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15 innovative ways to use nfts in your retail marketing strategy

We recently completed a post on how brands can market and position themselves for the metaverse. This is a follow up post where we will break down in detail 15 different ways that you can integrate nfts into your marketing plan to help you extend your reach and ultimately boost your sales.

Art

Art NFTs are one of the newest and most innovative ways that companies are marketing their brands. By creating unique and collectible artworks that can be bought, sold, or traded using blockchain technology, companies are able to reach new audiences and tap into an explosive and growing market for digital art. Virtual galleries can display art on the walls, you can already see this in platforms like Sandbox and Decentraland.

Companies like Sotheby’s and Christie’s are starting to experiment with virtual auctions with avatars being able to walk around immersive galleries and view various NFT artwork. In addition to providing a new way to engage with customers, art NFTs also offer a way for companies outside the art world to stand out from the competition by aligning their message with creators.

Avatars

As we enter the golden age of digital avatars, with massive 3d avatar collections such as Hape Beast Prime and others launching, more and more companies are beginning to create avatars as a way to market their brands. By creating an avatar that represents their company, businesses can connect with customers on a personal level and create a memorable brand identity entering virtual spaces as ‘branded avatars’. Avatars can be used to promote products and services, receive feedback from customers, and even conduct transactions. As the technology behind avatars continues to evolve, we can expect to see even more companies using them to engage with their customers in new and innovative ways.

Collectibles / Trading Cards

Many companies are using trading cards as a way to connect with collectors and fans. Trading cards can be used to represent anything from a player in a video game to a celebrity or even a company brand. By offering unique and limited-edition trading cards as NFTs, companies are able to create a buzz around their brand while also providing collectors with a valuable and collectible item.

This can help to create loyalty among customers and encourage them to purchase products from the company. In addition, trading cards can be used as a form of advertising, as they can be displayed on social media or other online platforms. By selling trading cards as NFTs, companies are able to reach a wider audience and new demographics than they would if they were selling physical trading cards.

COMMUNITY

NFTs are already being used by a number of companies for community-driven initiatives and decentralized autonomous organizations, or DAOs. DAOs can be thought of as decentralized communities.

NFTs have the ability to community-source funding for projects and help artists and content creators generate additional income. Artists can community-source funding for their project by issuing an NFT that represents ownership of their work. The idea is that someone buys the NFT, which in turn funds the project. The community can also vote on how the funds should be used. For example, they could vote to fund a new piece of art or content, or to cover the costs of materials.

Additionally some companies are using NFTs to launch community-based rewards programs. Others are using them to fundraise for community-based projects or causes. And still others are using NFTs to vote on community-based decisions. In each case, NFTs are providing a new way for businesses to interact with their community and customers in a more direct and transparent way.

Some specific examples of companies integrating community NFTs include Flyfish which sells exclusive access to private clubs for dining experiences, and Music Fund which holds a monthly community vote on disbursement and allocation of funds.

Domain Names

Domain names have been around since the early days of the internet, and they continue to be an important part of online branding and marketing. In recent years, domain name nfts have become a popular way for companies to market their brand. By permanently attaching a domain name to an nft, companies can create a unique and valuable digital asset that can be used to promote their brand. For example, by offering domain name nfts as rewards or prizes, companies can encourage customers and fans to engage with their brand. In addition, domain name nfts can be sold or auctioned off to generate revenue for a company.

Identity

As our world becomes more and more digital, the need for secure, online identity verification becomes more important. Companies are beginning to use Non-Fungible Tokens as a way to verify identity. Because NFTs (in theory) cannot be replicated or counterfeited, it makes them an excellent option for identity verification. When someone wants to verify their identity online, they can send an NFT to the company they are trying to do business with. The company can then check the blockchain to confirm the identity of the sender. This is a secure and efficient way to confirm identity, and it has the potential to revolutionize online commerce.

Memes

Memes have been a massively popular way to generate attention online. The meme world has now extended to meme-based NFTs. By partnering with popular meme creators, businesses can tap into the vast online communities that have formed around these viral images and videos. In addition to helping to raise awareness for a brand, meme-based NFTs can also be used to drive sales and generate leads. When done correctly, meme-based marketing can be a powerful tool for driving growth.

Miscellaneous

NFTs could also be used to offset the environmental impact of manufacturing products. For example, a company could issue an NFT that represents a carbon credit. The holder of the NFT could then use it to offset their own carbon footprint, or trade it with someone who is looking to offset their carbon footprint. Finally, brands are using NFTs to help artists and content creators make a living. For example, a brand could issue an NFT that represents a certain number of views on a video or post. The artist or content creator would then receive payments based on the number of views. This would allow them to monetize their work and make a living from their art.

Music

Music NFTs are a new way for companies to market their brand. By creating an nft of a song, companies can add value to their music and create a new way for fans to engage with their music. In addition, music nfts can be used to generate revenue for artists and labels. By selling music nfts, companies can help support the music industry and invest in new talent. Music nfts are a powerful tool for connecting brands with music fans. Some companies are experimenting with adding royalties (tying passive income) to music NFTs after which, according to the SEC, it becomes a security. So it is recommended to do extensive research when including royalties.

Real World Assets

Companies are using nfts to represent real world physical assets. This allows for fractional ownership and easy transfer of these assets. The benefits of this include increased liquidity, lower transaction costs, and the ability to trustlessly trade with anyone in the world.

Nfts also allow for programmable ownership, which opens up new possibilities for how these assets can be used. For example, a building could be owned by a group of people and each owner could have the right to use it for a certain number of days per year. Or, a piece of art could be sold in multiple copies and each copy could be displayed in a different location. The possibilities are endless and we are only just beginning to scratch the surface of what is possible.

Sporting Moments

Big sports moments are more than just a chance to show off your team spirit—they’re also a major marketing opportunity for companies. By creating non-fungible tokens (NFTs) around big sports moments, companies can give fans a way to show their support while also driving awareness and engagement for their brand.

For example, when the Los Angeles Lakers won the NBA Championship, Nike created an NFT that allowed fans to celebrate the moment with a virtual version of the trophy. And when the Carolina Panthers made it to the Super Bowl, Bose created an NFT that let fans listen to the game-winning play in real-time. By creatively leveraging big sports moments, companies can create powerful marketing experiences that drive awareness and engagement for their brand.

Ticketing

In the world of ticketing, nfts are becoming an increasingly popular way for companies to market their brand. By offering nft-based tickets, companies are able to tap into the growing trend of digital ownership and give fans a unique and memorable way to show their support. Additionally, nfts can be used to create exclusive experiences that are not available through traditional ticketing channels. For example, a company could offer a limited edition nft ticket that grants access to a meet-and-greet with the band or a backstage tour.

Video game items

Because of their uniqueness, NFTs can be used to represent in-game items, including weapons, armor, and even virtual land. And because they’re stored on the blockchain, they can be traded or sold like any other cryptocurrency. By releasing branded NFTs, companies can generate buzz and interest in their products, while also giving gamers a way to show their support for their favorite brands.

Several larger game companies are integating NFTs into their overall ecosystem. In December 2020, Ubisoft released a special edition of its popular game Assassin’s Creed Valhalla that included an NFT version of the game’s currency. And in March 2021, MMO game Decentraland announced that it would be releasing an update that would enable players to create their own NFTs.

Virtual Fashion

Virtual fashion is a hot new trend, and savvy companies are using NFTs to market their brand. By creating virtual fashion items that can be traded or sold as NFTs, companies can reach a wider audience and tap into the growing popularity of cryptocurrency. In addition, by using NFTs, companies can create a more immersive brand experience for their customers. By allowing customers to “wear” their brand in a virtual space, companies can create a deeper connection with their customers.

Virtual Land

Companies are using non-fungible tokens (NFTs) of virtual land to market their brand. Virtual land is a new type of asset class that is being used by companies as a marketing tool because it can be bought, sold, or rented. The virtual land can also be used to create experiences, such as host concerts, have retail stores or virtual homes/buildings. Companies can use NFTs of virtual land to position themselves for commerce and awareness within virtual platforms.

Overall NFTs offer a way for companies to tap into the growing trend of authenticated digital ownership. Additionally, nfts can be used to create exclusive experiences that are not available through traditional channels. As the world of marketing continues to evolve, innovation in web 3 channels will continue to grow.

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