NFTs: An Unbelievably Powerful Media and Marketing Asset

If you39d like to harness the power of NFTs as a media and marketing asset it39s not too late In fact this journey is just beginning as these fun digital collectibles increase in popularityWhat Exactly are NFTs AnywayWhen they first appeared NFTs confounded the world Their official name nonfungible token doesn39t help clear up matters either So to start it39s important that you know that NFTs are 100 unique cryptographic assets with their very own identification codesLike cryptocurrency they are created using blockchain technology but their unique nature makes it impossible to trade NFTs on a onetoone basis Instead they each hold their own value which can go up and down over timeNFTs are very similar to other collectibles in that right Pokamp233mon cards for example each have their own value based on rarity popularity and other factors eliminating the chance of trading your basic Jigglypuff straight across for a firstedition holographic CharizardIn fact some brands have turned their NFT journey into a tradingcard gameesque adventure complete with basic to rare collectibles Dapper Labs did just that in the creation of CryptoKitties an imaginative blockchain game centered around buying breeding selling and collecting digital felinesOperated on the Ethereum network this game has amassed a huge following But it39s not the only way for brands to leverage NFTsHow Brands Effectively Leverage NFTsBrands don39t have to create a whole game world to effectively use NFTs to build customer loyalty Most brands keep it simple by dreaming up digital assets that speak to their customers39 interests needs and wantsSneakerheads love the ultrarare new sneaker releases for example often standing in line overnight or longer for a chance to buy a pair Knowing this digital sneaker creatoramp160RTFKT dreams up stunning designs and releases each one as a unique NFTIt really doesn39t get any rarer than that boosting customer engagement to great heights As a result their gorgeous gold and red Chinese New Year sneaker design sold for 28000 Better yet their sneaker collab project with FEWOCiOUS went for a mindblowing 3 millionThey39re not the only ones using their understanding of customer wants to create lucrative NFTs and drive interest in their brand Popular musician Grimes released 10 NFTs designed with her ethereal aesthetic in mind earning a stunning 6 million in about 20 minutesDisney has even jumped on the bandwagon and created limited edition artwork to sell as NFTs on Disney Plus Day Their art centers around popular franchises like The Simpsons Marvel and their princesses of course getting customers hyped for the chance to own digital depictions of their favorite characters Better yet they released every NFT blindbox style to tap into their customers39 love for fun surprisesEven Taco Bell has recently gotten in on the action creating tacocentric GIFs that they lovingly dubbed NFTacoBells These 25 NFTs went up for auction with the promise that the proceeds would support the Live Mas Scholarship Within 30 minutes the 1 starting price of each NFT landed in the thousands with the highestpriced asset going for 3646Are NFTs Worth Investing in for the Long TermAlthough it might seem like brands are riding the hype wave to greatness NFTs are so much more than a passing fad As unique branded media and marketing assets they have the potential to keep people talking about your company for the long termMany people see investing in NFTs as the long game after all intending to maintain their portfolio of digital assets for years to come Each time the asset holders elect to sell your NFTs your brand will land in the spotlight yet againThe brand loyalty achieved with each NFT will last even longer too especially if you truly hit the mark with your releases People love to support brands with a good understanding of their interests and the drive to add value to their customer experience They are even more driven to remain lifelong customers when companies engage in charitable pursuits like running a helpful scholarship programHow to Start Using NFTs to Support Your Brand SuccessIf you want to use NFTs as a media and marketing asset you have to start with a clear understanding of what your customers want from your brand Think about the types of digital assets that best align with your brand39s purpose mission and values Then get to workamp160creating assets people will want to buy collect and sellOnce you have at least a dozen NFTs in hand you can drum up interest byLinking NFTs with muchanticipated releasesCollaborating with popular artists or influencersGiving away imaginative NFTs through a contestPairing your NFT sales with charitable actsHyping up your NFTs on your social media channelsIf your efforts hit the spot then your future NFT releases may very well stand on their own If not keep employing the practices above to use NFTsamp160as an asset in building your brand successSourceshttpswwwlinkedincompulsewhynftsassetyourmarketingstrategydonaldwilliamshttpsneilpatelcomblognonfungibletokenshttpswwwmarketingdivecomnewsmarketersrushtocashinoncollectibleslikenftsisitalongtermstra610085httpswwwthevergecom22310188nftexplainerwhatisblockchaincryptoartfaqhttpswwwtheguardiancomtechnology2021dec16nftsmarkethits22bnascrazeturnsdigitalimagesintoassetshttpswwwthevergecom202131122325054beeplechristiesnftsalecosteverydays69millionhttpswegotthiscoveredcomnewshowtobuydisneynftshttpswwwthevergecom20213122308075grimesnft6millionsalesniftygatewaywarnymphClick the social buttons to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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