NFT or Non-Fungible Token has taken the market by storm in the last couple of years. The ownership token for NFTs is authentic for every buyer and cannot be hacked into. It can only be re-sold. So it might be this lure of exclusiveness that is leading superstars and billionaires to spend millions on these NFTs. Even Justin Beiber spent $1.3 million on an NFT known as “Bored Apes Yacht Club” in February 2022!
Thanks to this growing interest in digital tokens, more brands and affiliates are also using NFTs. Wish to know how exactly brands and affiliates are using NFTs? Then read on to know the details and more! But first, let us highlight why they are so interested in this digital asset.
Why Are Businesses And Affiliates Using NFTs?
According to Tal Lifshitz, a co-chairman and partner of blockchain group KTT, it is easy to see why brands are willing to spend so much on these digital assets. He said:
It’s trendy, it’s fun, and it’s cutting edge technology that has actually the potential to redefine the way these brands do business and engage with their consumers. The more important question is, why are big brands not spending big money on NFTs?
So based on his views, we can understand that NFTs will soon become a massive part of our lives. And since better adaptability refers to better utility and improved value, brands are starting to incorporate it into their lives as much as possible.
Another reason for involving NFTs is because affiliates are looking for new sources of income. It is a fantastic engagement tool and a new method of revenue for them.
Now let’s look at how the brands and affiliates are using NFTs.
How Could Brands and Affiliates Be Making Use of NFTs?
Every brand and affiliate uses NFTs differently. And it isn’t easy to understand these different concepts together. However, we have compiled three best examples to help you understand how a brand or affiliate can use NFTs to its advantage.
3 Brand’s Using NFT today:
- Taco Bell GIFs
Studies have shown that most millennials are likely to go into business with a brand that aligns with their values. And that is what Taco Bell aimed at while launching their NFT. They launched taco-theme NFT GIFs that supported the Live Mas Scholarship program. All the NFTs were sold out at thousands of dollars within 25 minutes of the launch.
So Taco Bell took a cause close to the millennial’s heart and used it to launch their NFT. It helped create a massive buzz over social and mainstream media while helping them earn some revenue.
- Grimes Videos
Grimes Videos broke all records when they sold a collection of 10 NFTs for an astounding $6 million in just 20 minutes. They presented the NFTs at a charity auction and ran a contest for the same. It helped Grimes Videos improve their lead generation by using their creativity and draw in the crowd by riding on people’s excitement about new trends.
- RTFKT Digital Sneakers
Lastly, RTFKT used its NFTs to dispute the global market while increasing its brand awareness. They created an NFT virtual sneaker with FEWOCiOUS, an 18-year old artist, and sold it for a whopping $3 million. Thus, this brand used a limited edition product as an NFT to increase its fame and earn revenue.
So we can see that brands bank on people’s excitement for new trends and experiences. They give their NFTs an air of exclusiveness by making them limited-time deals and driving up the prices for the digital assets. It helps to increase engagement by opening new avenues for customers and creating fun memories for them. This new trend can genuinely change the face of marketing strategies for several brands and affiliates in the coming years.
We can conclude that despite being a new concept, NFTs have a lot of potentials. Thus, more brands and affiliates are trying to stay ahead of the game by dolling out new NFTs now and then. And if you too wish to be a proud owner of an exclusive NFT, keep an eye out and grab one before it disappears!