you the best chance of success in a world that’s transitioning to Web3 and decentralization. The time to start is now!