NFTs: A Marketing Tool for Corporations

NFTs: A Marketing Tool for Corporations

NFTs have gained a lot of traction from the public lately and are a definite opportunity for corporations to build a rapport with their consumers. They are not limited to the art, or fashion industry and can be part of an effective marketing campaign.

NFTs explained

Gary Vaynerchuk

NFTs are digital assets kept on the blockchain, commonly referred to as "non-fungible tokens" (NFT). They provide simple identifying numbers and information to distinguish them from other digital assets. In this sense, NFTs can’t be replaced. Ownership is established via the use of signatures and smart contracts, enabling anyone to identify the owner. NFTs can take the shape of photos, songs, virtual real estate, and even tangible goods, but they may also represent a variety of other assets. The trading volume of NFTs exploded in the third quarter of 2021, with an average of $110 million dollars. This market is in constant expansion, and the most recent Expensive NFT was sold for $69 Million in March of 2020, making it the most expensive digital collectible ever sold. This information is useful as corporations care about branding. NFTs are a great way to engage with a potential audience or current community. They are built for the end consumer, and serve as a solution for everyone who wants to visualize, listen to, or watch such digital goods. Verifying ownership is difficult, but thanks to blockchain technology, NFTs can be verified in any setting.

Gary Vaynerchuck, a global influencer and NFT advocate mentioned: 
I don't care if you own a home-brokerage firm or a dental office, there's an NFT offering that makes sense for you and your customers."

NFTs and the Metaverse

The Metaverse is an augmented virtual world allowing individuals to create an economy of their own, where rules only apply to this particular ecosystem. Users can leverage virtual reality to attend social events, including: concerts, meetings, online parties, or online games. In this sense, since the Metaverse is infinite, infinite economical value can be created, initiated, and expanded, as long as value is provided to the end consumer.  Brandessence Market research noted a growth of 328% in NFT transactions during the first half of 2021, and third quarter of 2021. Major players like Microsoft, Home Depot, Tesla, Whole Foods, Starbucks, are increasing the appeal of NFTs in a way that’s never been done before. A NFT and Metaverse and Enthusiast, EA CEO

Leverage NFTs for your Company

EA speaker

Famous brands like Burberry and Louis Vuitton have shown a strong interest in digital collectibles. Burberry recently launched a collection in Mythical Games' Blankos Block Party, and Louis Vuitton created a mobile video game in which players can earn 30 complimentary NFTs as they travel to Paris with the brand's mascot Vivienne. These initiatives were launched following Beeple’s NFT boom. His artwork was recently auctioned off for more than US$69 million for a single digital picture. Big corporations recognize the promotional power of NFT and will continue to use it in their marketing strategies.

Andrew Wilson stated:

“I think that in the context of the games we create and the live services that we offer, collectible digital content is going to play a meaningful part in our future.So, it's still early to tell, but I think we're in a really good position, and we should expect us to kind of think more innovatively and creatively about that on a go-forward basis.”

A perfect use case: McDonald’s 

MacDonald nft cards

McDonald’s is the perfect example of NFTs being applied to the restaurant business. The company recently launched a NFT collection in countries like the United States, France, and China, and had seen incredible success with its giveaway contest. Digital collectibles do not need to be the end product, but can rather be used as a path towards the end product. This social initiative generated about 94900 retweets and 2.1 million views as of today. The company gets on average maximum 3000 retweets per post, showing the value of the initiative.

The CEO of McDonald's China declared: “I am very happy that McDonald’s has become the first domestic catering brand to release an NFT.”

Building Value

To have a significant impact, NFTs must provide value to the direct community. Their immediate value is determined by the forces of supply and demand, with demand serving as the primary driving force. Corporations have a real opportunity to build a loyal customer base. Companies have realized that NFTs can indeed be used as a tool to drive more sales, revenue, and an engaged community. Brands like McDonald’s, who started a contest giveaway of NFTs, have drawn attention to the brand on social media. Such a campaign was organic, and brought a lot of attention to the company. Other brands including Taco Bell, Crockpot, Campbell's and Twitter have used NFTs to gain more attention and traction.The Paris NFT day believes that education is the current biggest challenge in the blockchain space, NFTs included. The NFT Day is community oriented to spread the word, help educate and onboard newcomers. It is now time for the NFT community to meet in real life, make new friends and strengthen established friendships.

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