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"NFT stands for non-fungible token. These are one-of-a-kind digital assets that connect ownership to digital or physical assets including art, real estate, computer programs, images, music, and movies. An NFT is a digital asset that is used to replicate real-world objects including paintings, music, in-game items, and movies. They are frequently encoded with almost the same underlying software as many other cryptos and are purchased and traded online, frequently using bitcoin. NFTs are being used for marketing in a variety of ways, including expensive virtual art and collectibles, unusual in-game products, and digital fundraisers. Until recently, businesses depended solely on tried-and-true marketing strategies such as paid advertising, affiliate networks, and social media marketing."
- Cindy Corpis, CEO of SearchPeopleFree.net
Promote customer engagement with membership tokens
"One of the best ways to use NFTs for digital marketing is to promote customer engagement and loyalty by rewarding brand enthusiasts with membership tokens that grant them unique benefits. Here’s how it works. You identify the most active brand ambassadors on social media or the most loyal customers and send them a brand NFT. This NFT can then be used by token holders to receive exclusive benefits such as access to secret events, free merchandise, or digital rewards in the metaverse. Thanks to this incentive and exclusivity, you’re able to turn more fans of your brand into active promoters and foster stronger customer relationships.
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Several brands are already using NFT in their digital marketing campaigns in a similar way. For example, Adidas recently gave away NFTs to their community of fans who can use them to claim free, exclusive merchandise - a hoodie and beanie in May, plus a tracksuit in December. Token holders who claim all these items will then be able to move on to the next phase, which will enable them to unlock new benefits.”
- Clemens Rychlik, Director of Operations at Bourbon Creative
Making a multi-faced digital connection with customers
For my company, NFTs have become a primary touchpoint with the customer. I use them to generate digital assets one after another and strengthen my organization's position in the market.
Increasing brand identity
I have successfully linked my NFT collection to my brand identity little by little. It let my customers him that on a physical product. Digital NFT tokens help increase brand identity and sell more products/services to particular customers.
Preorders of Products and Services
Like any other businessperson, I want to sell my products in great numbers. NFT tokens allow me to make reasonable offers for customers and register advance bookings for products and services.
- Ashley Amor, Co-founder of People Find Fast
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Provides a unique perception to your business product
"Most brands don’t want to be in the business of producing and selling digital art in the long run. It’s vital to link your NFT collection to your brand identity. Although the demand for Web3 technology has been gradual, you can still quickly start to connect your services or products to NFT in small ways."
You could turn the notion of an NFT as a digital token that showcases that you have a physical product by giving away a physical item associated with a digital NFT collectible. When the coach-built an NFT line adding animal art as a core part of their Christmas marketing, it assured each NFT bearer of a creative coach bag."
- Madilyn Hill, CEO of Truepersonfinder
"While it's still too early to say how the NFT market will affect business in general, early adopters and innovators are eager to see it succeed. With that in mind, here are a few ways businesses can begin leveraging NFTs to better serve their customers:
1. Create a complex digital consumer connection using NFTS: Regardless of Mark Zuckerberg's obsession with the metaverse, businesses that limit NFT thinking to collectables or creating digital assets for virtual avatars are missing a bigger trend. In a few years, NFTs may be the key digital touchpoint between businesses and their customers - and one that the brand has control over.
2. Improve product perception and brand recognition: In the long run, most brands do not want to be in the business of creating and selling digital art. It's vital to tie your non-fungible touch collection to your brand identity as Nivea has done with theirs."
- Caroline, lead editor at Tech Underworld
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Better audience tracking, quality services to offer
"There are various ways in which NFTs can be used for digital marketing. The following are some of the ways in which such benefits can be accrued. First of all, they allow you to get a direct connection between your brand and the customers. Secondly, it allows you to track the audience better and this improves the quality of the services you offer. However, you might find it difficult to get the right audience with this as it takes a proper strategy. There are various other benefits of using NFTs."
- Maria A. McDowell, Founder of EasySearchPeople
NFT Gamification allows people interact more with business
"It's one of the best ways NFTs can be used for digital marketing. Phygiyals combines the digital and physical worlds, and the tangible items platform offers marketers full-fledged control over how the material in their product's NFTs is demonstrated. Setting aside video and photo materials, marketers might maximize the digital experience by including easter eggs and other surprises. Therefore, gamification lets people connect with and learn more about a business."
If you operate a small business or a Shopify store, now is a beautiful time to indoctrinate people about your brand. If you want to customize the experience for customers who purchase limited edition items, you might add tailored messaging."
- Stella Cooper, CEO at PaydayLoansUK
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The act of buying NFTs and digital art is not unlike collecting trading cards in our younger years. NFTs have introduced an exciting new venture to the fold that allows people to collect fresh and unique creations. This phenomenon has inspired new levels of creation and innovation never before seen. Additionally, the increased widespread interest in investing in recent years has only heightened the sensation that is non-fungible tokens. Part of the appeal is to compare, trade, and collect intriguing digital art, which makes NFTs a unique way to engage in new digital marketing tactics.
- Ray Leon, CEO of Pet Insurance Review
NFTs can be used as event tickets
"For instance, it’s possible to release NFTs as tickets to events for customers to discover and claim. The event itself can be a specialist workshop, an expo, a trade show, or even something in the field of entertainment should a business be closely aligned to the arts.
If a business makes bespoke products or offers prestigious goods, it may be possible to release NFTs commemorating certain collections or products from the past. Many fashion brands like Gucci, Burberry, and The Fabricant Studio have launched NFTs that can let individuals create their own product avatars, use clothing in compatible video games, and buy unique fashion art in auctions.
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NFTs can also be used as a visually striking token that can be redeemed for product pre-orders, or access to VIP areas of company websites. This can help to improve the quality of the journey that customers will make alongside businesses and can help to deliver more loyalty."
- Maxim Manturov, HOD at Freedom Finance Europe
NGOs using NFTs to facilitate charitable donations
"- NFTs are quite popular now used for pre-orders for products across different businesses. Not only does it increase the cash flow and revenue of the business, but it also helps to evaluate public interest in a certain product or service even before it is launched. Thus, NFTs can be great for marketing products that are about to launch in any business.
- If your business is linked to any NGO or for a worthy cause, you can now start accepting donations through NFTs. This is an incredible way to boost brand identity and recognition while facilitating donations towards a good cause.
- Many businesses use NFTs to create a completely new multifaceted digital consumer collection. NFTs can be a major primary touchpoint between businesses and their customers, which can be readily leveraged by brands."
- Christian Velitchkov, Co-Founder of Twiz LLC
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NGOs using NFTs to facilitate charitable donations
"There are many ways NFTs can be used in digital marketing. One such a way of using them:
NFTs are the newest and best way of token gating, which is a tried and trusted medium of digital marketing. If you're wondering what token gating is, think paywalls to newspapers, subscriptions to services like OnlyFans or Patreons - it's the promise of more or better content once the 'token' has been purchased.
As a business owner, you can create an NFT or a series of NFTs that are relevant to your business as a form of token gating, and then apply utility to them (that is incentivize the ownership of that NFT). This is a great way to encourage engagement, drive sales, and bring traffic to your business.
An example of this for say, an e-commerce store selling clothing, would be to create a series of 100 NFT characters that loyal customers can buy and hold. The customers that buy and hold your NFT get x% off all purchases, are first-in-line to new sneaker drops, and get free express shipping.
The exciting part is, that there's no limit to what utility can be attached to your NFT and they can be applied to any and all businesses.
Collaborating with established NFT projects and offering giveaways on socials is also a fantastic way to gain traffic and build your community.
- Harrison Hosking, Marketing Manager of KEAK
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NGOs using NFTs to facilitate charitable donations
"Non-fungible tokens (NFTs) have recently surged in popularity and are undoubtedly one of the major marketing trends for 2022. These digital artifacts are fetching exorbitant prices, with The Merge by digital artist Pak being the costliest. NFTs are being used for marketing in a variety of ways, including expensive virtual art and collectibles, unusual in-game products, and digital fundraisers. Until recently, businesses depended solely on tried-and-true marketing strategies such as paid advertising, affiliate networks, and social media marketing.
NFTs, for the most part, enable businesses to produce digital proof of ownership, attendance, and even transference to other experiences they provide to their clients. NFTs are also transparent and instantaneous.
- Amit Raj, Founder of TheLinksGuys
A lot of people are yet to understand how NFT works and why it is the future. NFT is original and a lot of people are buying it these days. The term itself refers to Non fungible tokens. Fungible tokens are the likes that can be passed from hand to hand in exchange for something of equal value. For instance, when we go into a bookstore to get a classic, we pay for the book with money and in exchange we get the book.
NFT on the other hand has to deal with ownership. You sell the ownership of a piece to one person who is the sole owner. This means there’s only one original owner of your work and you get paid in awesome amounts. When something is scarce, there tends to be a lot of value attached to it unlike when it is everywhere.
Digital marketing suggests a digital space and turning your services into NFTs not only up the value but also gives your products a better chance of turning in more profit. Companies can win digital contracts on NFT too. Since NFT is like selling ownership, companies can win digital contracts as well.
- Emma Gordon, Founder of USSalvageYards
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Loyalty Programs, contests, and giveaways
Non-Fungible Tokens (NFTs) are becoming more popular in the digital marketing world. Here are three examples of how they can be used:
1. Loyalty Programs: NFTs can be used to create and manage loyalty programs. This is an especially effective way to reward customers for their loyalty and increase customer engagement and retention.
2. Brand Awareness: NFTs can be used to create and distribute branded content, such as videos, images, or games. This is a great way to promote your brand and engage with your audience.
3. Contest and Giveaways: This is a fun way to engage with your audience and reward them with something unique.
- Farzad Rashidi, Co-Founder of Respona
NFT's can be used for digital marketing for logos, promotions, giveaways, and anything you can think of. What's great about NFTs in digital marketing is that they appeal to Gen Z which is obsessed with cryptocurrency and NFTs. So, by adding anything related to crypto, you can target younger demographics that are more attuned to NFTs. They can be used as profile pictures or avatars, which many people like to display on their Twitter and Instagram pages.
So, you could offer a free airdrop of an NFT designed by your company, for example, to your most loyal customers making them eligible for discounts and rewards. They can also be given out in social media competitions for retweets or participation in online surveys held by your company. Think of it the same way as any other reward you would give your customers, with the added marketing value of having it on the blockchain.
- Stefan Ateljevic, founder of Bitcoin Play
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Multiple reasons
Games
Modern gaming is one of the hot areas to market NFTs. This is because popular games like Fortnight involve detailed graphics and skins/clothing for their avatars.
This means you can create and sell NFTs in the form of digital pets, avatar skins, and other virtual items used in games.
NFTs are now mainstream, and the gaming industry is uniquely positioned to capitalize on these digital assets and profit from the craze.
Sell tickets
People's pay for goods has changed dramatically in recent years. For example, you can now use Bitcoin to buy tickets to your favorite concerts or sporting events via NFTs.
No matter what type of event, seminars, trade shows, expos, etc. NFTs serve as virtual tickets.
Don't forget the compelling and unique content that the NFT will reflect, making it one of the best digital projects to attract your audience. You can also design NFTs for music or sporting events to get die-hard fans lining up for tickets.
Fashion Industry
While the fashion industry and NFTs may not look perfect, they could be a match made in heaven.
This is because the fashion industry is currently preparing to capitalize on the success of NFTs in the gaming industry.
Product Pre-Order
Every company and entrepreneur wants more product pre-orders. Not only does this help with cash flow, but it's also an excellent way to gauge public interest.
An exciting example of how NFTs can be used in pre-orders is Gary Vaynerchuk. Gary Vee made a compelling proposition that NFT enthusiasts couldn't refuse.
What is his proposal? Well, for his latest book, Twelve and a Half, for every 12 you buy for a specific period, you'll get one of Gary's coveted NFTs.
The strategy was so successful that the pre-sale of his book caused the release date of his book to be pushed back by two weeks.
In the end, Gary sold 1 million books by using NFTs. It also marked a sales milestone for one of the most significant book pre-orders in 24 hours.
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Support a good cause
It is no longer enough for one company to sell quality products at competitive prices. If a company wants to win the hearts of its customers, it must support worthy causes and give back to the community.
A reported 84% of millennials say they would prefer to support brands with strong values and offer transparency.
- Sweet, Head of Marketing at Our PCB Tech
Since NFT has become a popular thing right now, many people use it as a new tool to enhance their business. Why should it be the NFT? It’s because NFTs provide a unique opportunity for each artist to promote true digital ownership of their art or work.
Moreover, NFTs also represent the authenticity of digital materials. You don’t have to worry there’ll be someone who claimed your work as theirs inappropriately. Additionally, in blockchain (where you can trade NFTs), you’ll always be able to know the original artist. Thus, people all over the world have been convinced to use this as a potential asset.
So, if you are wondering which ways NFTs can be used for digital marketing? I’ll suggest 5 ways.
NFTs for enhancing product perception and brand identity
NFTs as a digital touchpoint to connect with customers
Pre-order the product
NFTs to support a worthy cause
Gamification
- Almira Y Alodia, Content Writer at Eklipse.gg
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Below are some ways NFT can be employed in Digital marketing:
Maintaining and fortifying existing brands, products and customer relationships in the metaverse
How issuing branded crypto or NFTs work to create instant value for customers and extended potential value for investors
Growth potential for tokenized rewards point systems for brands that have unlimited value as opposed to prior customer reward systems with hard limits
The democratization of investments and how new customers/investors are looking to be a part of brand growth, often playing an active role as a brand advocate.
The new value proposition crypto and NFTs provide in a marketplace that transcends classes and serves as “unexplored” territory in an emergent economy
Secondary meta markets for products – e.g. “hard” production costs and real-world retail prices vs. scarcity and NFT add-on potential or virtual products
- Daniel Cobb, CEO of Daniel Brian Advertising (DBA)
There are a few different ways that you can use NFTs for digital marketing, such as:
Create an NFT to represent your brand: You can create an NFT that represents your brand, which can be used as a marketing tool to promote your business. For example, you could create an NFT that contains your company logo or slogan.
Use NFTs to offer discounts and rewards: You can use NFTs to offer discounts and rewards to your customers. For example, you could offer a discount on a product or service if the customer buys an NFT from you.
Give away NFTs: You can give away NFTs as prizes or gifts to people who participate in your marketing campaigns. For example, you could run a contest where the winner receives an NFT.
Use NFTs to drive traffic to your website: You can use NFTs to drive traffic to your website by offering them as a freebie or as an incentive for people to visit your site. For example, you could offer an NFT to people who sign up for your email list.
- Harriet Chan, Co-founder of CocoFinder
Product Pre-Orders:
Last November, Gary Vaynerchuk sold 1 million books in 24 hours by offering fans an NFT if they purchased 12 copies. This was such a brilliant marketing tactic that his publisher had to delay the book's launch to fulfill orders.
Memberships:
Whether you want to invite people into your country club or to join your membership website, NFTs can be used as membership tokens to show that an individual has the right to your exclusive get-togethers.
Brand Awareness:
NFTs can be powerful brand awareness tools. Simply issuing a collection of NFTs could solidify your brand at the top of the mind of your target audience. One way to do this is to mint NFTs of your physical products. Nike and Coca-Cola have gone this route and it seems to be paying off.
Personal Connection:
NFTs can also be used to facilitate a closer connection between an artist and her fans. Musicians, actors, comedians, authors, photographers, and any kind of creator can issue NFTs that connect with fans and keep them interested in the artist's other creations.
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Rights Management:
NFTs can be used to transfer intellectual property rights, either temporarily or permanently. The purchaser may acquire the right to use a particular copyright or patent for a specific use case for a period or receive the right to reprint a piece of literature. Different NFTs can confer different rights and ownership of possession of that NFT could transfer those rights to the individual or business who can prove they acquired the NFT legitimately.
Proof of Purchase:
An NFT can be issued at the point of sale to prove a specific high-value item was purchased thereby proving ownership of the item.
This is a small list of ways NFTs can be used for digital marketing. There are countless others. Marketers are getting very creative with the use of NFTs in the digital marketing space and I believe they will someday be as commonplace as loyalty points. In fact, NFTs can be used to reward loyal customers in much the same way that free merchandise and product discounts are used.
- Allen Taylor, author of Cryptosocial
Conclusion
NFTs (Non-Fungible Tokens) have the potential to be an important tool for digital marketers trying to provide their clients with distinctive and interesting experiences. They may be used to develop unique marketing campaigns as part of a marketing strategy to draw the interest of various customers and raise brand awareness. This blog has discussed a number of applications for NFT in the sphere of digital marketing.
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