What do Serena Williams, Paris Hilton and Justin Bieber all have in common? In addition to being ultra famous, they’re among the (many) celebs who’ve latched onto the latest investment trend sweeping the Internet.
Of course we’re talking about NFTs.
Don’t be alarmed if you’re knowledge of NFTs (a.k.a. non-fungible tokens) is limited to well…nothing. We’ve done the legwork to help you make sense of them and how they factor into the marketing world.
THE BASICS: WHAT ARE NFTs?
NFTs are essentially digital collectors items. And just like collectors items in the tangible world (i.e. an original oil painting or an autographed playing card) their value lies in the fact that they’re verifiably unique, can’t be duplicated and can only be owned by one person at a time.
This blog won’t go deep into the technology of NFTs or how they’re bought and sold — there are plenty of resources for that. Instead, we’ll focus on what that mean to you as a marketing pro!
NFTS AND MARKETING
Remember how we said NFTs are one-of-a-kind and can’t be duplicated?
When something can’t be copied, its value goes up simply because it’s in limited supply. As a marketer, this should have your spidey-sense tingling because tapping into consumer hype and demand is central to any campaign’s ultimate success.
Here are a just few benefits to making NFTs part of your 2022 marketing plan:
- Generating Brand Awareness: When done properly, leveraging Internet culture can spell great things for your marketing strategy (we should know, we wrote a whole blog about it!) NFTs are no different. From Coca Cola to Gucci, top brands are waking up to the enormous opportunity offered by NFTs as a vehicle for growing their brand’s online presence. Something to consider!
- Reaching New Audiences: Did you know the hashtag #NFT has been viewed more than 7.8 billion times on TikTok? If your brand is looking to refresh its image among a younger and more digitally savvy audience, incorporating NFTs into your marketing strategy could be just the way to do it. Take an established brand like Volkswagen, for example. It just launched an NFT activation called the Digital Garage, which allows people to build their dream car collection using digital collectors cards.
- So Many Possibilities: The most common type of NFT is digital art but the options are almost endless for what can be represented in this way (eg. virtual fashion, event tickets and music). The potential for NFTs to represent such a wide variety of creative work means marketers can target very specific audiences in very specific and impactful ways.
It is generating a lot of buzz in the online world that could translate to big opportunities for your next campaign. Think you’re ready to take the (digital) plunge?
XO,
The Sugars