These blockchain-built beauties are redefining the way we do business online, including marketing. Here are 3 case studies of disruption done right.
‘Fungible’ means the same. So, imagine a one-dollar note: it has the exact same value and properties as another one-dollar note and can be exchanged for it (like a Bitcoin, too, for that matter). Non-fungible is the opposite: it’s a one-off or unique version.
Non-fungible tokens are built using a cryptocurrency, normally Ethereum because it offers ‘smart contracts’. This is essentially extra information on each token where the ownership details are saved and that’s what makes it non-fungible. Bitcoin can’t offer ‘smart contracts’: it doesn’t have that functionality.
Got it? Great. Your next question is probably this: why does this all matter? Firstly, NFTs let anyone create digital artworks or assets, allows them to show ownership, and then help to sell them securely. That alone is a game-changer. Secondly, NFTs are fast becoming the standard currency of our online and virtual worlds, especially in gaming, real estate, and fashion. Lastly, NFTs are the future economy of the metaverse, the future virtual worlds in which we will all most likely be working and playing. This is one of the biggest motivations for the NFT hype, especially considering the major moola investments by heavyweights such as Meta and Blizzard (via Microsoft).
Still with us? So, even if you aren’t looking to invest in art, wine, or even real estate NFTs (or creating your own Nyan cat gifs), you can still use this revolutionary technology within marketing. And trust us when we say the money is there: NFT sales volumes went from $95 million in 2020 to $25 billion in 2021! We’ve already spoken about the brilliance of hybrid real & NFT product sales like Nike Cryptokicks, and providing added digital benefits to launches like the Kings of Leon, but there’s a whole lot more.
Here are three smart real-life examples of NFTs in marketing:
1. Dial up engagement with a custom NFT game: Louis.
While there are plenty of examples of NFTs within mainstream gaming, this is one of the first elite fashion brands to build a fully-fledged game (think Zelda, but more stylish). It’s a phone app called ‘Louis The Game,’ and it contains 30 embedded NFTs designed by iconic digital artist Beeple. These can only be found by playing the game and can’t be sold. It’s the ultimate in digital bragging rights for the sartorial crowd.
2. Collet for charity and raise awareness: Coca-Cola.
Coca-Cola’s first-ever NFTs sold raised over $575,000 for the Special Olympics International on the OpenSea market. This creates new opportunities for brands to give back to communities and special projects while raising awareness. The winning bidder earned four customised NFTs to wear and use in Decentraland 3D VR platform and received a real-life, fully-stocked signature Coca-Cola fridge.
3. Master the Metaverse for real-life results: Jimmy John’s and Pizza Hut.
This sandwich chain created an interactive version of a restaurant in the virtual world of Decentraland. Users there could build a custom “Metasandwich” that could be ordered for pick up in the real world. It’s a digital experiment that offers real-life rewards. Fast food competitor Pizza Hut also went full meta by crafting a digital shopping experience with artist, Rob Shields, to design custom delivery vehicles, driver avatars, and nine cyberpunk NFTs. If you win one, you unlock free pizza for a year!
Wrapping things up…
Your customers are interested in NFTs, and your brand should leverage them in your marketing plans. The only requirement: just like in real-life events, you need to craft creative, memorable experiences to unlock higher engagement and drive conversions. You can create auctions, collaborate with artists, run contests, and even mint your own luxury product designs.
If you’re still feeling a little daunted by all this revolutionary tech, don’t worry – we’ve got you. We are specialists in creative technology, and we’ve got plenty of techie toys for you to play with, including a special kind of NFT called Virtual Asset Tokens (VATs). It’s helped us craft award-winning, ROI-smashing campaigns for many of our clients, like Jaffa Cakes, Benefit Cosmetics, Carlton and United Breweries, and Asahi Beer. We’ve also got a bespoke platform to help you build NFT and VAT campaigns from scratch, but without any head-scratching.