How are Brands Using NFTs?
In this blog, we’ll explore some of the use cases brands are exploring for NFTs and how they can be leveraged effectively in marketing.
NFTs were first introduced to the world by digital collectible games like CryptoKitties and Etherbots. These games allowed players to collect digital assets that had unique features. This made the items valuable and collectible since there was no way to create exact duplicates.
Since then, companies from a wide range of industries have begun experimenting with NFTs as a way to improve their customer engagement and marketing efforts. Here are just a few examples:
One North American airline recently partnered with blockchain game developer Animoca Brands to create a game that would let passengers earn NFTs based on their flight data. Players can collect unique digital items like trophies, avatars, and virtual pets by tracking the distances they’ve flown and the number of trips taken. This creates an exciting new way for customers to interact with the brand and its services.
But NFTs can also be used for more mainstream purposes, too. For example, writer Ellen Huerta uses them to verify her online identity and ensure that only she can use her content. She’s also supporting a digital rights management platform called Dot Blockchain Media, which uses NFTs to protect music royalties for artists.
NFTs are also being used to help people with disabilities access the web: BlindSquare is an app designed specifically for blind or visually impaired people and uses NFTs to help users navigate.
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NFTs for Marketing
There are a number of different ways that brands can use NFTs for marketing purposes.
One popular approach is to create branded virtual collectibles, such as limited-edition digital stickers or toys. Customers can acquire these assets in exchange for real-world money, which then provides an additional revenue stream for the brand.
Another option is to hold exclusive events and tournaments that award NFTs as prizes to participants. This gamifies the customer experience, giving them more of a reason to interact with the brand, and encourages customers to buy more products or services to improve their chances of winning.
In addition to these marketing activities, many brands have also begun experimenting with NFT-based loyalty programs. These programs tie rewards to digital assets that customers can unlock by taking actions such as making purchases, referring friends, or engaging with brand content on social media.
Overall, NFTs provide brands with a new way to engage and interact with their customers while also creating new revenue streams. As technology continues to evolve and improve over time, we can expect to see NFT use by brands becoming more and more common. Whether they are used for promotional purposes, as a customer rewards system, or simply as a unique collectible item, there are many ways that brands can leverage NFTs in their marketing efforts.
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