How NFTs Can Be Used to Drive Marketing and Sales
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by Tony Bilby | Jun 27, 2022 | Sales, Technology, Tony Bilby
In 2022, savvy brands will leverage non-fungible tokens (NFTs) to boost revenue and enhance visibility. Collectively, NFTs signify limitless potential for growth via the cryptocurrency blockchain. They are fresh, exciting, and rapidly attracting mainstream investment in an elastic, accessible market. Companies harness this moment to attract a growing audience to their product lines and 몭nd new relevance in the metaverse. Established brands like Paramount burnish their image with marketing campaigns that package exclusive merchandise for strategic release on their platforms. Prada and Adidas have partnered with digital artiste-du-jour Zach Lieberman to create a large-scale collaborative work that can be purchased in parts on the OpenSea website. Then there are projects like Bored Ape Yacht Club: a set of 10,000 limited edition Ethereum-based pro몭le pictures that appeal to celebrities, including Jimmy Fallon, Mark Cuban, and Paris Hilton. Brands of any size can fashion their core o몭erings into a digital asset, then bind it to a token of ownership to create a unique collectible NFT. Since these one-of-a-kind objects are rare, they gain value as their status and notoriety rise. Positive buzz drives sales by enticing consumers to acquire a particular NFT outright or purchase a몭liated goods. Fans may also contribute to the digital asset or share representations of the NFT on social media to become part of its in-crowd, or “community.”