Did you ever think that there would be a time when JPEG images, videos (GIFs too…) will be sold for hundreds of thousands or even a million dollars? Well, if you’ve been on social media recently viewing/reading micro-content or micro-news, you must have heard about NFTs, and we don’t blame you if the concept of NFTs is still fuzzy in your minds.
What Are NFTs?
NFTs (Non-fungible tokens) are unique digital assets such as images, videos, GIFs, audio, etc., that are stored on crypto blockchain technology and can be purchased using cryptocurrency such as Bitcoin, Ethereum as well as regular payment methods such as credit cards.
Since these are non-fungible and unique, they carry their own value even if it’s part of a collection, meaning these cannot be replaced with something else.
How Can NFTs be Integrated into Your Marketing?
There are a lot of ways to integrate NFTs into your marketing strategy, and a lot of the bigger brands have already started to capitalize on this digital marketing opportunity to reach “superfans.”
For example, to promote the fourth film, “The Matrix: Resurrections”, Warner Bros. partnered with Nifty (a social NFT platform) to launch Matrix Avatars on the blockchain. The NFT collection was comprised of 10,000 unique avatars sold at $50 each and fans had an option to pick between a “Blue Pill” which allowed for their avatar to stay in the Matrix and “Red Pill” which would transform their avatar into a resistance fighter. This is a great way of creating hype around a new launch as well as engaging your fans/customers with your product. In this case, now that all avatars are bought, other fans can keep bidding on them and purchase from the original consumer (if they choose to sell). It is like purchasing physical action figures or baseball cards, only digitally.
Another great example is from the Bud Light brand. They are introducing their first-ever zero-carb beer in the US, to promote the beer they’ve launched an NFT called the Bud Light N3XT Collection (there is even a website for this NFT), which will offer 12,722 items taking colour cues from Bud Light N3XT. Anyone who purchases the NFT will have the opportunity to vote on Bud Light N3XT merchandise and will also gain access to brand and partner events.
There are endless opportunities to use NFTs in a brand’s digital marketing strategy, however, NFTs must be carefully and strategically planned for your marketing campaigns, as they are a high-risk, high-reward investment. While NFTs can be built to market your products/services, their success heavily relies on the community it’s being marketed to, social media sharing, and word of mouth to create enough traction.
NFTs are a great and relatively newer method of engaging with your consumers and offering them unique and memorable experiences. It’s a great opportunity for your brand to test a new digital marketing strategy and jump onto the bandwagon of NFT marketing. Get in touch with us today to learn more about integrating NFTs into your marketing strategy!