Intro to NFTs for Marketing

What’s the deal with NFTs? You may have heard “non-fungible tokens” defined as digital artwork, but the applications of NFTs are so much greater. Here we explain what NFTs are, and how you can include them in your marketing strategy.

NFT stands for non-fungible token. No, it doesn’t have anything to do with fungi. Non-fungible means the token is unique and can’t be replaced or duplicated. 

And what’s a token? A token is a cryptographic asset that lives on the blockchain and acts as a certificate of ownership.

In short, an NFT is a unique certificate of ownership. 

NFTs are not synonymous with digital art. An NFT can represent art, either digital or physical, but it can also represent music, images, or clothing. Almost anything can be tokenized.

The movement from Web2 to Web3 promises to empower individuals by giving them ownership over their content and data. This includes decentralizing control—from a few large companies to individuals—through technology such as blockchain.

NFTs, which use blockchain for ownership verification, have become a symbol of the greater transition to Web3. An enthusiastic market for NFTs exists, waiting for brands to embrace decentralization and the shift in ownership from the few to the many.

First things first, NFTs are relatively new, and the NFT market can be volatile. Think carefully before you use NFTs for marketing, and keep in mind there isn’t a long history to draw on to define best practices. That said, let’s take a look at how you can use NFTs for marketing to build your brand awareness, increase customer loyalty, and create new sources of income.

You can use NFTs to build awareness around your brand. Awareness can be difficult to measure, but it’s essential to your success. If you create and sell NFTs in conjunction with a new product or service, you can gain attention while also communicating your brand’s values.

More and more, customers care about your values, and investing time and energy in NFTs can show that you’re committed to decentralization and individual ownership of content and data. In short, that you believe in the democratization of the internet.

Norwegian Cruise Line recently minted six NFTs to mark the launch of a new class of cruise ships. The initiative created buzz and attention for the brand, and communicated Norwegian’s commitment to freedom, flexibility, and cutting-edge technology.

When you’ve engaged a lead enough to become your customer, it’s time to delight them. One way to do this: create NFTs out of the building blocks of your brand. For example, you can mint a series of unique versions of your logo, or the original hand-drawn concept for your brand’s visual identity.

Think of this as pulling back the curtain for your loyal customers to more deeply connect with your brand. Giving them the opportunity to own a piece of your creation story will demonstrate your openness and transparency.

Once you have a group of loyal customers who evangelize your brand, consider using NFTs to monetize exclusive content. Evangelists may be willing to pay for videos, how-to articles, or other content they wouldn’t otherwise have access to.

Exclusive content can make your evangelists feel appreciated. You could set up an NFT that unlocks this content, much like a one-time charge for premium membership. You can also hold in-person events in which ownership of an NFT acts as a ticket for admission.

Take Anheuser-Busch’s recent event, NFT Beerfest, which gave Budweiser NFT owners a chance to tour their flagship brewery, participate in giveaways, and enjoy live performances.

Interested in using NFTs for marketing but not sure how to get started? Share your ideas with our GoViral Blockchain team, and we’ll be in touch!