NFTs bring a lot of possibilities for brands and creators to reshape how they engage and interact with their communities. Below you can find seven different ways brands that can benefit from NFTs.
I. Increase engagement - By creating a sense of ownership and pride in the user, NFTs can greatly increase engagement and connection with the brand. The more someone puts into an NFT, the more attached they will feel. This creates a stronger bond between the user and the product or service they are using and thus creates a bigger relationship between the brand and the fans.
II. Loyalty & Membership programs - NFTs are a new form of digital assets that brands can use in loyalty and membership programs to provide customers with a more personalized experience. For example, they may reward some people with NFTs for completing tasks or achieving milestones, and those NFTs could give access to exclusive offers, premium content, and others.
This makes your fans more prone to come back to you and be active community members.
III. Increased visibility & footprint - People love sharing and discussing their achievements and collectibles. Well-thought-out digital collectibles are usually shared and shown around. It’s a way to potentially turn anyone that participates in your experience into an active brand ambassador and communicator.
Also, because they are on public blockchains, being traded and used, your brand will continue to “travel” as the NFTs travel, creating a unique footprint that will always leave breadcrumbs back to your brand!
IV. Additional revenue streams - You can create Digital Merchandising, Collectibles & Memorabilia, which can be sold and monetized. You can make limited and numbered editions and set digital scarcity, which allows for creating more value. Additionally, you can add royalties for secondary sales and eventually capture additional revenue from future sales in the secondary market of specific collectibles.
V. Re-targeting - Retargeting allows you to reach out to people who have already visited your website. But, instead of doing it via traditional ads, you can create exclusive offers and gifts for your retargeting audience with more unique and exclusive content and NFTs.
VI. Multiverse interaction - NFTs are composable digital primitives. Which means that they allow transferability between multiple environments. For example, an NFT gained as a collectible can be in the future be used as a ticket for an event or even as an avatar in a Metaverse environment. This allows for building engaging and interactive experiences across multiple platforms and worlds.
VII. Partnerships & Sponsorships - Finally, their interoperability and composability make it easier to use NFTs with partners and sponsors. You can easily create experiences on top of NFTs issued by other partners without having to worry about the technology that is used.
As you can see, there are many different benefits that brands can take advantage of by applying NFT-based strategies to their 360 marketing plan. It’s just a matter of being creative now, and start exploring this amazing opportunity and new world, and make your brand stand out!