With the advancement of tech and the Internet, brands are continuously competing amongst themselves to stand out across different platforms to drive quality traffic, engagement, and higher visibility. To achieve this, they need to collaborate with content creators – who are now the biggest influencers on the Internet – to build their online presence.
By engaging content creators, companies can build quality content to establish trust and build quality interactions with their audience. Then, they can go ahead to convert the audience into paying and long-term loyal customers.
In recent times, companies have been leveraging blockchain technology to gain an edge by promoting their brands using more engaging and innovative means. These companies are improving their marketing effort by using non-fungible tokens (NFTs) to build recognition, create massive awareness and establish brand loyalty with their clients.
Before delving into the article, let’s take a quick look at what NFTs are. NFTs are creative content – music, artwork, trading cards, games, etc. – that a person owns, which can be exchanged for a cryptocurrency and is stored on a digital ledger. They come in different file formats and possess certain qualities, including permanent capability, uniqueness, and programmability. Let’s explore how brands can leverage NFTs to build brand awareness and expand their communities.
How Can Brands Leverage NFTs To Expand Community and Brand Awareness?
According to statistics, buyers (especially millennials) have in-depth knowledge and enjoy engaging in the management and trading of cryptocurrencies. A 2021 Pilpsay study reveals that 47% of US citizens are looking to buy products or services with digital assets. It also states that 42% of the subjects believe that cryptocurrencies will replace fiat currencies in the near future.
In addition, the study found that 38% of Gen Xs in America own cryptocurrency, followed by 49% of millennials and 13% of Gen Zs. So it’s safe to say that the crypto and NFT industry will grow beyond imagination soon. Therefore, brands should leverage the opportunities provided by NFTs to develop new advertising strategies that will disrupt their markets and keep them ahead of industry competitors.
Partnering With Content Creators to Create Exclusive Experiences for the Audience
Like every launch or campaign, brands need to adopt authenticity while building NFTs because it is a great tool to deliver exclusive and one-of-a-kind experiences to their clients. Regardless of the purpose for creating an NFT, any tokens developed by a company must solidly represent its brand values.
Therefore, brands must collaborate with content creators that align with their values in order to pass the intended messages to their fans, providing consumers with an opportunity to interact with the brand in a new way and within a new digital platform.
The process and strategy need to be thoroughly thought out in order to offer real value to a brand’s users and community members. Although, creating an original NFT consumes time, effort, and resources, it will certainly build a genuine connection with the brand’s fans and followers. Unique NFTs could contribute immensely to the customer’s journey and help brands establish a loyal fan base.
Creating Brand Awareness by Aligning with Consumer’s Value
A report published by 5WPR reveals that 83% of millennials who have an interest in cryptocurrencies are more likely to engage with companies that align with their goals and values. For this reason, brands must publicly and sincerely support values and champion causes they believe in.
Businesses can use NFTs as marketing tools to showcase their core values and culture. They can also allow customer participation by using blockchain technology to create an avenue for consumers to connect and actively promote these values and social missions.
A good example of a brand that has adopted this technique to attract buyers’ attention is Taco Bell. To showcase their social comment, the company created a GIF NFT and made it available for users to purchase them while also pledging to remit the earnings to a charity. Users bid over $3,000 for the Taco Bell NFT.
Adidas also joined the bandwagon by partnering with Fabricant to design an NFT digital jacket. The idea behind this NFT is to create a product that does not lead to the production of physical waste. This move portrays Adidas as an innovative and environment-friendly brand, aligning with the values of its consumers.
Collaborating With Influencers To Create Collectibles
Brands can add influencer marketing to the mix as it is key to building trust and authenticity. Content creators have proven to use their skills to promote community building and brand awareness.
Businesses can partner with influencers to create unique offerings that involve transforming some products and services to collectible NFTs. For example, the fashion industry is using NFTs to do more than promote digital products.
Fashion brands have ventured into designing virtual clothing and wearable digital assets for consumers to buy and build their avatars using numerous collectible NFT products. NFT brings about limitless opportunities as businesses and influencers can leverage them to reform the industry by creating unique content.
There has been a recent rise of influencer communities that are focused on the crypto and NFT ecosystems. Today, the title ‘Crypto Influencer’ is becoming a norm as several social platforms such as Twitter and TikTok are hosting crypto-based communities. Some examples of these communities are CryptoTok which is hosted on TikTok, and Money-Twitter, which runs on the Twitter platform.
NFTs are somewhat new, but they have been creating a buzz in the crypto space, and the opportunities they offer are limitless. With people showing interest NFTs and spending heavily to acquire them, it appears that they are here to stay.
So, brands should participate in NFTs to create unique experiences for their customers. NFTs offer an exciting way of building brand awareness and thriving communities for both the business and their audience.