Beyond the first mega NFTs collections, lately, they have been used to increase brand awareness. Take for example, the NFTs that were unveiled at an event held during Art Basel, the world's largest contemporary art fair. They were raffled off in a lottery draw. The winners received their own NFT as well as 200,000 Bonvoy points.
By utilizing NFTs, the event helped raise awareness and create excitement for Bonvoy's brand and experiences. While the cost of creating NFTs is free, the cost of promoting it might be high depending on the artist you collaborate with. You do not, however, have to spend a significantly large amount of money if scaled properly.
Expect to pay between a few hundred and tens of thousands dollars depending on the magnitude of the campaign.
Connecting your NFT collection to your brand’s identity
Most companies don't want to be in the business of generating and selling digital art in the long run. It's critical to tie your NFT collection to your brand identity, as Nivea did with their non-fungible touch collection. A new altruistic dimension can also improve brand perception.
You can start strengthening your products or services by linking them to NFTs. Give away a physical product associated with a digital NFT collectible to invert the idea of an NFT as a digital token of physical product ownership, or discount next time customers shop.
Coach offered each NFT holder a personalized Coach bag when it released an NFT line including animal graphics from its Christmas campaigns. Link the issuing of NFTs to participation in brand-related experiences (events you sponsor, for example). Mint NFTs are used to track attendance at special branded events such as product launches and fashion shows. Consider adding an NFT collection to an existing loyalty program as Clinique has done.
A new way for brands to create and sell new items
Most marketplaces cater to digital artwork, but many are also adding video, game assets, and music to their offerings. Physical things, such as physical limited edition Nike trainers, are now digitized as NFTs. We might be reaching a point when NFTs begin to exist in both physical and digital locations - e.g. in the Metaverse.
There is an NFT market for everyone, be it gamers, artists, or architects, so do some research and pick the one that is right for you.
NFTs can boost engagement with your brand
1. Focus on utility you want to unlock with NFTs
Brands can create a more personal and effective experience with their customers by concentrating on the usability of NFTs. Whether the NFT is used as a key to unlock unique content, future discounts, a ticket to exclusive events, or as a representation of real items in the future, NFTs can help you engage your customers in a genuine and innovative way.
2. Improvement to traditional points and rewards programs
Looking beyond "digital art," an NFT's evidence of ownership can be used to strengthen and enhance brand loyalty. NFT can be a new type of ‘reward point’ that can be collected, redeemed, and transferred. They might be shared across numerous brands with minimal integration effort, as the various blockchains handle the heavy lifting.
3. Embrace the power to engage with and talk to fans
NFTs, when used strategically, can be a very effective fan interaction tool. NFTs can give your brand the ability to engage and talk to fans, bringing them closer to the brand. Storytelling can be enhanced with user conversations around your brand’s NFTs. The aim is to provide customers with smart, long-lasting utility and retain them.
4. Deploy them alongside incentivized user behavior
Recent ideas that leverage NFTs for access control and decentralized system governance have sparked a lot of interest. When NFTs are used in conjunction with incentivized user behavior, consumer engagement can skyrocket, like it did for D&G, Burberry and Givenchy’s pilots - bringing over 6 million new sales for the brands.
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Want to sell NFTs on your website? The Relite creative team is here to assist! If you are not sure where to start but you want to innovate, contact our creative team today to discuss the best NFT strategy, specifically tailored for you.
