NFTs, or non-fungible tokens, are quickly becoming the latest trend in the digital asset market. They provide a unique way for consumer brands to showcase their products and services, and offer a level of customization and security that web2 technology cannot provide.
NFTs are digital tokens that represent a one-of-a-kind item, making them uniquely valuable and allowing them to be used in ways that weren’t possible before. This opens up a wide range of new opportunities for consumer brands, who can leverage NFTs to create unique experiences, drive engagement, and increase brand loyalty.
What potential do NFTs have to create a whole new world of utility and value for consumer brands, and more engaging customer experiences? Let’s jump in.
What are the real utilities of NFT? Providing Benefits Over Hype
Let’s dive in and explore some of the ways consumer brand companies can use NFTs to their advantage.
Product authentication, provenance, and digital certificates of authenticity:
NFTs can be used to authenticate and track the ownership of various items, especially collectibles, high-value items with digital certificates, and more. The benefits of digitizing these certificates that are often stored as paper or PDF copies it that issuing them as NFTs helps protect against counterfeiting and build trust with customers. As an NFT, anyone verify the authenticity of the digital certificates and nobody can alter the information or misplace the document.
Digital content ownership and distribution:
NFTs can represent ownership of digital content, such as music, art, videos, blogs and more. The NFT itself doesn’t make the the content valuable, but rather presents unique opportunities for digital ownership and on-chain royalites. This enables new business models for distributing and monetizing digital content.
Loyalty programs and rewards:
NFTs can create and manage loyalty programs and rewards for customers. For example, a company might offer NFTs as rewards for customer purchases or for participating in marketing campaigns.
Gaming and interactive experiences:
NFTs can create immersive, interactive experiences or games that involve the ownership and trade of digital assets. Gaming assets are already digital in nature, so creating them as digital assets that users can own has immense benefits.
Social media and influencer marketing:
NFTs can create and monetize social media content and influencer marketing campaigns by turning media into tokenized assets. For example, an influencer might create and sell NFTs featuring their content or personal brand, as Jack Dorsey infamously did with the sale of his first tweet as an NFT collectible in 2021.
How are brands getting into NFTs?
NFTs have been used in a variety of commercial settings by big-name brands. Both Coachella and the Super Bowl created their own limited-edition NFT series to commemorate the annual events, and provide collectors exclusive content and other memorable moments.
In 2021, Adidas made big waves with the launch of its own commercial NFT collection featuring exclusive artwork from their shoes. The brand is allowing users to purchase these digital tokens and also use them to gain access to a special Adidas website with exclusive content. Burger King also joined the NFT craze with its “WhopperCoin” collection. This collection features digital tokens that represent various levels of loyalty within the Burger King rewards program. By collecting WhopperCoins, customers can gain access to discounts and special offers.
These are just a few examples of how consumer brands are using NFTs to create a unique experience for their customers. Brands have realized the potential of this technology to provide tangible value and engagement with their customers, and many more are sure to follow suit.
NFT Strategy Comes Before Tactic
One thing to keep in mind is that each business is different and it’s hard to predict which specific activities will generate the most revenue for brands using NFTs, but by experimenting with NFTs and finding the best fit for their business they will be able to make the most of the technology and see an ROI.
Digital collectibles, authenticity verification, exclusive experiences, and gamification are all areas that have the potential to generate significant revenue for brands, but it’s important for companies to find the right fit for their specific audience and goals.
Overall, NFTs offer a huge potential for consumer brand companies looking to engage with their customers in new and innovative ways. It’s an exciting time for businesses to take advantage of this technology and see how it can benefit their bottom line.
Alsomine Helps Brands and Consumers Get the Most Benefit From NFTs
Alsomine is a trusted facilitator across the newly formed NFT value chains.
‘We understand how to create real business value through NFTs, by unleashing the benefits of web3 wrapped up in the ease of web2’ — Osnat Ben Nesher, co-Founder & CEO
NFTers — an e-commerce B2B platform — is the only platform to incorporate business, on-chain data and user feedback in a consumer-friendly way. We created a unique technology designed for corporates and brands to issue and mange NFTs, while leveraging and predicting the most valuable opportunities in the NFT market. Our NFT platform supports various business models, such as subscription & SAAS, loyalty programs, corporate services, secondary markets, employee benefits and any other innovative business models.
Alsomine is lead by Digital and Strategy experts who know how to bring in the value of a groundbreaking fast-paced tech startup. We understand band needs and complexities and match our solution to your company’s KPIs.
Given our background in strategy consulting, consumer data and product development, our team understands how to take existing business models focusing on profit and lifetime value and enhance them to be more profitable using NFTs.