As the world shifts from Web2 to Web3, consumer culture is becoming increasingly focused on digital identities and asset ownership, enhanced modes of engagement, and participation in strong digital communities.
This newly emerging digital culture represents an unprecedented opportunity for business. If provided with the right incentives and avenues for participation, customers can play a more active role in elevating your brand and business. The most successful NFT project of today, the Bored Ape Yacht Club, takes advantage of this. Because of enhanced community action and brand loyalty enabled by NFTs, the BAYC has become the most recognizable and valuable Web3 brand, even among audiences that are new to NFTs.
Now, many major brands including Nike, Gucci, Adidas, Coca-Cola, the NBA, and Vodafone, among others, have also adopted NFTs and more brands are joining their ranks by the day. This is because the biggest brands understand one simple fact – any business that wants to stay relevant in an increasingly digital and evolving landscape needs a well executed NFT strategy that allows them to both provide and capture value from the next generation of consumers.
Powered by our proprietary Gasless Minting technology, Claimable NFTs are a product designed for the specific purpose of enabling brands of all sizes to implement more affordable, inclusive, and frictionless NFT strategies for any target audience.
Let’s take a closer look at the advantages of Claimable NFTs, and how your business can benefit from them.
What is a Claimable NFT?
A Claimable NFT is an NFT that is used for promotional purposes. Claimable NFTs are minted without incurring gas fees, thus making it economically viable for businesses to give out free NFTs to their customers. This opens up new possibilities for using NFTs as a marketing or promotional tool.
Claimable NFTs also come with a built-in claiming process for users that is inclusive and frictionless. Made with mainstream audiences in mind, the claiming process allows customers to claim and use the NFT without owning any cryptocurrency, having a wallet, or any prior knowledge about Web3.
The claiming process for a completely new customer takes mere minutes, and comprises just 4 simple steps:
Why should you use Claimable NFTs?
Mintology’s claimable NFT platform provides a turnkey solution for businesses that want to use NFTs for promotions. This means that your business will be able to implement time and cost-efficient NFT strategies with zero in-house capabilities.
Advantages of Claimable NFTs:
- Instead of paying $20-200 minting normal NFTs, Claimable NFTs cost just a few dollars each. When minting at scale, this can equate to hundreds of thousands of dollars in savings.
- The ability to give out free NFTs ensures greater participation in your promotional campaigns, and gives you an edge over competitors who have to charge customers for NFTs.
- Claimable NFTs are minted on Ethereum, the most popular and secure blockchain. Having your NFTs on the Ethereum network offers greater protection for your customers than newer, untested blockchains.
- Because of the simple claiming process, our NFTs are claimable and usable by your entire target market, not just Web3 users.
Reason #1: For Branding, Customer Relation, and Lead Generation
A business entity becomes a brand when it provides its customers with its desired products and services. Therefore, you can align your claimable NFT to your brand’s purpose. This non fungible token offers a seal of authenticity to the products and services that your brand sells.
Nike started a unique NFT marketing strategy. To certify each pair of sneakers’ veracity, the leading athletic footwear and apparel company started using NFTs. So, whenever you buy a pair of Nike sneakers, the product’s digital version is created in a digital locker. This initiative is known as “CryptoKicks.” This unique digital version of that particular sneaker also potentiates the subculture around
Nike sneakers’ collection, trade, and resell. Therefore, the consumer of a Nike sneaker gets a unique brand experience.
Claimable NFTs help your customers own the non-fungible tokens as a memento of their unique experience of your brand. A brand should use claimable NFTs as part of its storytelling initiative. This enables the brand to offer their customers something tangible, thereby strengthening their brand-customer relationship.
When you offer NFTs to your customers, the target audience you attract is the millennial and younger customer base. The younger generation loves to go with the trend. They get attracted to personalization. So, by offering unique NFTs for free, brands provide them with a highly personalized experience. This improves the brand experience and serves your brand’s purpose in reaching its target audiences. By using claimable NFTs, you can help your brand generate leads, convert leads to customers, and increase sales.
Reason #2: To Expand Product Lines
- Media: If you are in the media business, you can create a new media asset class using claimable NFTs. One of the most significant examples of product-line expansion is the NBA’s TopShot. Major media houses (such as Associated Press and CNN) are also optimistic that their target audience will buy their iconic photos and news clips as NFTs.
- Apparel: Apparel companies are also creating NFTs for their clothing and accessory lines. In Zepeto’s digital world, Ralph Lauren is already selling their branded digital apparel. Dolce & Gabbana has also auctioned their NFT-based digital couture, which is worth millions of US Dollars.
- Footwear (Sports): The sneaker companies are also in the race to extend their digital footprint by expanding their product lines. For example, Adidas has created a digital gear line, especially for the famous Bored Ape Yacht Club. In addition, to remain ahead of its competition, Nike has acquired a startup named RTFKT, which specializes in NFT-based virtual sneakers.
Reason #3: To Create a User-Generated Gaming Platform
Gaming companies can use claimable NFTs successfully in their marketing and lead generation strategies. Many gaming platforms are allowing gamers to trade digital assets during the time when they are playing games.
A significant example of a user-generating gaming platform is Sandbox. It is an Ethereum blockchain-based NFT-powered game. Gamers can use Sandbox to monetize their virtual gaming assets/experiences. This platform may also allow gamers to create their games by using NFTs. In 2021, the revenue earned by gaming-related NFTs was US$4.8 billion (as per DappRadar reports).
These facts also encourage non-blockchain-focused gaming companies to collaborate with third-party blockchain initiatives to use NFTs.
Reason #4: To Create and Enhance Brand Loyalty
Loyalty programs help businesses to reward their customers through membership programs. It helps them convert their one-time customers to repeat customers.
Instead of offering them mundane discounts or loyalty points (which are given by almost all businesses), some brands have started offering their customers digital NFT loyalty cards. The customers can download their respective cards to their smartphones after signing up. Then, every time they visit their businesses, they can earn loyalty points by scanning the loyalty NFT code. Once they have certain thresholds of accumulated points, they can earn blockchain tokens, prizes, and discounts.
The introduction of NFTs by brands has proven to improve brand image among existing customers. In fact, NFTs by businesses also attract the younger generation to the brand and its products. However, suppose you want to create or enhance brand loyalty among your customers and target audience. In that case, claimable NFTs can help you reach your goal quickly and effectively.
Reason #5: To Maximize Return on Investment (ROI)
If you are a startup or corporate leader, you can use claimable NFTs for investment purposes. These non-fungible tokens can be profitable investments. Let’s consider two instances to elucidate. In 2021, at the height of NFT mania, two major corporates shelled out massive amounts of money to buy NFTs:
- Visa spent US$150,000 to buy an NFT
- Adidas spent US$156,000 to buy a virtual art piece
Businesses have started to use NFTs as a tool to engage with their customers and revenue streams. Andrew Lokenauth, a renowned NFT investor, believes that more and more brands are investing in non-fungible tokens because they believe these unique tokens are the future. This means these brands are buying NFTs as an investment for generating higher ROI in the future.
To maximize your profit, you should monitor NFT investment trends and make the right investment.
Reason #6: To Collaborate with Other Brands For Marketing
NFTs are bringing multiple brands together to offer something exceptional. Claimable NFTs are becoming a pivot for many brands to collaborate in their marketing strategies. One such example is the collaboration between soft-toy brand Barbie and French fashion brand Balmain. They have collaborated to create three innovative non-fungible tokens. The claimers of these NFTs will receive the product physically also.
Reason #7: To Disrupt the Market
Claimable NFTs have the potential to disrupt the market. RTFKT (a Chinese digital sneaker brand) designed an NFT sneaker for the Chinese New Year. Then, they auctioned the NFT product, which was sold for US$28,000. In fact, this 2-year-old startup also collaborated with a young artist, FEWOCiOUS to create another sneaker that fetched them US$3 million.
If you are creating a marketing-strategy for your business or brand, you may take a cue from the success of RTFKT. For example, you can celebrate special days (say, holidays) or milestones of your company’s achievements by creating a limited edition NFT memorabilia. You can either auction them as stand-alone digital products or give them away to a handful of customers for brand awareness and disrupt the market.
Reason #8: For Reputation Management
You can use claimable NFTs for creating a campaign and donating the generated revenue to social causes. This exercise will help your brand in reputation building and management. TacoBell ran one such campaign. They donated all the NFT-generated revenue to the scholarship program under the TacoBell foundation. This has enabled TacoBell to create a large base of followers, a vibrant community and ultimately enhance its reputation.
Reason #9: For NFT Royalties
Claimable NFTs are highly beneficial for content creators and artists. They can earn 5-10% NFT royalties on every secondary sale of their created NFTs in the marketplace. The best thing about these royalties is that they are:
- Perpetual and
- Executed automatically by smart contracts
These NFTs get sold in the secondary-market only when certain terms and conditions are fulfilled (thanks to smart contracts). Once sold or resold, a certain percentage (which usually ranges from 5% to 10%) of the profit is paid to the creator of that NFT. NFT royalties, therefore, help content creators and digital artists to maximize their earnings.
Reason #10: NFT for Ticketing
NFT ticketing has solved the problem of misplacing paper tickets and forging digitized ticket QR Codes. Claimable NFT tickets (virtual assets stored on blockchain) have become valuable collectibles and the ultimate memorabilia for any memorable concert event. NFT for ticketing is not access codes only. They can give access to unforgettable experiences and allow further transactions. Therefore, you can generate revenue streams with NFT tickets for yourself and your community.
Claimable NFT for B2B and users have unlocked unlimited opportunities for increasing brand engagement and generating revenue. Businesses, brands, artists, and content creators use these digital collectibles to improve online sales/traffic.
Explore Mintology for complete turnkey solutions for your business strategy. You can also use their proprietary gas-free minting on the Ethereum mainnet to engage customers cost-effectively and efficiently. Engage your customers by giving away NFTs for free. Their clientele includes brands like Nike, Adidas, Prada, McDonald’s, Coca-Cola, and many more.