Did you know that popular brands such as Coca-Cola, McDonald’s, Ray-Ban, and even Clinique use NFTs in their branding strategies? It’s not hard to see why big-name businesses are taking advantage of this form of technology.
So, what if there was a way to take your company’s brand to the next level as well, without spending a fortune on traditional advertising? With the rise of digital asset ownership and non-fungible tokens (NFTs), there is, because any company can do it.
NFTs are unique digital assets that can be used to represent real-world objects or experiences.
This makes them the perfect tool for branding, as they can help to create immersive experiences that bring your brand to life in a whole new way.
We’re going to explore how an NFT strategy can elevate your brand and give you a competitive edge. Interested in learning more? Keep reading.
What Is an NFT, and What Is the Purpose of An NFT Strategy?
So, what are non-fungible tokens? They are digital assets that take the form of collectibles, art, gaming, etc. As we mentioned, they can represent almost any object or experience in the real world.
They are different from other digital assets in that they are not interchangeable – each one is unique, just like the physical object or experience it represents. These cryptographic tokens are versatile and can represent anything from domain names and avatars to loyalty points and virtual goods.
Unlike traditional digital assets, NFTs are stored on a decentralized network and can be traded or auctioned to other users.
This makes them well-suited for representing brands and their associated values. They come with a digital signature, meaning that the designated owner of the token can always be found and the NFT cannot be replicated.
How About the Benefits?
The benefits that NFTs hold in the business world are rather practical. They help to increase trust and transparency, simplify complex processes, reduce costs and friction, and create new opportunities.
In a world that’s driven by data, NFTs also provide a new way to collect, store, and manage information. And because they’re built on the blockchain, they offer a high degree of security and immutability. As we mentioned, you can expect to apply an NFT in almost any industry and for any application.
NFTs are often used in several different industries, including:
- Art and fashion
- Film and television
- Real estate
Additionally, most businesses don’t realize how far utilizing an NFT can go. While many people associate an NFT with artwork, there are some industries that you might not have thought of applying one. Did you know that there is such a thing as a healthcare NFT?
Patients could potentially monetize their health data. Using blockchain tech in healthcare can help to facilitate patient record transfers, and even to manage medication supply chains. The point is, regardless of your industry, your business could benefit from an NFT across just about any board.
Some of the benefits that businesses can experience by using NFTs include:
- Expanding more than sales
- Increase in brand awareness
- Relay the story of your brand
- Open new streams of revenue
- Reward crowd-funding
- A way to stand out from competitors
Ways to Use NFTs in Branding
While there are multiple ways that you can use NFTs, there are also various ways that you can apply it to branding as well. Let’s take a close look at some of the best ways to apply an NFT from a branding standpoint.
Creating Branded Virtual Worlds
This is one of the most immersive and effective ways to use NFTs in branding. A virtual world can go through customization to reflect your brand, and users can interact with it in a variety of ways.
For example, they could explore the world, purchase branded products, or take part in activities that’re sponsored by your brand. This is the perfect opportunity for companies to explore the usage of advertising within the metaverse.
Issuing Branded Digital Collectibles
Digital collectibles are a great way to engage fans and followers. They can promote new products or services, or increase awareness of your brand. Collectibles can also reward loyal customers or supporters.
Offering Branded Experiences
Experiences are another powerful way to use NFTs in branding. They can range from simple things like providing exclusive access to a VIP event or concert, to offering a custom tour of your company’s facilities.
You can “mint” NFTs to document attendance to certain events that you decide to use in your branding as well. This could be a product launch, a fundraiser, or anything else.
Minting an NFT refers to converting those digital files into collections of crypto- or other digitally-based assets that will be stored on the blockchain. By the way, minting is not the same as buying. Buying an NFT actually requires an item that already exists and has already been minted into an NFT.
Additionally, it might be helpful to know that most NFTs are actually kept on the Ethereum blockchain. Although NFTs use the same blockchain technologies used to power cryptocurrencies, keep in mind that an NFT is not an actual currency.
While creating your experiences, you can do more for your audience than just what you see on the surface. For example, you can use an NFT from a “play-to-earn” standpoint, essentially making it more fun and personally involving for customers. You can also use them to capture memories, build digital presences, and even provide physical access to something.
You can use all of these applications from a virtual standpoint as well, which opens new doors for your NFT strategy. The possibilities are endless, and the key is to think about what would appeal to your target audience.
How Can You Use an NFT Strategy in Your Business?
If you’re interested in using NFTs to elevate your brand, the first step is to create a strategy that aligns with your business goals. Here are a few tips to get you started:
Define Your Target Audience
This will define your campaign. Who is your ideal customer or consumer? What are their interests and what do they value?
Once you have a good understanding of who your target audience is, you can tailor your NFT strategy to appeal to them.
Choose the Right Platform
Not all platforms are the same when it comes to NFTs. Some platforms are better suited for branding than others. Do your research and choose a platform that will allow you to create the most effective and immersive experiences.
While there are multiple marketplaces for NFTs, many companies struggle with the steps to not only develop, but to implement them in the way that they want. The best way businesses can overcome this is to work with an organization that specializes in NFT minting, usage, and strategy development.
A good example would be, the application Mintology. It provides NFT-based solutions. The application is known for being powered by the world’s first and most powerful one-click gasless minting API (application programming interface).
Additionally, from this platform, you can easily manage your NFT marketing, strategy, and marketplace. With the convenience and ease to pull off successful NFT creation and implementation, Mintology makes the process more streamlined and business solution-focused.
The best thing is, you almost don’t have to do anything; the organization provides companies with turnkey NFT solutions.
Be Creative From the Start
The sky is the limit when it comes to using NFTs in branding, and you should test your hand at how creative you can get with them from the start of any campaign. Think of innovative ways to use them that will engage and excite your target audience.
The best rule of thumb with NFT marketing is that almost anything goes. You can use them to help activate smart contracts for different properties or services and to speed up the time it takes to complete transactions.
Although NFTs are well-known in the art world because they are essentially a work of art, you can use them for just about anything.
How Are NFTs Made?
To make an NFT, the process isn’t too difficult. After you pick the item you want to create, the next step would be to pick the blockchain you want to use. Setting up your digital wallet would come next, as well as choosing your marketplace.
After uploading your file to the platform that you chose, setting up the actual sales process would follow. After all of the initial work, businesses would be ready to start turning a profit from their investment.
While the steps are fairly simple, getting started in the right way can be daunting for companies. Using an experienced organization that offers NFT as a service can streamline the process while making it easy to understand. Overall, it might be the best option for a business.
This is if the business wants to save valuable time, effort, and resources. Having your NFT campaign start right the first time is the goal for businesses that want to take advantage of what using an NFT can offer.
Change the Pace of Your Business
If you’re ready to take your branding to the next level, consider using an NFT strategy. It’s a powerful tool that can help you achieve your business goals, and Mintology helps businesses to get where they need to be.
If you want your business to experience the benefits of NFTs and all from one platform, take advantage of Mintology’s processes today. With a specialization in NFT minting, usage, and marketplace management, it’s never been easier to implement a strategy using this form of token.
Want a turnkey solution to take the next step for your company? Get in touch with our team today.