NFTs are the newest phenomenon to hit the digital and financial markets. Most people see it as a quick way to utilize technology and make money. But creative minds are finding new ways to bend NFTs to their advantage.
For example, marketing teams have begun to play with the concept of NFTs and how they can be used. Those on the outside may have trouble understanding what NFTs and marketing could do with one another. Continue reading to find out.
What Are NFTs?
Before we dive into NFTs in marketing, it’s essential to understand what NFTs are. NFT stands for Non-Fungible Token. They’re essentially unique digital assets, which can be represented by data on a blockchain. In other words – they really are unique, as they cannot be altered or copied.
NFTs in Marketing
Admittedly, using NFTs in anything commercial is still relatively new. The NFT craze started with artists, as they could make unique tokens of their artwork as a way to earn additional funding. Now companies and industries are trying to find a way to do the same.
Brands were probably one of the first commercial investments into NFTs. Many major brands are already finding ways to utilize NFTs to support their image further. For example, they’re creating NFTs unique to the brand – images, icons, or even memes, depending on their niche and target audience.
Now, let’s look at how NFTs can be used in marketing. Every industry will ultimately have a different approach to the matter. For example, a video game studio could make unique skins through NFTs, while a musician could finally securely sell tickets.
Essentially anything that can be made one of a kind in a digital format can be turned into an NFT – and then sold for profit. Not only do NFTs turn a profit when used in this manner, but they can help up a company’s recognition. In other words, it can do the marketing for them. Take the above video game example. Players love having exclusive merch, as evidenced by how quickly preorders sell when they include exclusives. When provided with the opportunity to get a one-of-a-kind skin for their video game character, fans will jump at the chance. Now they have something connecting them to a beloved game, and it’s something that only they can have.