If you have been following the news in the last year, there is no way you could have missed the term NFT. It took over newsfeeds worldwide. But most people were confused about the meaning behind it. People paying thousands of dollars for just a simple cartoon didn’t help explain the mechanics behind the NFTs.
However, if you are in the advertising world, you must be wondering if NFTs can be useful in your line of work. So keep reading because we will explain everything you need to know about NFTs and how they can be a part of a marketing campaign. Let’s begin!
What is an NFT?
Before we dive deeper into the world of NFTs, we have to explain the meaning of an NFT. NFT is an abbreviation of a non-fungible token. Fungible is just another way of saying exchangeable. However, we are dealing with a non-fungible token. Therefore, you can’t exchange it for the same thing. Token refers to any cryptocurrency out there.
What you need to know is that NFTs are not a cryptocurrency. Instead, you can collect them to prove you own these pieces of artwork. With all the buzz around NFTs, it is no wonder that some of them reached insane prices at auctions.
Celebrities didn’t just sit back, refusing to be a part of the newest craze. Grimes, a famous musician (and Elon Musk’s on-and-off partner), hopped on the bandwagon right away. She sold a collection of NFTs for a staggering 6 million dollars. The set itself is about the character of WarNymph, an avatar she created to promote her album, Miss Anthropocene.
Can you use NFT in marketing?
NFTs are changing the art world for the better, giving more exposure to some incredible digital artists who can benefit from the extra funds. But the very popularity of NFTs attracted some huge brands who saw it as an excellent marketing opportunity. After all, it is fresh, new, and worth exploring.
Coca-Cola decided to celebrate the 2021 International Friendship Day by releasing four animated NFTs. The first buyer received a small digital surprise and then some more. The highest bidder also got a Coca-Cola refrigerator. And the best part is that Coca-Cola donated all the proceeds from the auction to the Special Olympics International.
Other brands got interested in NFTs too! The list includes Adidas, Nike, Samsung, Pepsi, etc. While it does look unusual, NFTs can increase brand awareness and help launch marketing campaigns.
How to use NFT in marketing
Now that you know the basics of NFTs let’s see how to use them in marketing. The easiest way is to create fun collectibles related to your brand. These should be tiny works of art, but don’t worry if you are an Illustrator or Procreate novice. There are plenty of websites like Behance where you can find amazing digital illustrators who can create outstanding artwork.
Everyone likes to be a member of an exclusive club. You could create a community that only the owners of your NFT can access. You could also use the NFTs as tickets for exclusive events organized by your brand. Or even for one-on-one phone calls with you or people from your team.
Essentially, NFTs allow you to come up with unique ideas. There is no need to keep NFTs fully digital. Add more perks to the owners of your NFTs, such as physical items and collectibles that could bring more audience to your brand. If you come up with a marketing campaign around NFTs, you can be sure that some media outlets could pick it up, and chances are you will reach thousands of people with your NFTs.