When a cryptocurrency is Mooning, it means its price is skyrocketing or going to the Moon, which is theoretically a 100 percent increase of the currency. There is no doubt that you hear these newly formed slangs about the Cryptos and the NFTs at least three times a day among your peers, your brands, or the sections dedicated in the newspapers and websites every morning. The buzz in 2022 is simply mind-boggling. Just pick up any newspaper and it will have at least five stories on it with a decent column inches spread.
NFTs for Brands is one of those rare moments of disruption, adoption, and transition. In a few years from now and if implemented in the right faith and technique, the ecosystem of Decentralised Finance (DeFi) is going to be life-changing. With crypto-currency, NFTs and Metaverse subsequently our perspective towards ownership and the power of the creator, the value of art, and the equity of a brand in a digital life are going to get revolutionized. While most of us get acquainted with this we are all at different levels of information and knowledge in our journeys on this seemingly parallel life. It’s taking place in real-time nonetheless.
In this article, I’ll bring forth how we can advise our brands to include NFTs in their PR Toolkit. To begin with, here’s a simple explanation of NFTs that you may offer without overwhelming them. Non-Fungible Tokens (NFTs) are unique, digital assets or items with Blockchain-managed ownership. NFTs include digital art, collectibles, virtual reality items, crypto domain names, digital social articles like tweets, blogs and posts, articles, and more. Non-fungibility means that each digital asset has a distinct value and worth that can not be interchanged. You can select among the below, basis the nature of clients you have.
FOMO
“They too are doing it!!!!”
If you share a good rapport with your client go straight and tell them that if they don’t take a plunge they’ll be left behind. As the NFT fever catches all CMOs and Marketers, the marketing approach may be driven mainly by FOMO (Fear of Missing Out). While there’s a reasonable awareness of these brands, we have analyzed that they are creating huge amounts of press mileage by launching innovative and creative NFTs.
Leveraging the brand personality
“You are a brand with a pioneering and futuristic personality. The ethos of an explorer and a hero, you gotta try it out!”
Millenials put great emphasis on brands that represent their values – a whopping 82% of them, said a recent report. Interest in the brand takes place organically in the NFT space as it makes accessible experiences to the consumers and the communities. NFTs are capable of generating a lot of attention and creating memorable experiences for audiences around the world. Brands that thrive on tags such as ‘futuristic’, ‘progressive’, ‘pioneering’, and even the clichéd ‘leading’ should claim this space.
Consumer Expansion
“Your legacy needs to stay relevant and connect with the new and enriched GenZ consumer. This is how we’ll extend our target segment and reach.”
Brands who experiment could see new sources of revenue, more connection with their loyal fan-base, connect and become relevant with the tech-savvy early adopters of NFTs and access them directly. Will be apt for a range of clients, from a magazine or a publishing or media house to a legendary airline or hotel.
Consumer Engagement
“Your growth may be stagnant due to competition and your approach is traditional as well. We can revive our brand’s essence with a solid consumer engagement.”
By dropping NFTs your customers can own a piece of you, that intangible collectible represents their experience of the brand. Your brand can generate buzz by opening the door to user-generated content (UGC) at forums and communities. It can lead to creating both greater awareness, loyalty, and advocacy.
Making Money
“You’ve got a huge inventory of rare memorabilia and collectibles – you are the Hard Rock Cafe of the digital world. Make some moolah!”
I’ll perhaps politely say monetize the brand equity creatively. Investing in NFTs is a win-win scenario for both brands and consumers. NFTs enable the latter to own a ‘unique piece’ of a brand which they can also resell at a significant profit. The brand opens up a revenue stream for itself by selling digital products/assets.
Personalisation and Consumer experience
“Let’s make the consumer feel like a king – we are a rich consumer economy after all.”
NFTs have the power to surprise and delight the consumer and provide valuable experiences to them. Rekindling brand affinity, the sweet repercussions are an increase in conversion and lifetime value creation led by brand advocates. Your customers are willing to pay for great personalized experiences. Brands can capitalize on this by turning some of their best creative IPs into NFTs. The brands can even create an event where they auction them off.
With the best integration of NFTs, must I say, let’s take your brand to the Moon!
The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.
Udit has worked with agnostic and expansive brands, and holds an affinity for the Technology sector. He believes in technology being the catalyst to human evolution. As a passion, he is leading the call for brands to leverage the world of Web3, Blockchain, and Metaverse.
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