The term 'marketing' is synonymous with 'change', and so is the marketing industry. Over the years, marketers have seen waves of change, experienced fresh ideas, and evolved with numerous trends, technological changes, and of course global changes. Years ago, when social media and its potential entered the marketing industry, it was completely improved by marketers. The presence of today's social media marketing is a testament to the existence of each brand.
Today we are witnessing another trend of marketing in our childhood which is expected to be a revolution in the years to come. Brands have already begun to improve the marketing benefits of this trend, and others are ready to catch up soon. Buzzword is 'NFTs', which is a craze not only for financial savvy but also for curious people.
Non-Fungible Token (NFT) is a digital asset that can be traded like a cryptocurrency, but with a catch. While bitcoins like cryptocurrency can be traded at a price equal to any other bitcoin, no one can trade NFT on par with a single diamond. No two diamonds are the same and of the same value. The same goes for NFTs. Each NFT comes with a digital certificate of ownership, which makes it unique. You may have Taco's NFT like your peers, but still, the value of both will be different and unique, which will be different.
These unique cryptocurrencies are bought and sold using blockchain, a new technology that secures and secures data.
NFTs can revolutionize the world of marketing as they help brands gain awareness and interest from their customers. They can encourage better engagement with their customers, and; They can help create a better user experience and brand presence. Here's how marketers can work on improving the growing buzz and potential of these digital tokens.
Brand recognition
Over the past few years, the strong presence of social media has played a huge role in building a brand, and establishing its identity. The next decade is going to depend on NFTs for that purpose. Brands will be enabled to collect digitally to create a community by incorporating their values, concepts, identities, etc. into them. They will be gifted and sold to their target audience to create a brand presence that will have a lasting effect.
These assets will also help brands offer something to their loyalists, and establish a strong value for their products. For example, Hot Wheels can create a digital vintage car that can be used for gaming. The popular Nike Air Jordan, 1 shoes can be used in digital wardrobes, and a Marvel action figure can be sold as NFT with every McDonald's 'Happy Mail'.
Encourage engagement
The use of NFTs as a marketing tool has already been successfully tested by global market tycoons such as Coca-Cola, Taco Bell, and Mar riot. While in March 2021, Taco Bell listed its brand-themed NFTs for consumer purchase, Mar riot created three NFTs that share travel stories and experiences to promote the Marriott convoy travel program. The three assets were unveiled at a ceremony in which three lucky participants won each of them by a huge margin of one points
Going forward, brands will increasingly use the value of NFTs to strengthen their relationships with existing customers and bring new ones. By selling, rewarding and gifting their themed NFTs, marketers can open up new horizons with creative campaigns and strategies. All of these tactics will sharpen the public's curiosity, leverage its value among existing consumers, and pave the way for a whole new millennium.
In fact, market giants can use it to protect and maintain their authenticity in the event of a knock-off. As serial numbers with unique identifiers and digital certificates of ownership, brands can use NFTs for their products to protect their brand image and authenticity.
Final takeaway
Marketing does not follow a set of rules. New trends keep popping up, opportunities for unused creativity keep popping up, and revolutionary marketing tools keep popping up. So, are NFTs long-term marketing tools? No one can ever tell, but for the foreseeable future, these are definitely the hooks that unveil the sea of progress.
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