Should your company create NFT’s for your brand?
The answer to that is Definitely Yes !
No guesses there, and let’s find out why.
NFT’s (or Non Fungible Tokens) are taking the world by storm.
So what are NFT’s ?
NFTs can be many things. But as we are only discussing the business side of NFTs, so without going into technicalities,
I would define it simply as, the conversion of an intangible digital image or product into a tangible and ‘unique’ digital/hybrid product.
With emphasis on the Unique. Hence Non-Fungible Token.
It is important to note that – NFT was first was considered a fad, and then it created considerable value to artists and gamers, and is now maturing into more sophisticated ecosystems.
It is fast turning from “Quirky” or Fad category, into the “Necessary” or Practical category, as well as the “Collectible” or Valuable category
VALUE, and what it means to your product line.
First and foremost, NFT’s create value.
That means you can now do more with your existing line of products and services,
as well as create NFT’s that are in synergy with your existing lines.
Moreover the Value and NFT’s that you create will be different and unique from your competitors.
So this not only reduces the competition, it give you an opportunity to price it in a way you want to.
A very interesting opportunity to this is that you can allow your customers to bid and settle the price of an NFT.
Bidding has already become common practice in the NFT marketplace.
And then can also be the extra incentive of the creator automatically getting a profit, from all future resellers.
MARKETING and your BRAND
However, even if you you forget about Value, it is a signal to the market of a Brand that is keeping up with the times.
NFTs, by their very nature, are meant to be flaunted.
NFT’s are great for popularity and an excellent addition to your marketing.
It is wonderful for Brand loyalty as well.
Customers that own a brand NFT are proud owners of that NFT. They tend to flaunt their NFT, usually on all social channels, and consequent advertise your brand for free, and refer new customers.
Such customers stay loyal to your company and become your brand ambassadors.
Flaunting of NFTs have become so important that even Twitter has made it a profile feature, with Youtube and Reddit soon following up with similar features. << Check out the Twitter article here >>
NFT’s that have already been sold to customers, can continue to give value and privileges in future too.
This can be something like special invitations, additional discounts, first buyer advantage for other future products, access to further souvenirs, and cross-selling other products and brands, etc
For Companies that have just started exploring this avenue, there is often the question of costs involved.
They prefer to wait till the costs come down. Undoubtedly, just like everything else, costs do come down when the scale goes up.
But what about the cost of Not being involved with this technology now?
Obviously riding the wave when it starts rising, will take you much much further than those that entered later.
Look at the rising trend as below, (ref Google Trends) both in India and Worldwide.
Trend in India
This alone should help you in making your decision to add NFTs to your business.
NFT’s are not ignorable any more, especially for companies who want to move forward.
Go ahead and ride the wave !
If you found this topic interesting and wish to consult, you now know whom to call ! 🙂