As a tech and crypto enthusiast, you probably know about NFT or have read about it before, but did you know what can use NFT in business marketing as well? In recent years, NFTs have revolutionized the world of technology and even the arts. The Nyan Cat GIF, for example, sold for $ 600,000 a few months ago, but what we’re going to tell you in this article is what NFT is and why it matters to marketers. (Or should it matter)? The points we will make in this article are essential for all marketers who want to know about NTFS and use them to grow their business. So stay tuned to businessguide.me until the end of the article.
Table of Contents
- What is NFT?
- If we buy an NFT, what do we get?
- If we take a screenshot of NFT
- How can marketers use NFT?
- How to market your NFT?
- Closing remarks
What is NFT Marketing?
NFT stands for Non-Fungible Token; NFTs are digital assets that can trade like many other assets. Interestingly, NFTs are tokenized, meaning that each NFT token has a digital ownership certificate that makes it unique from other assets. NFTs are stored in the blockchain network; A blockchain network is a broad network that controls the activities of NFTs, such as when they are bought, the amount they buy, and the amount they sell; Which means that if you buy an NFT, that NFT will be stored on the blockchain network; So if you want to know who owned that NFT before you bought it, check the blockchain.
Due to its complexity, blockchain makes it impossible to manipulate or modify the data stored. NFT cannot be exchanged for its equivalent when we call a token irreplaceable or irreplaceable. Cryptocurrencies are tokens, meaning that one can exchange them for an equivalent value, but one NFT cannot be exchanged for another asset of the same value and value.
If we buy an NFT, what do we get?
NFTs are known in the media as photos and gifs. NFTs have an application tool, which means that each has advantages. For example, the advantage that NFT has for some of its owners has a digital asset whose value can increase. It happened to NFT Jack Dorsey, CEO of Twitter, who converted his first Twitter tweet to NFT, selling it for $ 9.2 million. The founder of Twitter converted his first tweet to NFT, then sold it and donated all the money to the charity Give Directly to help treat Corona. This is one of the advantages of NFT. Other benefits that people can get from buying it are access to an online community, physical products, face-to-face events, or anything else..
Therefore, who can say that a person can get unique points by buying NFT? Another example is the paintings of an artist named Gray. Audiences who buy his paintings can access services such as attending his lectures in the particular room, attending a buyer podcast for a 40-minute interview, holding Q&A sessions, and more.
If we take a screenshot of NFT, does that mean we own it?
This question is one of the reasons why NFTs are so valuable. You can not take a screenshot of an NFT and claim to own it. You can have an NFT as your screen saver on your computer, but if you do not have it, you can not profit from it. The blockchain network says that despite all the photos and screenshots you have of NFT, you do not own it.
How can marketers use NFT?
NFT is not just used in the art world, but many of the world’s leading brands use NFTs to guide their marketing strategies. Here are some examples of using NFT for brand awareness.
Build brand awareness with NFT: Marriott brand
NFT can help big brands around the world build brand awareness. For example, the Marriott brand uses NFTs through its travel program called Bonvoy. The brand partnered with three artists to raise brand awareness among its audience. The artists created three different NFTs based on their travel experiences and, after doing so, posted a promotional teaser on their website. The NFTs were then unveiled at the Modern Art Fair, and a raffle was held for the NFTs, with each winner receiving 200,000 points for the Bonvoy program. The bottom line is that after the event, NFTs could help raise awareness of the Marriott brand.
Expand audience access: (NFT Marketing) Bicycle game cards
Today, Bicycle is one of the oldest card game companies globally. The company decided to attract a new audience because, given that the company was founded about 200 years ago, it has been in the card printing industry for more than a century (about 135 years), and for this reason, the company decided Was reaching new and younger audiences; Because younger audiences are more interested in the NFT world. So they decided to introduce their first NFT series to the audience, and they did so recently. When audiences purchase the company’s NFTs, they can access exclusive events, pre-sales, and more.
Brand image protection: Robert Mundawi brand (alcoholic beverages)
Small brands have less risk and worry about damaging their brand, but old and reputable brands have resorted to unparalleled tokens to maintain their brand image and image. Alcoholic beverage brand Robert Mondavi has used NFT in a new way. Instead of using NFT to attract new customers or develop its brand, this successful and significant brand used NFTs to strengthen its identity and, in a way, the credibility and proof of its product.
Aware of the growing problems and costs of marketing old products to compete with new products and brands, Robert Mondavi collaborated with artist Clay Heaton to produce a collection of wines in ceramic and NFT bottles to validate their product. Who can say that the purpose of this work, besides the above, was to preserve the product to prevent it from entering the final stages of its life cycle.
Supporting a good cause: Kinetic Sand
Consumers are more likely to support brands and companies that are honest and responsible for their support. About 84% of consumers say they prefer to support brands that value the products and services they offer to their customers and are honest with their audience. In addition, consumers expect brands to live up to the promises they make. Kinetic Sand is a well-known children’s sandbox company that uses NFT to raise money for the American Boys and Girls Clubs (BGCA) to invest in these clubs to enhance their artistic experiences and programs.
Pre-orders: Gary Weinerchock – good NFT Marketing
Entrepreneur Gary Vaynerchuk is known for many reasons, including his interest in NFTs. This interest led him to use the NFTs to promote his new book, Twelve and a Half: Using the Emotional Elements Necessary for Business Success. Of course, this is not the first book he has published, so it is possible that his book would sell well without NFT, but in any case, his book reached more than one million pre-sales on the first day, which is not a small achievement at all. The strategy used by Gary Weinerchuck was that buyers could get an NFT for every 12 copies of the book they bought in 24 hours; Therefore, who can say that most of his book sales were due to the NFT acquisition.
How to market your NFT Marketing?
Marketing NFTs are the foundation of all other marketing; This means that if you can not get your message across to buyers, you can be sure that people will not buy NFTs; So your job as a marketer is to explain to your audience that:
- What exactly does your business do?
- What is the purpose of your NFT marketing?
- Who are you doing this for?
- What group or individuals will receive the profits from the sale of NFTs?
- What are the benefits of buying NFT for its buyers?
Once you answer the above questions, you can take the first successful step in NFT marketing. In general, for NFT marketing, there are a few things to keep in mind:
First, does your client person understand NFTs?
Whether NFTs are a product or not, your marketing starts with your customer persona. The first step is to understand your customers’ personalities because you certainly can not show them why your product is essential without knowing your customers. In general, there are two tools for recognizing your customer persona, which are:
Before and after network
Before and after, the network looks at the status of customers before they become your customers. This network helps you solve the problems you have in your business and in which you are not successful. For example, suppose you have a marketing agency, and your customer’s previous situation is in a state of frustration and depression, and confusion that tries to sell their products sooner. In that case, the next state is where your customers want to go. As a marketing agency, your customer’s After State state is a state of high energy, happiness, and confidence as sales increase; So it turns out that they feel good about your company and working with you.
Customer Personas Worksheet
The customer persona worksheet is a very in-depth review that shows:
- Who are your customers?
- What are their goals?
- Do they have purchasing power?
- How much do they earn?
- Whom do they want to help?
So the customer avatar worksheet shows you more details to understand how you can establish a deep and friendly relationship with your customers. You will undoubtedly have a better chance than your other competitors who have not completed this part if you can do that. Once you have a complete picture of your client’s avatar, the question is, do your customers understand NFTs? If the answer to this question is yes, you can go to the next question. The next question is, what is the market acceptance rate?
You need to convince customers to buy their first digital currency and launch their digital wallets. To keep in mind is to look for customers who own at least one digital currency, as you do not have to tell them about blockchain or cryptography, but if they have not already purchased NFT and are dealing with it. They did not work, and there is no problem in explaining it.
What tool is compatible with your product?
You know that your audience owns and is interested in digital currency; Of course, some of these people may have purchased NFT before, or you may be the first to suggest buying NFT. So you need to make sure that the offer you make to your audience is perfectly valid in the NFT world; That means you need to know which NFT exchange tool is compatible with your product. Let me show you this with an example.
GaryVee (the same artist we mentioned in the previous section) found that his clients were interested in spending more time with him and that more people who had never had experience with digital currency would have more access to him; So what he did was turn his NFTs into a tool to get closer to himself and his customers, so that customers could buy Keynote Koala, Podcast Panther or Hangout Hawk NFTs to meet him or give him an interview before his keynote speech. Receive a dedicated podcast or have a one-hour Q&A session with him. So you can suggest to your customers that they get the many benefits that are important to them by buying NFT. Here are some ideas for doing this:
- Access a private online forum
- Tickets for live events
- 5 minutes conversation with the CEO
- And … (think of options with high spiritual value)
Closing remarks about NFT Marketing
NFTs are now offering new ways for marketers to increase brand awareness, increase their products, and reach an audience, but what is not clear about NFTs is whether they will continue to thrive in the future as they do today or their weaknesses. Have in marketing strategies? The answer to this question is not possible, but only time can determine. The only thing to note is that many of the world’s largest and most well-known brands use NFTs today; So they are definitely worth the investment and attention, but before you invest in peer-to-peer tokens, first make sure you know enough about content marketing and SEO and marketing and advertising topics because these strategies will grow in the long run. They need much attention, and NFT Marketing also uses them. Finally, we have answered some common questions about NFT marketing.
One hundred percent NFT can be used for marketing. Many companies and brands use this correlation between technology and art for advertising their business and, after raising money, either spend it on charity or grow their business.
NFTs are new, so this newness and freshness make it more exciting for the audience. They are also less competitive than other digital currencies because they are new.
Well-known brands such as Taco Bell, AMC, Charmin, and Coca-Cola use NFT.
You can make NFT for free, but you still need some money to invest in it so you can use it for your marketing purposes. Or pay less for your campaign or company size.