NFTs are digital assets secured by the blockchain, representative of real-world, artistic ideas and objects, including art, music, illustrations, videos, and other creative projects.
Traded through cryptocurrency, the NFT space is one that facilitates the trade of digital art in a number of mediums and is gaining an increasing level of popularity. In fact, this level of popularity has amounted to an NFT market that is worth over $41 billion, as of 2021 (Forbes, 2022).
NFTs are viewed as investment opportunities and are highly sought after due to the immediacy and exclusivity that surrounds their current market. Each NFT has an independent identification code – contributing to its unique or extremely limited nature.
What are the benefits of incorporating NFTs into your marketing strategy and how are they interrelated?
Using NFTs as a means of marketing for brands is valuable in several ways. Not only is there an improved likelihood for the successful marketing of a business’s products or services, but also for reaching a brand’s targeted consumer base. This platform for improved target market reach, assists in developing brand awareness, encouraging consumer engagement and in turn, growing a loyal customer base.
The NFT space should be viewed as an opportunity for businesses to market themselves and their product or services. The opportunity that comes alongside this relatively new platform should be seized and capitalised on to facilitate the growth of businesses and the expansion of a loyal consumer base. Implementing NFTs to the marketing strategy for your business will ultimately provide an amplitude of opportunities to promote one’s brand and progress from a strategic marketing perspective.
Examples where the NFT space has been used to execute an innovative marketing strategy.
SUPERPLASTIC x Gucci
A prime example of marketing within the NFT space in the fashion industry is the collaboration between SUPERPLASTIC and Gucci entitled ‘SUPERGUCCI’. An exclusive, select collection of NFTs was released, minted on Ethereum, and bought and sold for thousands.
The ‘SUPERGUCCI’ drop highlights the luxury fashion house’s contemporary progression and technological awareness in relation to the metaverse. This communicates to consumers and investors that the efforts of the Gucci house, in collaboration with NFT creative SUPERPLASTIC, are active and following the current trends and opportunities through projects such as ‘SUPERGUCCI’. Additionally, this digital project contributes to overall brand awareness and creates recall for metaverse engagers and Gucci’s intended audience after exposure to the collaboration through marketing strategies.
Gary Vaynerchuk – Book Release
Another instance in which the NFT space has been utilised amidst marketing strategy was during Gary Vaynerchuk’s, book release.
Commonly known as ‘Gary Vee’, the launch for the entrepreneur’s latest book, ‘Twelve and a Half’, involved an incentivised campaign through the NFT space, which offered users one of Gary’s sought-after NFTs for every twelve books they purchased within a timeframe.
This interactive initiative was one that was strategic, and demonstrative of Vee’s creative approach to marketing for the book release and the peak of sales through pre-orders.Ultimately, the above discussion and exemplified cases highlight the benefits of making use of the NFT space and the metaverse in conjunction with business marketing strategies. The growing interest in NFTs and the success stories from different industries implementing NFTs into their marketing strategy, calls for businesses to consider doing the same in their own creative and innovative way. So why not make use of this emerging and increasingly popular platform to seize and capitalise on the opportunity to grow your brand and cultivate an expanded consumer base?
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