How NFTs Can Help with Branding
The NFT market peaked at around $25 billion in 2021, with countless NFTs selling for thousands – millions in some cases. Since then, the market has declined in value amid rising costs of living and failings by large crypto exchanges like FTX. However, the number of businesses turning to NFTs and the number of people buying into play-to-earn (P2E) games is rising steadily, which indicates that interest is still high. There are many ways to integrate NFTs into a branding strategy, but here are our favourites to get you started.
Metaverse User Interaction
Despite Mark Zuckerburg naming his online universe the “Metaverse”, the word simply denotes any interactive virtual world including Decentraland, Roblox, and Fortnite. Metaverse projects built over blockchains like Ethereum are emerging in growing numbers, and you can benefit from them by creating branded lines of NFTs and selling them as in-game assets. Additionally, your business can become a member of the metaverse community and use it as a platform to communicate with potential users.
If you have the capital to pull together a strong team of developers, you could invest in space on an Ethereum-like blockchain and create your own Metaverse project, which would certainly get people talking. Before deciding to invest in blockchain project space, be sure to check the Ethereum stock price at okx.com.
Collaborate with NFT Artists
Effective partnerships are a no-brainer when it comes to boosting brand vision. There are already countless reputable marketplaces including OpenSea and prominent NFT artists. These artists and marketplaces have amassed thousands of followers. If you’re adopting NFTs in an industry without much news coverage in the blockchain space, now is the time to make those connections.
News surrounding newcomers to the blockchain space travels like wildfire. For example, Marriott Bonvoy boomed following a partnership with NFT artists Erick Nicolay, TXREK, and JVY, in which they created a stunning collection of unique NFTs.
NFTs and Physical Goods
NFTs and physical goods go two ways. Firstly, you can create digital versions of popular physical products, which you can sell as NFTs on open marketplaces or inside P2E games. Secondly, you can sell NFTs alongside physical products. To do this, you need to mint an NFT and affix a special QR code to your product. When customers buy your products, they can scan the code and store the NFT in their wallet, which they can sell if they wish to.
Auction Limited Edition NFTs
Turning digital media into NFTs is called minting, and anyone can get involved. Creating a limited edition NFT and auctioning it through a marketplace has the potential to bring in profit for your business and it will build up chatter about your brand. For example, the hotel Venice’s Ca’ di Dio created an NFT with an exclusive entire hotel booking attached, and it launched the hotel onto all major blockchain news websites.
The NFT buzz is still out there, and it can still be utilised to boost brand awareness. The ideas outlined above are only a small cross-section – anything is possible if you think outside the box.
