NFT: The New Marketing For Brands
From Adidas’s three-fold partnership with NFT creators such as Bored Ape Yacht Club to Nike’s acquisition of collectibles studio RTFKT, NFTs are disrupting the marketing world, and brands are cashing in on the NFT craze.
The future of business is taking shape right in front of our eyes. NFTs and blockchain technology are shaking things up, and some of the most successful brands are already jumping on board.
As we dive into the exciting world of NFTs, we'll investigate how brands are leveraging this new trend to boost their marketing efforts and stay relevant.
NFTs: understanding Digital Signatures and their Impact on Collectible Markets
Are you ready to join the NFT craze?
Non-fungible tokens, or NFTs, are all the rage right now. These digital assets, authenticated by blockchain technology and smart contracts, serve as proof of ownership and originality. They're not just for digital art or virtual land – sports moments and more can be NFTs.
It's not just enthusiasts and investors cashing in on NFTs. Creators can earn royalties from every future resale, and can even restrict the usage of their digital assets with transaction protocols. Plus, once an NFT is purchased, the owner has the digital rights to resell, distribute, or license the asset as they see fit (as long as it follows the terms of the contract).
Unlike fungible tokens like cryptocurrencies, NFTs represent unique digital assets that can't be copied or replicated. That's why they're such a hot marketing strategy for brands right now.
The possibilities are endless: from Digital Collectibles to Physical Items, anything can be an NFT
Twitter’s creator, Jack Dorsey, sold the world's first tweet for $2.9 million. Image Credits: Cent
Did you know that just about any digital asset can be turned into an NFT? That's right - even things like tweets and domain names can become NFTs!
But it's not just tweets and pictures that can be used for marketing your brand through NFTs. There are all sorts of other types of NFTs available, like jpegs, gifs, videos, music, sound files, and more. These NFTs can represent all sorts of things, like game items, intellectual properties, artworks, and even virtual pieces of land.
Right now, the most popular type of asset in the NFT space is digital art, but there are so many other possibilities out there waiting to be explored.
NFTs and Digital Art: the future of Collectible Art
"Everyday's: the first 5000 days" by Beeple.
Have you heard about the incredible world of digital art NFTs? They're taking the art world by storm, and it's not hard to see why.
Digital art is currently the most popular form of NFT, and it's easy to see why. The most valuable NFT ever sold was called "Everyday's: the first 5000 days" by the world-renowned artist Beeple (also known as Mike Winkelmann, one of the top three most valuable living artists). This incredible piece sold for an astounding $69 million!
But it's not just digital art that's making waves in the NFT world. Short videos and GIFs are also selling like hotcakes, and for some serious cash. Take "Crossroad," for example - a looping 10-second video featuring a giant, naked Donald Trump covered in slogans. This one was purchased by Miami-based art collector Pablo Rodriguez for $67,000 and later sold for a whopping $6.6 million. And guess who created it? None other than Beeple himself.
The world of NFTs is full of exciting possibilities and valuable artwork. Have you considered adding some digital art NFTs to your collection?
NFTs and Crypto: unlocking the potential of Gaming with Digital Collectibles and Cryptocurrency
Preview Screenshot of what the Atari LAND will look like in The Sandbox.
Get ready to change the way you think about gaming forever - because crypto gaming is about to revolutionize the industry.
Gone are the days when in-game achievements are just for personal satisfaction. With cryptocurrency-centered video games, the rewards you earn are native tokens you can exchange for USDT, Ethereum, and other cryptocurrency assets.
Highly skilled players can now make a living from playing video games without streaming on platforms like Twitch, seeking sponsors, or winning tournaments.
Take games like Axie Infinity and The Sandbox, for example. They're creating a new marketplace for talented gamers, giving them the platform to make real money from their skills.
So why not see what the world of crypto gaming has to offer? Your gaming skills could be worth much more than you ever imagined.
NFTs and Virtual Fashion: how avatars are wearing the future of Digital Design
Adidas Originals announcing a partnership with social avatar phenomenon Bored Ape Yacht Club.
Enter the wild world of luxury fashion and say hello to the NFT market, where virtual fashion reigns supreme. That's right, all the trendy items bought and sold here are purely digital, so you won't be wearing them in the physical world. But that doesn't mean you can't still rock them! These virtual fashion NFTs are all about dressing up your online avatar or digital self in the metaverse.
This isn't just some passing trend. Brands like RTFKT, the first luxury brand to operate in the NFT space, have seen tremendous success with their virtual sneakers and collectibles selling for the same prices as haute couture. RTFKT was even acquired by Nike!
Other big names like Adidas Originals are also getting in on the action, partnering with top NFT influencers, social avatar phenomenon Bored Ape Yacht Club, NFT influencer Gmoney, and comics series PUNKS Comics, to launch their metaverse strategy.
Even luxury powerhouses like Rolex, Hermes, and Gucci are rumored to be releasing their NFTs soon. So get ready to make a statement in the digital fashion world – the future is now!
NFTs make a big noise in the music industry: how artists are using Blockchain to sell Digital Tracks and Artwork
Make some noise, because the music industry is getting a major shake-up thanks to NFTs! These innovative tokens have opened up a new avenue for musicians and DJs to sell their work – some are earning big bucks in just a few hours. How's that for cutting out the middleman?
Gone are the days of fungible music tokens, because NFTs are reintroducing scarcity to the industry. That means musicians and brands can finally take control of the distribution of their work, without sacrificing its value. So if you're a music fan and a blockchain technology enthusiast, get ready to embrace the future – because NFTs are changing the game!
Own a piece of sports history with NFT moments and memories
Steph Curry released NFT sneakers people can ‘wear’ in the metaverse.
NFTs offer a unique opportunity to own a piece of sports history as memorable moments. These game-changing clips capture significant moments in sports, like epic slam dunks or game-winning touchdowns, and can be as short as 10 seconds. Even though they may sell for a high price, like $200,000, sports NFTs are highly sought after by fans who want exclusive tokens tied to their favorite teams.
Think of NFTs as digital collectibles – brands can sell anything they consider collectible on the market, and the possibilities are endless. Imagine owning a digital version of an autographed jersey or signed baseball. NFTs are a modern way to collect and showcase your sports passions.
The fascinating world of NFTs: who is driving the market for Digital Collectibles
People are drawn to the world of NFTs for many different reasons – sometimes, it's just because they love to collect things! NFTs can be a way to show off a particular interest in art or the concept behind a project, or they can be a sentimental purchase that helps a buyer feel more connected to an artist or brand. Just like how sneaker collectors might hunt down a rare pair of Jordans, fans of a brand like Nike might be excited to get their hands on a limited edition NFT collection.
But NFTs are more than just a passing fad – they're also about building a community. When you buy an NFT, like a CryptoPunk, you're not just getting a cool digital image – you're also joining a group of privileged individuals who get access to exclusive perks and experiences. Some NFTs offer access to private chat channels, mansions, and even invite-only parties. Some NFT collections will even pay you for simply holding the art or give you the rights to monetize the NFT in any way you choose. It's not just about the art – it's about the sense of belonging and the benefits that come with it.
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The NFT craze: how brands can use Digital Collectibles to their advantage
Major consumer brands looking to create new revenue streams have invested in NFTs. Their uniqueness makes them perfect for engaging communities through new content and experiences.
Brands are purchasing NFTs to market themselves and gain media attention :
VISA purchased CryptoPunk 7610 for around $150,000 and created a cultural moment that elevated NFTs from fringe interest to an asset worthy of attention.
Adidas Originals entered the NFT Metaverse space when buying a plot of land in the Sandbox game and through partnerships with various NFT projects in which the NFT holders hold the IP rights to the use of these projects.
Nike bought NFT collectibles studio RTFKT and announced the acquisition after the project sold out.
Brands are also creating their own NFTs to join in the fun and promote themselves:
Fast-food giants McDonald’s and Taco Bell were among the first to create campaigns around NFTs, selling digital Big Mac and Taco Art to their customers, and rewarding them with a year’s worth of food supply.
Toymaker Mattel has an NFT platform for Hot Wheels called Hot Wheels NFT Garage.
The Pepsi Mic Drop genesis NFT is a generative-style collection of 1,893 unique NFTs, a nod to the year Pepsi was born, created using nearly 50 unique attributes across 6 categories, including microphones, stages, accessories, and more.
Brands can use NFTs to break away from traditional marketing and distribution to reach people who are super fans and want to spend their money to get closer and exclusive access to their favorite brands.
The power of NFTs for brands: unlocking new marketing and revenue opportunities
NFT technology has opened up exciting new opportunities for brands to experiment with digital collectibles. With NFTs, brands can build a more engaged community, incentivize user engagement, and even tokenize their brand experience for increased monetization.
So, what are the key takeaways with regard to NFTs in the context of brand marketing?
NFTs are a new way to connect with your fanbase: ownership is a powerful concept and establishes a closer relationship between your customer and your brand.
NFTs can be anything digital and virtual: your brand is no longer limited to offering physical products or services. It can expand to virtual products and experiences.
NFTs open up many ways for brands to connect with their audiences and form vibrant communities, effectively making brand marketing a more intimate human experience.
Where Are NFTs heading? Understanding the future potential of Digital Collectibles
Did you know that NFTs can be used for more than just digital items? Thanks to tokenization, NFTs can also be used for physical items like houses and cars.
Imagine buying a car or house using cryptocurrency like Ethereum, and receiving the title or deed of sale as an NFT in the same transaction. That NFT can then be stored in your Ethereum wallet and used as proof of ownership for your home or car. The door to your car or house can even be unlocked using this cryptographic proof of ownership, known as an NFT.
The possibilities for NFTs are endless – and the future looks bright for this exciting technology.
If you're interested in exploring the potential of NFTs and incorporating blockchain technology into your brand strategy, ThinkBastien consulting is here to help you lead the way in a new era of marketing.
Bastien Frediani
LinkedIn: in/creativebrandstrategist
Email: strategy@thinkbastien.com
Bastien Frediani is the founder and strategist of ThinkBastien, a strategy studio that helps bridge the gap between vision and audience.