Cartoon cats and apes appear to be taking over the internet world. Are you also excited as to what it’s all about? It’s time to take a closer look at the emergence of NFTs. Marketers who are also interested in blockchain technology and cryptocurrency will be familiar with these digital assets, but they had limited name awareness in the general public at the time.
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Between 2018 and 2020, the market capitalization of NFTs was over tenfold, indicating a dramatic increase. Between 30,000 and 80,000 NFTs change hands every week, so it’s a trend to keep an eye on.
A quick overview of NFTs.
Non-fungible tokens are one-of-a-kind digital assets or collectibles made possible by the blockchain. Each NFT has a unique identification and metadata that keeps it different from the others. Every NFT is cryptographically validated via the blockchain, ensuring that the owner is always known due to the digital ledger’s record of ownership.
The Ethereum (ETH) cryptocurrency is one of the most common mediums to buy and sell NFTs. However, because they are one-of-a-kind digital assets, they do not have a precisely monetary equivalent value. NFTs’ worth is frequently established through auctions or by the makers themselves, just like a rare gem is not equivalent to any other rare gem because it is unique.
Here are four examples of how brands might use NFTs to create more memorable experiences.
Creating a digital presence
Our aesthetic, and thus our identity, is shaped by the brands we choose. NFTs provide the ability to build your digital wardrobe or garage.
Storing belongings that don’t degrade or depreciate, that can be used as an expression of self and resold or traded, as people build the digital expression of themselves, and if/when we get somewhere close to (some would argue the fanciful notion of) interoperability.
Memories are captured and saved.
Because they create, capture, and preserve visceral personal memories in people’s minds, experiences are powerful. Being positively associated with memory will inevitably alter the way that individual perceives that brand. However, because humans are forgetful and memories fade, we frequently rely on a keepsake to serve as a reminder.
A keyring, for example, or a photograph from a theme park ride, but most of this material ends up collecting dust in a drawer, in the landfill, or buried in an Instagram feed.
Why? Because it has no inherent worth. Yes, there is emotional value, but what if you could produce something tangible, publicly documented, that serves as a true store of value? That would be a truly beneficial addition to an experience.
Unlockables and physical access
It’s easy to understand how ‘access NFTs’ can enable access to real-world experiences like live music concerts by issuing verifiably unique tickets via a blockchain where ownership can be easily traced.
Kings of Leon was the first band to release an album as an NFT last year, with three different types of tokens included in the package. Each of these tokens has its appeal, with one offering a particular album bundle, another providing a front-row ticket to life, and the third supplying exclusive audiovisual art.
The band’s motivation for pursuing access to NFT emphasizes improved direct-to-fan relationships while also adding value to music.
Why are non-financial tokens (NFTs) the next big thing?
As a disruptive force, NFTs
This year, huge sums of money have been exchanged, and the money will continue to come in. That means that, whether or not NFTs are a bubble waiting to burst, they will have a significant impact on sectors and markets all around the world. Changes are on the way. There are a slew of new NFT projects surfacing right now, and they’re helping to drive and redefine the creative economy.
Creators can monetize directly from their fans or followers using NFTs on Ethereum-based decentralized marketplaces like OpenSea, Solea, and Magic Eden. Creators are no longer reliant on the monetization standards enforced by corporations, agencies, and advertising to be compensated for their work now that blockchain has decentralized the Internet.
For creators, the most significant benefit of NFTs is that they allow them to generate a passive income long after a transaction has been made. For example, an artist can mint an NFT based on one of her works of art and earn a percentage of the sale price for each subsequent sale of the NFT.
NFTs are a great way to keep your events going.
NFTs have a lot of potential for the kinds of events that the industry and corporations are interested in. Many companies are reaping the benefits of implementing NFTs into their event marketing efforts.
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NFTs are being minted for tickets, swag bags, and event goodies, generating increased enthusiasm around events and opening new income potential. Yellowheart, for example, created 18 “golden tickets” that guaranteed front-row seats at every King of Leon tour for the rest of their lives.
Make a charitable donation using NFTs.
NFTs are a useful technique for raising money for a nonprofit or charity because of their capacity to create scarcity and distinctive value. An NFT has value, and you can use that value to entice people to donate or join. Beeple, the digital artist who holds the record for the most expensive NFT sold at $69.3 million for the artwork “Everyday:
The First 5000 Days,” auctioned another NFT for $6 million, which was donated to The Open Earth Foundation, a climate change charity.
Finish up
It makes little difference whether NFTs exist in a few years. People and businesses are profiting from them right now, and you’d be wise to take a piece of the pie and look into how you can use NFTs to provide new experiences for your customers.
