NFTs: Forget apes and penguins — Let’s talk diapers, hardware and museums

    What are NFTs?

    For brand marketers looking to engage their prospects and customers, nonfungible tokens provide a paradigm shift in strategic options.

    Though the marketing potential for nonfungible tokens (NFTs) deserves equal attention to the likes of Bored Apes and Pudgy Penguins, and the potential for decentralized finance (DeFi) and play-to-earn gaming is undeniably grand and exciting, the potential for decentralized finance (DeFi) and play-to-earn gaming is undeniably grand and exciting. It ultimately boils down to this: NFTs may be used to gamify almost anything to generate desired marketing outcomes.

    NFTs market capitalization

    Gamification, which is defined as a “process of leveraging game thinking and game dynamics to engage audiences and solve problems” by Gabe Zichermann, author of The Gamification Revolution, is not new to sales and marketing. The strategies for engaging and motivating prospects and customers are novel. They’re also thrilling. Here are five examples of NFTs being used by marketers to demonstrate the argument.

    Co-marketing in segments

    Let’s pretend you’re one of the 40 million Americans who relocate every year. A flood of brands wants to address your extremely predictable demands as a “new mover.”

    It would have been nearly impossible in the past for Sherwin Williams (paint), Simplisafe (home security), Spectrum (cable), Stanley Black & Decker (hardware), Sony (electronics), and Pottery Barn (furniture) to band together to sell to you in your time of greatest need. After all, disparate internal systems, a deep aversion to sharing data, disparate promotional structures and loyalty programme designs, overlapping distribution locations, and other impediments ultimately result in deadlock.

    Consider combining those brands to create a Move Me NFT or something close. Consumers who buy these will generate revenue for all of the participating brands and will enroll our New Mover in a virtual community where they can tour neighborhoods, attend a housewarming party in the Metaverse with a celebrity, enter to win digital real estate, hang their digital art, and, of course, learn about how each brand’s products/services can help them while also receiving a “exclusive and generous” discount.

    Furthermore, you may provide our cryptocurrency-obsessed customer Bitcoin (BTC), Ether (ETH), or other coin awards as an incentive for purchasing from two or more Move Me companies – supported by the NFT income pool or proportionate contributions from programme members.

    New product launches

    Consider an automaker that has no trouble engaging with someone who is in the market for a new car because they are already everywhere this client is looking, but has a lot harder time enticing existing customers who aren’t in the market to upgrade to a substantial model-year update.

    All of that, however, can alter if that company fosters its customer group to show their common enthusiasm for the brand, affinity for their present product, and the unifying interest and excitement of NFTs.

    Imagine a dynamic NFT drop to this community that teases the new model at first, then gradually adds more looks and features over time to increase engagement. Additional opportunities to witness a virtual presentation of those features and, of course, request a test drive are available at each stage.

    The NFT brings “exclusive offers” to the dealership and enables the dealer to provide a more focused and personalized test drive experience based on the content the customer has watched. Of course, the NFT becomes a collectible if the customer decides to buy it.

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