The popularity of non-fungible tokens (NFT) has skyrocketed in recent years. In 2020, the NFT sector will be worth $10 million. A year later, the industry has grown to $22 billion — arguably growing in popularity.
One of the most anticipated uses of NFTs is their potential use in the Metaverse. Metauniverse is not a single monolithic entity but a decentralized virtual world network where users can shop, communicate and play.
As the metaverse gains momentum, multinational corporations and small businesses want to incorporate NFTs into their marketing and branding strategies.
I have been actively investing in NFTs for many years, and my agency designs NFTs as well. We have worked for many clients in this area and gained much knowledge. Let’s see how companies can use NFTs to build their brand in the metaverse.
Find ways to gamify your brand.
NFTs can easily be integrated into most modern games as a new way to monetize in-game content. Unlike traditional downloadable content (DLC), NFTs cannot be replicated. All of them, even the visually similar NFTs, are unique, each with its code on the blockchain.
This makes them the perfect currency for businesses rewarding their loyal customers with amazing and unique content. Companies can use this to align their brand message and core values.
For example, a sports brand could create an NFT-based game where users can collect virtual jerseys of their favorite players. Businesses can also create digital replicas of their products for customers to place in their virtual homes on the Metaverse.
This implementation makes your brand more visible in the metaverse and gives users a sense of ownership and ownership of your business.
Involve consumers in the sales process.
Engaging customers throughout the sales process for your brand is a great way to drive loyalty. And NFTs are no different. NFTs allow customers to buy, sell or trade virtual goods with one another.
For example, a fashion brand could create an environment within the metaverse where players can try different clothing items and accessories that match the product. This way, they can see how the product looks before purchasing. At the same time, wearing this virtual fashion item passively promotes the brand while other users visit it.
Alternatively, businesses may consider setting up an NFT-based loyalty program where customers can earn reward points to redeem exclusive virtual goods. As the metaverse continues to be adopted into the mainstream, participation in the virtual economy will only become more valuable.
Attach experiences to real-world events.
Due to the uniqueness of NFTs, companies can offer their customers unique experiences related to real-world events.
For example, Twitch’s online streaming platform hosts live events where viewers can watch eSports tournaments. This platform has features that allow you to cut and highlight moments in a stream. These moments can then be printed into NFTs and stored or sold.
Another example of this is the NFL Super Bowl. Faced with a drought in their marketing email open rates, the NFL is giving entrants free NFT alerts that provide them access to playoff or regular season games. The move proved successful, increasing engagement in NFL marketing emails from an average open rate of 20 percent to 60 percent.
Its appeal lies in the subscriber not only experiences the event, but also gets a reminder of it. Especially those that are exclusively owned by them on the blockchain.