Marketing a product in the digital age is not easy. It takes a lot of time to satisfy the modern customer. Additionally, the job becomes more difficult when it comes to selling and marketing intangible products and services. However, NFTs or non-fungible tokens have already taken the industry by storm. Many multinational brands are already revolutionizing this space. Other brands are looking to tokenize their products and services as virtual assets.
Harness the power of NFTs
But the question remains?
What exactly are NFTs and why are brands betting high stakes on them?
NFTs or Non-Fungible Tokens are created in a blockchain setup and cannot be duplicated. NFTs have come a long way from allowing them to be sold or traded in a secure environment and eliminating the possibility of fraud. While most brands are increasingly turning to NFTs for marketing, each brand has a different purpose. Some of the limited-edition merchandise he advertises as NFTs, hoping to open up new revenue channels, while others are using them to raise funds and use them for the betterment of society. Meanwhile, some brands are using them to creatively tell their brand story and reach new audiences in the metaverse space.
The driving force behind global NFT marketing
Companies like Coca-Cola and Nike and artists like Marshall Mathers are buying NFTs starting in 2021 to take advantage of the innovation they bring.
McRib, a very popular dish internationally, was promoted by McDonald’s through NFT. As a result, the restaurant chain issued a limited number of his MCNFT to create hype and attract attention.
Prior to breaking the news, only 10 MCNFTs were available to those who re-shared the branded invite tweet. As a result, the brand is taking Gate Premium his offer to another level by extending the rights of exclusive brand offers to customers via NFTs.
Another example is that of Anheuser-Busch. The beverage giant hosted a #NFTBeerFest event at its brewery, allowing entry to certain his NFT holders from subsidiary Budweiser.
Budweiser Heritage owners who held an NFT or Royalty Collection NFT were given free beer, performances and other giveaways at the festival.
Best Virtual Merchandise Sales Ever
While this is one use case, NFTs are also a great way to sell virtual goods. Fashion shows are also held at the Metaverse, home to luxury fashion brands such as Dolce & Gabbana, Tommy Hilfiger and Forever 21. This not only helped foster relationships between the brand and visitors, but also encouraged visitors to purchase his NFT merchandise that was part of the show. NFTs are great for supporting social causes as well as benefiting brands. For example, Ray-Ban, who has dominated the sunglasses market for decades, has also followed his NFT path, with his first and only NFT featuring its iconic aviator digital his version of his sunglasses. Did.
Created and auctioned by renowned German proactive 3D design artist Oliver Latta. NFT Marketplace Proceeds from OpenSea will go to the Italian Art Trust.
Another example is that of Gucci. The Italian fashion brand used his NFT-based marketing for the welfare of society as a whole to give a breather to the global healthcare industry that is crumbling due to the Covid-19 pandemic. An online auction hosted by Christie’s promoted freshly made NFTs inspired by their Winter and Fall 2021 collections. Donated to UNICEF USA.
Notably, the United Nations International Children’s Emergency Fund (UNICEF) has also launched a collection of 1000 NFTs to pool funds and facilitate Internet access for students around the world. MAC Cosmetics also sells collectible NTFS to raise funds for the organization and help the global community fight HIV and AIDS.
These are just a few examples and the list gets very long. There is no limit to the innovation that can be achieved with NFTs.
The concept is still in its early stages in India. However, Brand is doing his best to understand how his NFT mechanism works. Early entrants will have to withstand the heat of the developing market, while late entrants can learn from the mistakes of their predecessors’ brands and fine-tune their strategies.
The market has immense potential and water must be tried.
Track companies that are reaching your target audience via NFT routes and devise marketing strategies accordingly. With the global adoption of Web3 and Metaverse, NFT is worth the investment to explore new branding avenues.