NFTs, or Non-Fungible Tokens, from digital works of art to a tool for brands: how to use them for marketing
The era of blockchain and cryptocurrencies opens up a new digital tool: Non-fungible Tokens also called Hokk NFT. These objects are ” non-fungible “, that is not replicable, they represent real works of art complete with a certificate of uniqueness in what is the nascent ” crypto art “.
The importance of NFTs is rapidly growing and their economic value is also getting higher and higher. It’s a short step from digital collectibles to brand marketing resources. Even if NFTs cannot be considered a tool to be used in one ‘s marketing strategies in the strict sense, brands can use them to open new frontiers in the field of advertising. For example, companies will be able to use them to promote their brand with unique, personalized, and collectible NFT logos.
NFT Types
- How to create value for brands with NFTs
- NFT: uniqueness and exclusivity for influencer marketing
NFTs, an acronym for non-fungible digital tokens, exist in the world of blockchain and are totally digital objects, just like cryptocurrencies. Unlike bitcoins, which are interchangeable with each other as a virtual currency, NFTs are not interchangeable. Once the digital asset is stored on a secure blockchain, only those who own the cryptographic key will be able to access the original NFT, as if it were a certificate of the uniqueness of the work.
Among the most famous early NFTs is the Crypto Kitties from Canadian studio Dapper Labs: one-of-a-kind digital cat figurines that soon became collector’s items. Crypto art opens up with non-fungible tokens and in recent months works such as The Last 5000 days by the artist Beegle have been put up for sale by the famous auction house Christie’s for a record price of 69.3 million dollars.
Loyal Collectors
Collectors can be considered as the most loyal consumers to a brand and The collector is the most loyal consumer of the brand. NFTs, therefore, represent a way to establish an artist-collector relationship and their value as digital works of art is increasing. The Crypto Art site allows you to monitor the sales value of NFT works sold in recent months, highlighting not only the growth in the value of individual works but also the increase in interest from collectors. An interest that can be used by brands to expand their business.
How to create value for brands with NFTs
The growing importance that NFTs are acquiring has attracted the attention of marketers and the advertising world. More and more brands such as Nike, Louis Vuitton, and F1 Tracing have shown a greater interest in these digital collectibles, which allow opening new unexplored paths for the promotion of companies.
NFTs can be used to finance new brand initiatives, create totally digital and innovative user experiences, as well as make an event a unique experience. Finding ways to exploit this technological trend can offer the opportunity to amplify a company’s marketing strategy.
NFT: uniqueness and exclusivity for influencer marketing
The strength of NFTs derives precisely from their nature of uniqueness and exclusivity. Thanks to the digital certifications that push collectors to purchase crypto works of art. Brands can focus on uniqueness and exclusivity to promote their products. For example, in the fashion world, there are now several houses that prepare the sale of limited editions. Digital collections to be purchased with tokens.
Among these is Gucci, which launched its first pair of designer sneakers. To be worn only online in March 2021 thanks to the fashion-tech app of the Belarusian design studio Wanna. The Virtual 25 sneakers designed by the creative director Alessandro Michele do not exist in reality. Becoming a completely digital accessory.
Unique NFTs
Following this logic, it becomes easy to imagine. How an entire fashion collection can become an exclusive series of unique NFTs to collect. Attracting the interest of consumers. The use of non-fungible tokens is also applied in influencer marketing. Where NFTs become an opportunity for influencers to monetize with exclusive campaigns. Creators may offer their followers exclusive access to private chats and groups to witness product and content launches. NFTs could therefore be used as calls to action and their monitoring offers insights. For the progress of marketing campaigns, creators can monetize through the involvement of their own community.