In our conversations in the last twelve months with several clients and potential ones, both small businesses and large enterprises, it has become apparent that there are a lot of companies and marketers questioning whether or not they should implement an NFT strategy in their brand marketing. While they may have heard about top brands utilizing NFTs in their marketing, they are unsure whether or not NFTs can deliver for their brand.
Fashion brand Louis Vuitton launched Louis the Game and integrated NFTs to celebrate its 200th anniversary. Gucci went digital by auctioning an NFT that was inspired by its autumn-winter collection. Mc Donald’s launched its first ever NFT project with the McRib NFT available to those who engaged in their social media. Tag Heuer introduced an NFT viewer for its customers to showcase their digital asset collection on their Connected Calibre E4 smartwatch. Bentley announced the release of a limited Genesis NFT to be dropped sometime late this year which will offer unique access and exclusive reward to holders. State Farm Insurance launched an augmented reality treasure hunt for NFTs. JP Morgan Chase opened a lounge in the metaverse. Budweiser launched its NFT collection, the Heritage Collection and sold out in less than an hour. These are companies from very different industries who have experimented in various ways, to utilize NFTs. These use cases provide evidence that NFTs are not limited to a certain market, but spans across different industries.
But why should a marketer consider implementing NFTs in their marketing strategy?
First of all, marketers should not think that this is a choice between traditional marketing and a non-standard approach. Digital marketing is nothing new. Marketing through current digital channels like Facebook (now Meta), Instagram, Twitter have proven to be effective strategies because this is where the target market is. Back in the day, there were only 3 marketing media channels: tv, radio, and print. Marketing budgets were mostly allocated to tv ads since people were always glued to the tv. And then came the internet, and marketers started investing in Google ads, email marketing, and utilizing social media influencers. Now the market is moving towards the virtual world and blurring the lines between their real physical life and their digital life. The younger market, specifically the Generations X, Y (millennials), and Z continue to push the digital world forward. Marketers will need to move with the times and stay relevant; and find a more engaging way to communicate. NFTs do that.
NFTs provide a unique opportunity for marketers to reach and interact with their audience. Remember, we now have a generation of consumers, Gen Z, who did not know a world without the internet. Digital natives who grew up sharing their lives on social media and going to school through online distance learning. If this is the brand’s target market now or will be in the future, marketers will need to find a way to keep this generation updated and interested; and provide an avenue for them to interact with their products and technologies. NFTs do that.
But is there more to NFTs than the art and investment based tokens? Absolutely. In fact, the utility-based tokens – the ones that offer real world value, would be the most effective use of NFTs. While NFT collectibles have become a popular implementation of NFT projects, consumers — even the most loyal collector — will appreciate additional perks such as early access, discounts, or exclusive offers. NFTs can do all of that, and The NFT Brewery is creating many such use cases for marketers to easily plug and play with their workflows.
NFTs provide a new way to share the brand’s story and a new method for fans and customers to interact with your product. NFTs can open up opportunities for your customers to have a unique experience of your brand. NFTs can elevate your brand’s image by being relevant and increase brand recognition. NFTs encourage interaction with your audience while creating renewed interest in your products.
These are some of the reasons marketers should start looking into NFTs as part of their marketing strategies. If you’re still unsure about whether or not you need an NFT strategy, reach out to us at The NFT Brewery. Let’s discuss your marketing goals and we’ll propose the right NFT strategy and solutions for your company.