How Brands are Using NFTs

As the world of digital media and marketing continues to evolve, so do the ways in which brands can interact with their audiences. One of the newest and most exciting developments in this space is the use of non-fungible tokens or NFTS.

Born out of the world of crypto and blockchain, NFTS are unique types of digital assets and cannot be replicated. This makes them ideal for use cases such as authentication, ownership verification, and more. You may already be familiar with some popular NFTs, such as CryptoKitties and NBA Top Shots, to name a few.

Why Are Non-Fungible Tokens (NFTs) Important to Brands?

A vital part of any marketing strategy is to provide your consumers with meaningful and exciting experiences that are not just about your products and services.

For brands, NFTS can be leveraged as powerful tools that offer new ways to create and distribute valuable and rare content, which in turn can help them establish more loyalty and support. Moreover, due to their rare and unique nature, using NFTS can add an element of exclusivity to marketing campaigns that allow brands to connect with their user bases on more personal levels by providing consumers with fresh, engaging experiences.

NFTS can play a vital role in supporting the wider part of a brand's activities and interests. Here are some ways brands can use NFTS within their marketing campaigns with some use cases.

To create interest in services or products through new and unique experiences.

NFTS are a new phenomenon that have emerged through the evolution of cryptocurrency and blockchain technologies, so they certainly have a modern and trendy feel. So when being used as part of brand marketing strategies, they can create a lot of interest and buzz. A great example of when a company gained loads of traction through streamlining an exclusive set of NFTS was when Adidas teamed up with Bored Ape Yacht Club, Punks Comics, and GMoney to release 30,000 NFTS. Adidas earned more than $22 million (the price at the time crypto value)
from the collection and each NFT gave owners access to special physical goods, like hoodies and tracksuits, and also upcoming, brand-related, digital experiences. The campaign was a success in terms of creating loads of interest for everyone involved and providing consumers with fun, and fresh digital experiences.

Increase brand awareness and loyalty

NFTS provide a whole new level of personalisation and ways to increase the attraction of a brand to gain more support and loyalty. Taco Bell, the American fast-food chain, quickly identified this in March 2021 when they commissioned a series of GIFs and images based on spicy, crunchy food and started the bidding at $1.79 each on Rarible, a popular NFT trading platform. They managed to totally sell out of all their assets within 30 minutes, with some selling for over $3,500. Taco Bells' NFT collections weren't aimed at generating revenue specifically but rather to create a fun campaign to hype and attract a fresh, younger audience.

Enhance follower engagement and community building

As a brand, making your consumers feel special and exclusive is one of the best ways to grow your community and gain genuine loyalty. NFTS can be great in providing this kind of experience to your fans and followers by giving them exclusive access to events and services.
Just like how owners of Bored Ape Yacht Club NFTS get access to exclusive meet ups and parties, brands can implement a similar model to provide their consumers with access to events, gifts or opportunities.

Building a brand's image and supporting social causes

Consumers today think a lot about whether brands represent their values and look quite closely at this before becoming a brand consumer. NFTS can be leveraged as a great way to portray a brand's socially responsible persona and, at the same time, be used as a tool to fundraise for important social causes. A good example is when Original Penguin held an NFT auction for eight custom-designed NFTS and donated all of the proceeds to a cause they deeply support, Free Arts NYC, a non-profit that empowers underserved youth through arts and mentoring
programs.

There are many benefits that brands and companies can gain from exploring NFTS, and we have only mentioned a handful in this article. Moreover, as the NFT, blockchain, and crypto space continue to evolve and gain popularity, more and more brands are looking for ways to explore the NFT market but may also find it difficult to know where to start. The great thing is, at MintKnight, we have developed a platform that is fully geared towards launching you an NFT campaign with no tech experience. We can help you create your NFT campaigns from scratch, distribute them in marketplaces like OpenSea and Rarible, streamline social airdrop contests, social media campaigns, and whitelisting, and plan and launch your pre-sales. For more info on how we can help or to just talk about exploring your brand’s NFT options, do not hesitate to reach out to us.