NFTs are a constant buzzword in the blockchain and tech space, and they’re slowly revolutionizing the way people interact with digital content.
On the back of increased NFT awareness, businesses are leveraging tech to boost brand awareness. There are many different uses of NFT outside of simply selling digital art. Below, we’ll examine five ways of boosting brand awareness using NFTs.
Physical Products As NFTs
Whether it’s the metaverse, online games, or forums, people live in the digital world and invest in NFTs as a way of showing off. Businesses can capitalise on this by turning their physical products into NFTs.
In the world of fashion, Gucci has swam deep into the waters of the metaverse by partnering with 10KTF to deliver a series of NFTs drawn by Wagmi-san.
These unique NFTs are a great way for the brand to release digital versions of upcoming lines to test traction. In other areas, Coca-Cola created NFT apparel that sold for a staggering $565,000. And there are countless others examples that can be highlighted.
NFT Admissions
In their basic form, an NFT doesn’t have any real-world value, which is why many people feel they’re pointless. However, if your name is Gary Vaynerchuk, you can turn a simple NFT into tickets for an exclusive event.
In May 2022, VeeCon attracted thousands of attendees, all of which bought NFTs to gain admission. VeeCon sees experts in the Web3, NFT, and pop culture areas take the stage to address like-minded audiences.
Any business leader can create an NFT ticket; all you need to do is choose an NFT marketplace, connect your wallet, and hit create.
Brand History As Digital Art
Some businesses have rich histories that people fully engage with. To increase brand awareness, historical images, audio files, and videos can be turned into NFTs. Then, you can sell them to your fanbase.
When it comes to telling brand stories, NFTs allow customers to own a piece of history and it can easily lead to more sales. As an example, Twitter co-founder Jack Dorsey sold his first tweet for around $3 million.
NFT Artist Collaborations
When artists become attached to viral NFTs, anything they touch turns into gold. Businesses are recognising this and collaborating with NFT artists to gain exposure.
For example, RTFKT partnered with artist FEWOCiOUS and sold an NFT for $3 million. Before this collab, RTFKT were relatively unknown, but Nike acquired the start-up because of the NFT.
The trick is to look for an artist who is relatively known and respected in the community you target. This increases the possibility that people who are interested in your brand are aware of the artist.
Such a collaboration is very effective for brand awareness purposes.
Contests And Giveaways
Everyone loves a contest or giveaway, and thanks to NFTs, businesses can build brand awareness without releasing physical stock. For example, a business can create a unique NFT and give it away for free.
The NFT would eventually hit a marketplace and will generate interest by circulating online. Businesses can take this one step further by inviting NFT giveaway winners to exclusive Q&A sessions, which would help boost brand awareness even further.
The reason why giveaways and contests are recommended for brand awareness purposes is that they put the business into a better light in front of the current and potential customers. And since everyone wants free stuff, the brand is seen in a better light.
Amplifying Scarcity Effects
Brands can easily make digital content more profitable when using scarcity marketing strategies. This applies best on the very popular products the organization has.
Also, you can highlight a rare collection that would be a part of brand storytelling, amplifying brand identity.
NFT collections of the really popular products of a brand can easily consolidate the past-established brand elements, like ethics, accessibility, service quality, vision, ambition, and much more.
As an example, Nivea launched “Value of Touch”, an NFT that highlighted how precious touch is. This idea was incredibly simple and highly accessible, all based on the fact that for most people, the most important of all senses is sight.
Nivea tried to give back power and importance to touch. The NFT was limited and was a partnership in design with Clarissa Baldassarri, Italian visual artist who was negatively affected by visual impairment.
NFTs remain popular and are making their way into all areas of life. By thinking slightly outside of the box, NFTs have enormous potential for boosting brand awareness. They increase the popularity of the brand and increase sales.