The digital revolution has completely transformed the way businesses market to customers. Non-fungible tokens (NFTs) are the latest big thing breaking into the digital marketplace. According to DappRadar, the total sales for NFTs skyrocketed to a record $2.5 billion in the first two quarters of 2021 alone.
A non-fungible token (NFT) is a unique and non-interchangeable digital asset. Examples of NFTs are unique artwork, photographs, videos, music, and multimedia. NFTs are blockchain-based digital files, which means they are cryptographically authenticated and the creator can be easily verified.
Since the digital assets are non-interchangeable, like fine art, there can only be one official owner at any time. It is no wonder new innovative marketing methods have developed around the new NFT digital asset trend. If you want to cash in on this wave, here are four ways you can make use of this new frontier for marketing:
1. Form a Community
Building a platform where people can become members and can feel the strong foundation of what your business stands for is crucial to the success of NFTs.
Our previous article, ‘How to Create a Social Media Strategy’ points out the importance of clients being able to share their goals and be heard. In a person-to-person community, people can own your NFT, thus becoming one of your unique ‘collectors.’ NFTs are produced in limited quantities which make them scarce, and according to the law of supply and demand, the value of the NFTs go up when more people want them.
2. Encourage Engagement
Getting your community to interact with each other is another vital part of building up your NFTs. As the owner of the NFTs, you should encourage this by starting points of interesting discussions, initiating competitive debates or introducing new types of NFTs.
As you can imagine, a perfect platform to encourage engagement is on social media like Facebook, Instagram, Twitter, TikTok, BitcoinTalk, or Reddit to name a few.
3. Create a Marketplace
NFTs are digital assets, therefore, owners need to design a place where people can post, sell, and auction these assets. This platform should allow members to see numbers being listed, purchases being made, amounts paid, volume, and all the exciting details of a digital asset transaction. It should basically be an online gallery where your members can virtually “walk in” and browse all the available choices in the online market.
4. Adapt to the Future
The trend in marketing is moving from traditional to digital and the ways of the past are rapidly being replaced by the modern methods of today — and NFTs represent that shift. Modern consumers don’t just want simple ownership, they want to be heard and they want to be recognized, and NFTs fulfill that need.
With the introduction of NFTs, the market is completely changing. The book ‘Marketing 4.0: Moving from Traditional to Digital’ talked about marketing eventually going digital, and NFTs are a prime example of this. No matter what your product or business, NFTs represent a great way to engage with potential customers and provide a sense of ownership and community for your brand.
NFTs aren’t just unique assets — they can also be multipurpose marketing instruments that benefit businesses and give the consumers a sense of belongingness, status, and exclusivity. This is the new trend on the concept of ownership that every consumer wants to be a part of, and riding this wave could help you reach new heights for your business.
Written by Isabella Daniels for thesocialshells.com
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