No matter how informed you are, your mindset should be that of a learner. What we know is a droplet in our unknowing. Socrates puts this simply, “The only true wisdom is in knowing you know nothing”.
Today got me learning about Non-fungible Tokens (NFTs) and Marketing.
The inception of Non-fungible Tokens (NFTs) has challenged professional marketers to know and excel in their abilities to market them.
NFTs can be used for so many marketing principles, such as increasing brand awareness, building customer loyalty, satisfaction, and experience and most importantly, engaging customers in diverse and unique ways.
Although it is still early stages, NFTs are relatively a new revenue stream and an engagement tool for brands such as Adidas, The Coca-Cola Company, Nike, McDonald’s etc.
Brands now create unique brand experiences, increase brand awareness, and generate greater customer interactions with them.
Then again, NFTs still feel like a technology in search of a strategy, specifically an integrated marketing strategy. Check the use case of NFTs by National Basketball Association (NBA)
The National Basketball Association (NBA) NFTs efforts
The marketing team at National Basketball Association (NBA) in its efforts to engage with their audience and give them a unique brand experience, started “Top Shot”, where they sell highlight moments of their customer’s favourite player, making the person who bought this highlight the sole owner of this unique moment in time in NBA history.
“Lebron James lakers highlight sells for record $208k on NBA top shot” — Bleacher Report
Marketing with NFTs
block.co asserts that when it comes to marketing with NFTs the following are needed:
- Branding & Storytelling
- Community engagement is the most effective strategy
- Twitter and Discord accounts are a must
- Pre-launch strategy
- Finding the right partnerships that would be aligned with the brand’s story/values and NFT launch, not just regular influencers.
Learn more about NFTs with CoinPayments ABC of NFTs. You can easily download it on my LinkedIn wall.
I hope this was helpful. Do have a great week ❤️
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