Non-fungible tokens are digital assets that include unique and unrepeatable content and it is no coincidence that they have become a trend in recent years. They obey blockchain technology and have been quite successful in attracting and retaining customers for different business units. By non-expendable goods, we understand those that are not interchangeable, such as a work of art.
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Fungible goods are indeed interchangeable, and the most obvious example we have of this is money. Within this boom that non-fungible goods are reaching, are non-fungible tokens or NFTs, which are precisely assets that cannot be exchanged for others that have the same value. Hence, a work of art falls into this category, because not only is there a work equal to another, but you cannot exchange it for another of the same value.
The blockchain technology that powers NFTs is the same that powers cryptocurrencies because they use metadata cryptography that digitally verifies their authenticity. For example, if you buy any content in NFT you will have proof of its first value and how much you have currently paid for it.
With the importance that NFTs have acquired, it is not surprising that their functionalities are being expanded and they are now linked to marketing. Discover in this article the scope of NFTs in your marketing strategy and what to take into account to implement them.
First of all, before thinking about incorporating NFT technology into your business, you must have a proper marketing strategy. This includes designing a plan, setting a goal, and determining what actions are going to be taken in the coming months to consider NFTs.
However, you shouldn't include NFTs in your marketing strategy just because it's a trend, but first, you should have a marketing plan, and understand how NFTs work and how they can help you.
In this way, you will realize the value that non-fungible tokens can bring to the marketing of your company and verify its benefits in the medium and long term. Once you have defined the marketing plan together with the objective and the actions you want to carry out, it would be convenient to introduce the NFTs.
For example, the use of NFT in your marketing area could include a premium subscription to a blog, and certain valuable content generated by the marketing team. In this sense, the elaborated contents are created as tokens, since they are unique and interchangeable, and as such, they can be sold as NFTs.
Another example of the application of NFT in your marketing strategy could be that in a football club, they allow members new benefits and it is used as a lever to attract more members. On the other hand, a company that sells luxury goods could use NFTs to give them pre-sale access so that people can purchase more promotional luxury goods at once.
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The objective of NFTs in your marketing area is to be able to offer premium memberships to certain target customers to increase their interest in consuming your company's products or services. The main benefit of NFT is that it behaves like a membership in the digital world. Historically, NFTs existed under another name, they were called premium membership.
For example, the premium membership allowed you to access a type of promotion where you could get two products for the price of one. Today, a person using NFT can access both of these products by paying for just one. It's the same logic.
Now that you know what NFTs are and what role they play within a marketing strategy, you can start incorporating some actions to safely and effectively apply this technology.
With the help of influencers or content creators, you can build NFTs that help you deliver enhanced user experiences. But before hiring influencers, try to have your buyer persona well defined to know what type of content you should create and what help influencers can provide. The more original and creative the pieces are, the more value they will have.
In addition to being used for products, NFTs can acquire symbolic value within non-expendable goods. So you can create NFT as a service brand to allow your customers exclusive access to events organized by your company, as well as free online courses and promotions.
To sell your products in a relatively short period, recreate your physical products in digital format so that your customers can obtain a broader picture of what they are about to buy and give it the value it deserves for the benefits it offers.
Email marketing, as we have already pointed out in other articles, allows you to keep your customers informed about the latest news from your brand. Now, if you happen to implement NFTs to add value to your content, you should communicate it via email.
From there, you can choose the type of resource that you are going to share with your customers so that they take advantage of the benefit of accessing exclusive information by paying a premium subscription for loyal customers who buy from your company regularly.
The best way to make your products or services popular with your audience using NFTs is by building a community of followers of your brand.
While social media pages and communities are not directly monetizable, unless linked to an e-commerce store, the number of followers of your pages can influence the number of customers you add to your brand. The more presence your brand and products have on the internet, the greater the chances that your marketing strategy will be effective and that you will obtain a higher return on investment.
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In short, the technology of non-expandable goods is allowing digitized products such as graphic and multimedia content to be commercialized through the Internet. In particular, the NFTs in your marketing strategy will be able to grant these "premium memberships" to your customers to generate permanent interest in them so that they continue buying your products or services. Whereas your company also gains from customer engagement by paying a minimum of the value of NTCs to get the information they want.