BanditHow to Develop Your NFT Rarity Strategy
The rarity factor of an NFT has a significant impact on its commercial viability. Successful builders design and develop their NFT projects by deploying a strong rarity strategy first. Likewise, top collectors are fully aware of how the rarity factor influences the NFT trade. Rarity diversifies a project by providing various and varying degrees of traits and utilities and also helps create a demand for NFT projects. For additional information on how rarity affects the business prospects of NF...
BanditThe Potential of SoulBound Tokens in the Web3 Ecosystem
The Ethereum co-founder, Vitalik Buterin along with his team published a white paper titled “Decentralized Society: Finding Web3’s Soul,” in which the team envisioned a fully decentralized society (DeSoc) and how it can be made into reality. The paper argues that in fully decentralized society, there should be no need for central points of control. To that end, they suggest the creation of a new type of token, called a SoulBound Token (SBT), which would be "soulbound" to its holder. In other ...
BanditA Guide to Purchasing an Unstoppable Domain on Bandit Network
Unstoppable Domain is a blockchain-based platform that allows users to purchase, sell, and utilize cryptocurrency domains. It is a web3 domain registry that is managed by smart contracts and offers censorship resistance and security. Users have full control over the domains they register through this platform. Unlike regular domains like youtube.com which simply open a website in your browser, Unstoppable Domain offers much more than that. In partnership with Bandit Network, users can now pur...
Building Decentralised Ecosystem & Future Assets in Web 3.0
BanditHow to Develop Your NFT Rarity Strategy
The rarity factor of an NFT has a significant impact on its commercial viability. Successful builders design and develop their NFT projects by deploying a strong rarity strategy first. Likewise, top collectors are fully aware of how the rarity factor influences the NFT trade. Rarity diversifies a project by providing various and varying degrees of traits and utilities and also helps create a demand for NFT projects. For additional information on how rarity affects the business prospects of NF...
BanditThe Potential of SoulBound Tokens in the Web3 Ecosystem
The Ethereum co-founder, Vitalik Buterin along with his team published a white paper titled “Decentralized Society: Finding Web3’s Soul,” in which the team envisioned a fully decentralized society (DeSoc) and how it can be made into reality. The paper argues that in fully decentralized society, there should be no need for central points of control. To that end, they suggest the creation of a new type of token, called a SoulBound Token (SBT), which would be "soulbound" to its holder. In other ...
BanditA Guide to Purchasing an Unstoppable Domain on Bandit Network
Unstoppable Domain is a blockchain-based platform that allows users to purchase, sell, and utilize cryptocurrency domains. It is a web3 domain registry that is managed by smart contracts and offers censorship resistance and security. Users have full control over the domains they register through this platform. Unlike regular domains like youtube.com which simply open a website in your browser, Unstoppable Domain offers much more than that. In partnership with Bandit Network, users can now pur...
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NFTs have generated global interest. As a result, they have opened up new means of brand storytelling, consumer interaction, and brand value creation. One of the reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. Their versatility that they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more provides multiple ways for brands to create value for their consumers.
In this blog, let’s find how NFTs enhance brand value, how brands can use NFTs in their marketing strategy, and how popular brands have utilized the potential of NFTs to improve their value.
Apart from the versatility, transparency, and uniqueness that make NFTs suitable for a brand’s marketing, here are some other reasons why they are great for enhancing brand value.
NFTs can be used to:
Help create unique brand experiences
Increase brand awareness
Encourage better interaction with the consumer
Pique the interest of consumers in your brand and product
Establish new income streams
Build brand loyalty
Raise money for charity
Enhance brand culture
Build a community
Create memorable experiences for consumers
Generate attention
In a crux, NFTs can help you increase conversions, trigger growth, and drive revenue.
Adding to all that, the consumers are catching up, and they’re willing to spend their cash on valuable assets. And if that value is linked to your brand, it will only make you stronger. Using this positive interest in NFTs and linking the value of NFTs to your brand will strengthen your brand.
As a brand owner, it is essential to understand how you can utilize the potential of NFTs to your advantage. Here are a few ideas on how you can get started in using NFTs to market your brand and enhance its value.
Freebies have been around for a really long time. And they have been used in traditional marketing too. In the NFT space, the concept of freebies is capitalized really well. Some NFT projects have used NFTs to nurture brand loyalty among consumers. When you give a free NFT, you create a lasting impact on your brand in the mind of the consumer. So conduct giveaways, and airdrops during project/product launch to create a lasting bond with the consumer. You can also provide exclusive offers/ benefits for initial supporters of your brand. This is rewarding to both the consumer and the brand in the long run.
Community-building is an effective advertising tool for brands. When consumers feel like they may be a part of something larger than themselves, they are much more likely to interact with and spend extra money on those brands. Some brands have identified the perks of community-building and jumped on it. Creating loyalty programs and social media groups are a couple of ways through which brands can create a sense of belonging among their consumers.
As a brand, it is not necessary that you remain in the business of creating and selling digital art in the long term. Ideally, creating a connection between your brand/core product and your NFT collection is the trajectory. To implement this, you can give away a physical product tied to an NFT collectible.
Aligning your business with a non-profit organization or charitable cause offers an alternative fundraising opportunity. You can either auction off rare NFT pieces or collaborate with artists and direct the earnings towards a cause. This way you raise awareness regarding both the cause and your brand.
NFTs can take the form of blockchain-based coupons, promos, and access codes which are easily trackable and can’t be counterfeited. Using NFT and blockchain technology for ticketing, you and the consumers benefit from security against counterfeiting of the items sold. With blockchain, a unique code is generated on the ticket, which can be easily verified by event organizers and even created as a non-transferable and locked code for resale.
NFTs are opening up an entirely new space for brands: the Metaverse. Digital wearables for avatars in games/virtual worlds are just the tip of what the metaverse means for brands. NFTs can take the form of virtual goods, services, and real estate due to their versatility. You can offer services in the metaverse or sell virtual goods.
Budweiser
Budweiser launched its first NFT collection, The Heritage Collection. The set contains 1,936 unique digital cans. Each NFT is one-of-a-kind and is created with historic photos, ads, and artwork from Budweiser's rich history. As a result, each NFT will act as an exclusive key to the Budverse, providing access to exclusive rewards and surprises.
McDonald’s
The popular fast food brand, McDonald’s launched limited edition NFTs which celebrated the return of its McRib sandwich. The special edition NFTs were awarded to ten consumers who participated in the brand’s promotional campaign which involved retweeting the brand’s invitation. These were promotional NFTs that were given away to the consumers.
Clinique
Clinique unveiled its first-ever set of limited-edition NFTs titled MetaOptimist. The brand ran a competition to give away three NFTs to members of its Smart Rewards program who share stories of optimism and hope for the future on social media with hashtags #MetaOptimist #Clinique #Contest. Winners also received free complimentary products.
Some brands are also known for their performance in social responsibility. Using NFTs for charitable causes drives brand awareness and supports a good cause.
MAC Cosmetics
MAC Cosmetics launched its NFT collection in partnership with the Keith Haring Foundation. The collection celebrated the work of the late artist, Keith Haring while supporting HIV/AIDS organizations for National Youth HIV/AIDS Awareness Day.
Taco Bell
Taco Bell launched taco-themed GIFs and images on Rarible as a part of their NFT drive. All the proceeds from the sale were directed to the Live Más Scholarship through the Taco Bell Foundation.
AMC Cinemas
AMC Cinemas and Sony Pictures collaborated to reward 86,000 NFTs to those who advance purchased or reserved opening-day tickets to Spider-Man: No Way Home. This was open to members of AMC Stubs A-List, Premiere or Investor Connect on AMC Theatres or AMC mobile app.
National Football League (NFL)
NFL turned tickets from its annual event, The Super Bowl, into NFTs. Each fan who attended the Super Bowl received a complimentary, customized NFT featuring their unique section, row, and seat to commemorate the gameday.
Gucci
Gucci collaborated with project 10KTF to create a floating virtual world “New Tokyo” where NFT owners can purchase profile photos, fashion accessories, and a fictional character names Wagmi-San.
Nike
Nike recently unveiled its new digital platform “NIKELAND”. Here, players can use their avatars to try different Nike products. Each visitor to Nikeland also becomes the custodian of their own "yard," a personal space within Nikeworld where they can display their digital collectibles and decorate them to suit their personality.
Burberry
Burberry and Mythical Games have collaborated to develop an NFT collection for the latter's main open-world multiplayer game, Blankos Block Party. The company is releasing its own line of NFT accessories that gamers may put to whatever Blanko, a limited-edition character, they own, such as a jetpack, armbands, and pool shoes.
Fashion brands
The virtual platform Decentraland held its first fashion show, creating a completely virtual and immersive Fashion Week. Brands such as Dolce & Gabanna, Tommy Hilfiger, Forever 21, and Paco Rabanne walked the runway at fashion week, and the platform generated fan engagement. In addition to the experience of participating in a fashion show, the event also sold NFTs of clothing and accessories from the brands present in the shows.
Pizza Hut
To promote their new pizza flavors, Pizza Hut Canada released “ One Byte Favourites.” The NFTs, which had a pixelated picture of a pizza on them, were initially priced at the same as $0.18, or the cost of one bite of pizza. Every week a new slice was made available to showcase one of the four brand-new tastes.
Popular brands, like the ones listed above, are finding creative ways to utilize NFTs in creative ways in their branding strategy. In the future of the digital landscape, NFT would be a powerful player. NFTs have opened up new avenues for interacting with consumers. As NFTs are relatively new, brands should pay attention to them and jump on the bandwagon when it is early. Will your brand jump in?
NFTs have generated global interest. As a result, they have opened up new means of brand storytelling, consumer interaction, and brand value creation. One of the reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. Their versatility that they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more provides multiple ways for brands to create value for their consumers.
In this blog, let’s find how NFTs enhance brand value, how brands can use NFTs in their marketing strategy, and how popular brands have utilized the potential of NFTs to improve their value.
Apart from the versatility, transparency, and uniqueness that make NFTs suitable for a brand’s marketing, here are some other reasons why they are great for enhancing brand value.
NFTs can be used to:
Help create unique brand experiences
Increase brand awareness
Encourage better interaction with the consumer
Pique the interest of consumers in your brand and product
Establish new income streams
Build brand loyalty
Raise money for charity
Enhance brand culture
Build a community
Create memorable experiences for consumers
Generate attention
In a crux, NFTs can help you increase conversions, trigger growth, and drive revenue.
Adding to all that, the consumers are catching up, and they’re willing to spend their cash on valuable assets. And if that value is linked to your brand, it will only make you stronger. Using this positive interest in NFTs and linking the value of NFTs to your brand will strengthen your brand.
As a brand owner, it is essential to understand how you can utilize the potential of NFTs to your advantage. Here are a few ideas on how you can get started in using NFTs to market your brand and enhance its value.
Freebies have been around for a really long time. And they have been used in traditional marketing too. In the NFT space, the concept of freebies is capitalized really well. Some NFT projects have used NFTs to nurture brand loyalty among consumers. When you give a free NFT, you create a lasting impact on your brand in the mind of the consumer. So conduct giveaways, and airdrops during project/product launch to create a lasting bond with the consumer. You can also provide exclusive offers/ benefits for initial supporters of your brand. This is rewarding to both the consumer and the brand in the long run.
Community-building is an effective advertising tool for brands. When consumers feel like they may be a part of something larger than themselves, they are much more likely to interact with and spend extra money on those brands. Some brands have identified the perks of community-building and jumped on it. Creating loyalty programs and social media groups are a couple of ways through which brands can create a sense of belonging among their consumers.
As a brand, it is not necessary that you remain in the business of creating and selling digital art in the long term. Ideally, creating a connection between your brand/core product and your NFT collection is the trajectory. To implement this, you can give away a physical product tied to an NFT collectible.
Aligning your business with a non-profit organization or charitable cause offers an alternative fundraising opportunity. You can either auction off rare NFT pieces or collaborate with artists and direct the earnings towards a cause. This way you raise awareness regarding both the cause and your brand.
NFTs can take the form of blockchain-based coupons, promos, and access codes which are easily trackable and can’t be counterfeited. Using NFT and blockchain technology for ticketing, you and the consumers benefit from security against counterfeiting of the items sold. With blockchain, a unique code is generated on the ticket, which can be easily verified by event organizers and even created as a non-transferable and locked code for resale.
NFTs are opening up an entirely new space for brands: the Metaverse. Digital wearables for avatars in games/virtual worlds are just the tip of what the metaverse means for brands. NFTs can take the form of virtual goods, services, and real estate due to their versatility. You can offer services in the metaverse or sell virtual goods.
Budweiser
Budweiser launched its first NFT collection, The Heritage Collection. The set contains 1,936 unique digital cans. Each NFT is one-of-a-kind and is created with historic photos, ads, and artwork from Budweiser's rich history. As a result, each NFT will act as an exclusive key to the Budverse, providing access to exclusive rewards and surprises.
McDonald’s
The popular fast food brand, McDonald’s launched limited edition NFTs which celebrated the return of its McRib sandwich. The special edition NFTs were awarded to ten consumers who participated in the brand’s promotional campaign which involved retweeting the brand’s invitation. These were promotional NFTs that were given away to the consumers.
Clinique
Clinique unveiled its first-ever set of limited-edition NFTs titled MetaOptimist. The brand ran a competition to give away three NFTs to members of its Smart Rewards program who share stories of optimism and hope for the future on social media with hashtags #MetaOptimist #Clinique #Contest. Winners also received free complimentary products.
Some brands are also known for their performance in social responsibility. Using NFTs for charitable causes drives brand awareness and supports a good cause.
MAC Cosmetics
MAC Cosmetics launched its NFT collection in partnership with the Keith Haring Foundation. The collection celebrated the work of the late artist, Keith Haring while supporting HIV/AIDS organizations for National Youth HIV/AIDS Awareness Day.
Taco Bell
Taco Bell launched taco-themed GIFs and images on Rarible as a part of their NFT drive. All the proceeds from the sale were directed to the Live Más Scholarship through the Taco Bell Foundation.
AMC Cinemas
AMC Cinemas and Sony Pictures collaborated to reward 86,000 NFTs to those who advance purchased or reserved opening-day tickets to Spider-Man: No Way Home. This was open to members of AMC Stubs A-List, Premiere or Investor Connect on AMC Theatres or AMC mobile app.
National Football League (NFL)
NFL turned tickets from its annual event, The Super Bowl, into NFTs. Each fan who attended the Super Bowl received a complimentary, customized NFT featuring their unique section, row, and seat to commemorate the gameday.
Gucci
Gucci collaborated with project 10KTF to create a floating virtual world “New Tokyo” where NFT owners can purchase profile photos, fashion accessories, and a fictional character names Wagmi-San.
Nike
Nike recently unveiled its new digital platform “NIKELAND”. Here, players can use their avatars to try different Nike products. Each visitor to Nikeland also becomes the custodian of their own "yard," a personal space within Nikeworld where they can display their digital collectibles and decorate them to suit their personality.
Burberry
Burberry and Mythical Games have collaborated to develop an NFT collection for the latter's main open-world multiplayer game, Blankos Block Party. The company is releasing its own line of NFT accessories that gamers may put to whatever Blanko, a limited-edition character, they own, such as a jetpack, armbands, and pool shoes.
Fashion brands
The virtual platform Decentraland held its first fashion show, creating a completely virtual and immersive Fashion Week. Brands such as Dolce & Gabanna, Tommy Hilfiger, Forever 21, and Paco Rabanne walked the runway at fashion week, and the platform generated fan engagement. In addition to the experience of participating in a fashion show, the event also sold NFTs of clothing and accessories from the brands present in the shows.
Pizza Hut
To promote their new pizza flavors, Pizza Hut Canada released “ One Byte Favourites.” The NFTs, which had a pixelated picture of a pizza on them, were initially priced at the same as $0.18, or the cost of one bite of pizza. Every week a new slice was made available to showcase one of the four brand-new tastes.
Popular brands, like the ones listed above, are finding creative ways to utilize NFTs in creative ways in their branding strategy. In the future of the digital landscape, NFT would be a powerful player. NFTs have opened up new avenues for interacting with consumers. As NFTs are relatively new, brands should pay attention to them and jump on the bandwagon when it is early. Will your brand jump in?
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