How NFT is changing rules of marketing

A few years down the line nobody really knew what was an NFT, but in the past few months, NFTs have made themselves into prime headlines. Many might still think NFT is just some whacky images selling for millions in auctions. Well, if you are in that line, wondering what is an NFT, and in case you are a marketer. Then you must seriously consider reading this article regarding how NFTs can change the dynamics of marketing.

What is NFT?

NFT or Non-Fungible Tokens are digital assets that are unique in their own way, that can be owned by only a single entity, and can’t be traded or substituted like any cryptocurrency. NFTs are created through cryptography programming techniques, as they can represent almost any kind of real-world item like a car, fashion clothing, music, art piece, or even real estate. NFTs cannot be exchanged for other items but can be traded and they don’t accrue any maintenance costs as they don’t have tangible forms of their own.

How NFT is used in building brand identity

The marketing sector is always bound for change, sometimes gradually and sometimes drastically. Down the line, there has been flow of ideas brought by people belonging to multiple backgrounds and of course, the entry of social media unleashed its huge potential before the marketing industry.

One such upcoming trend in the marketing sector is the NFTs, which no doubt is still in its infancy but is expected to be a game changer. The term NFT is not just a buzz limited to tech-savvy people but even some major brands have started augmenting it to reap the benefits. Those brands can create collectibles in form of NFT for the purpose of building brand identity by infusing their visions, values, and identity. Now, these collectibles can be sold to prime target audiences or gifted to their loyal customers to create a long-lasting brand presence.

How brands are using NFTs for engagement

NFTs have already taken over as a marketing tool and they have been successfully tested by corporates like Taco Bell, Marriot, and Coca-Cola. These brands looked upon NFT development for forging a strong relationship with customers while unlocking more newer ways of earning revenue at the same time. Recently, Marriot has beautifully created some NFTs that promote their Marriott Bonvoy travel program through travel stories and experiences. While Taco Bell has launched its new theme-centric NFTs to be brought by customers and the famous aviator sunglasses brand Ray-Ban has created its first-ever NFT to connect with its customers through Metaverse.

Conclusion

Marketing is an everchanging domain that doesn’t follow any set of strict rules, but new trends are followed to tap the opportunities. A senior NFT developer at Rejolut states that till now brands had used NFTs to boost their relationship with their clients, but very soon brands will use NFTs to showcase the brand image and maintain their authenticity. As of now, it is pretty unclear how long NFTs will cast an impact on marketing, but one thing is sure in the current scenario NFTs have emerged as a marketing tool that can lead to a sea of exponential growth.