If you’re a marketer in the digital age, then you’ve probably looked at NFTs as a way to engage your target audience, or just to position yourself as a forward-thinking brand.
The simple fact is that, as marketers, it’s easy to pigeonhole ourselves into the tried and true marketing strategies we’ve been married to. Search engine optimization, influencer marketing, email, and ad campaigns, the list goes on…
Have you ever done research into how NFTs can change the game for your marketing strategy? If you have, but are struggling to find NFT ideas, then this one is for you.
Here are NFT project ideas for brands.
Explain NFTs like I’m five.
NFTs, or non-fungible tokens, are digital assets that are created using blockchain technology. One of the more appealing things about them is that they are literally one of a kind, hence the word non-fungible.
Unlike cryptocurrency which is fungible, NFTs cannot be replicated or used as coin.
As unique as your fingerprints, irreplicable, and the most progressive thing to hit the fine art market. The difference between NFTs and traditional fine art is that NFTs are accessible to everyone because almost anything can be an NFT.
NFTs come in many shapes and sizes. From GIFs and digital paintings to videos and kids' scribbles. From music to entire VR retail spaces. The list goes on.
While people used to roll their eyes at the ones who bought them in the early days, the market is expected to grow to $147 billion by 2026. That’s almost more than the fine art market.
Why brands should embrace NFTs.
A couple of years ago, NFTs were so novel that businesses, other than a few large enterprise brands, didn’t even toy with the idea of using NFTs as a way to connect with their customers. The NFT space was too new and not enough was known about NFT marketing strategy.
The thing about NFTs is that they have no ‘target audience’ like an email marketing campaign would. The people who buy your digital artwork may be big fans of your organization, or they may be people who just think that your NFT collection is worth investing in.
This is exactly what makes NFT marketing so valuable. It isn’t likely that your competitors are doing it, and it’s something new for your customers to get excited about. This can have a huge impact on not just customer engagement but also on helping you stay relevant in a saturated market.
Brands that embraced NFTs like Nike, Coca-Cola, and Pizza Hut were the buzz of social media at their launch. Some of them have made a game out of collecting them, while others use them for philanthropy.
Let’s dive into the different types of projects that brands could embrace right now.
NFT project types.
Brands that embrace NFTs typically do so for different reasons. Most brands don’t decide to launch their NFT collection without having a purpose, whether that’s a gamified experience for their audience or for philanthropic reasons.
The NFT community is and the different types of projects are so varied that a brand really shouldn’t jump on the NFT train unless they have a clear path and purpose outlined.
Philanthropy: Taco Bell and Coca-Cola both launched NFT collections that donated proceeds to a greater cause. This is a great way to embrace marketing for the greater good and it’s a strategy that lets your audience know that you are a forward-thinking brand with a big heart.
Gamification: Louis Vuitton, CryptoKitties, and Gap all have launched a gamified NFT collection. Whether the objective was to collect them all for a physical prize, or simply for entertainment purposes, creating a gamified experience can increase customer engagement and loyalty.
Just for fun: This category is for brands like Pepsi and Anheuser-Busch who both launched an NFT collection that was either a collect them all experience for their customers, or just a new way to connect with their fans. One thing to note is that Anheuser-Busch’s collection sold out within hours of the launch.
NFT project ideas.
Creating NFTs for brands doesn’t have to feel like diving into a pool when you don’t know how to swim. Creating and marketing your NFTs is a lot simpler than you might think. You just have to have a clear idea of what the goal is behind your NFT drop and what kind of NFT holder you want to attract.
Here are a few NFT (non-fungible token) project ideas that you might want to consider:
Limited edition digital collectibles: Brands could create limited edition digital collectibles that can only be obtained by purchasing a physical product or completing a certain in-store or online challenge. These collectibles could take the form of a unique image, video, or 3D model, and could be stored and displayed using a blockchain-based wallet.
Exclusive experiences: Brands could use NFTs to offer exclusive experiences to customers, such as VIP access to a concert or a meet-and-greet with a celebrity brand ambassador.
Virtual real estate: Brands could create virtual real estate on a blockchain-based platform, allowing customers to purchase, own, and interact with virtual spaces. This could include virtual storefronts, virtual billboards, or virtual landscapes that can be used for advertising and branding.
In-game assets: NFTs can be used to create unique in-game items or experiences that can be bought, sold, and traded by players. This can create a secondary market for digital goods and provide an additional revenue stream for the game developer.
Charity auction: Brands can use NFTs to create unique digital artwork or merchandise and auction it off, with proceeds going to a charitable cause. This can help to raise awareness for the cause and generate positive PR for the brand.
Gamification of rewards program: Brands can create NFTs as rewards for customers to incentivize engagement, whether that be from a loyalty program or from completing a survey. The NFTs can be special, unique, one-of-a-kind items that make customers feel special and exclusive.
These are just a few ideas, but the possibilities for using NFTs in branding and marketing are almost endless. It is important to keep in mind that NFTs are a new and rapidly evolving technology, so it's important to stay up to date on best practices and developments in the field.
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Be fearless and embrace creativity.
In the NFT space, anything is possible. You don’t have to be confined to your brand’s style guide for your NFT drop; let the creative juices flow, explore the most out-of-the-box ideas, but most importantly, create with a purpose.
Will you be the next big thing? Only time will tell.