NFT and cryptocurrency is not new for the folks in the digital marketing industry. In the last few years, we all have heard about the brands increasingly using NFTs and cryptocurrencies in their marketing strategies.
It is not surprising because, according to a report, the transaction volume of the global NFT market reached $44.2 billion in 2021, and it keeps growing.
But, we need to stop for a minute, take a deep breath and think about how these digital tokens and digital marketing are interconnected.
We can begin with basic definitions to have an absolute perception.
Now, What Is Cryptocurrency?
It is a digital currency stored in a digital wallet and is usable and fungible like any other currency. In addition, cryptocurrencies are not unique, so you can trade or exchange them.
On the other hand, NFT is an entirely different case.
NFTs are non-fungible digital assets. One NFT has not an identical copy; each one is unique. They can be any creative work, such as virtual real estate, digital artwork, fashion, etc. It opens the door to the creativity of content creators and artists, so NFTs are limitless.
The NFTs and cryptocurrencies are based on blockchain, so they are decentralized, independent of authorities and traditional financial institutions.
Well, but why are these tokens essential for digital marketing?
1. They build brand awareness by generating interest in your brand and increasing its visibility. Using NFTs as your marketing strategy expands your brand’s audience reach and enables you to access your target customers. Social media is the perfect channel to promote the tokens of your brand.
2. NFTs and cryptocurrencies strengthen customer loyalty. Personalization allows brands to create more intimate and intense relations with their customers. Ownership of an NFT enhances the customer’s commitment to your brand because it enables a direct and closer relationship between you.
3. They encourage customer interaction and community building. Your brand can raise the interaction by sustaining user-generated content. Besides, listening to suggestions from your community helps your brand consolidate your community and offers chances to create a marketing strategy compatible with your target.
4. They provide your brand infinite freedom in content creation since NFTs can be unlimited digital art pieces like a JPEG, a GIF, a 3D animation, an audio record, etc. NFT marketing enables your brand to use all the advantages of virtual products.
Resounded Case Studies in Digital Marketing
NFT marketing provides many advantages to the brands, and these opportunities are expanding every moment. The brands can get millions of dollars by not just selling NFTs but also by raising their visibility and popularity through these tokens.
Therefore, they use these advantages in various ways. Here are some successful examples of the brands that use NFTs and cryptocurrencies in digital marketing:
Case 1: Taco Bell
This case is a significant and well-known example of NFT usage in digital marketing. And the brand became the first fast-food chain that caught NFT trends and NFT marketing.
They sold all their 25 NFT GIFs within 30 minutes at different prices. People gave thousands of dollars for each GIF.
They created and sold NFTs to arouse attention in social media and mainstream media, and it was successful because it caused a huge splash.
Taco Bell victoriously raised brand awareness through this sale.
Case 2: Kings of Leon
The American rock band Kings of Leon was the first who apply NFT marketing in the music industry. In March 2021, they created the first NFT album in music history.
They released their album, “When You See Yourself,” in the form of an NFT.
The band set their album to sale in three different versions. Each version has a distinctive feature in terms of content. It was an unmissable chance for the band fans who wanted to have digital collectibles of the brand.
They managed $2 million in album sales but more importantly, this was a great move to draw their fans’ intense attention and encourage audience loyalty.
Case 3: Marriott
Marriott is a hotel chain with properties in various locations worldwide. They exemplified the perfect application of NFTs and cryptocurrency digital marketing.
They aimed to raise brand awareness and point to their Marriott Bonvoy Travel Program.
The brand collaborated with three artists to create NFT content based on their unique travel experiences around the travel program. These NFTs contained the experiences that the program offers to customers.
Marriott exhibited the NFTs at a modern art show. The show’s winners got their NFTs and earned 200,000 Bonvoy points they could use during the travel program.
Case 4: Top Shot of NBA
NBA Top Shots is one of the most successful examples of NFT marketing.
That was such an influential campaign that the platform users raised from 4,000 to 400,000 in just a few weeks.
NBA Top Shots is a digital trading platform. It enables customers to own, sell, and trade official digital collectible NFTs of the NBA’s most incredible plays and players.
There are short clips that are highlights from major plays in NBA history. Each one of these clips is a Moment. Customers can buy and sell these Moments, and every Moment has a particular feature.
Many Moments were traded on the platform, and the sales have been growing.
Case 5: Pizza Hut
In 2021, Pizza Hut Canada organized a digital marketing campaign to present its four new pizza flavors.
Their NFT marketing campaign was “1 Byte Favorites,” and it was the first non-fungible pizza. Pizza Hut released an NFT pizza slice with one of the new flavors each week. People bought the pieces to “have a taste that will last forever.”
The campaign targeted brand awareness and customer loyalty; the money took the backseat.
So each bite of pizza NFT sold for $0.18, a very low price. However, on the other hand, once it was purchased, it was quickly re-listed for 5 ETH (about $9,000).
Now, it is higher than that time. One slice is sold for 75 ETH (around $200,000). This campaign is a powerful example of using cryptocurrency and NFTs in the digital marketing industry.
Case 6: Australian Open
This year, the Australian Open gave room to Metaverse and NFTs, allowing fans to trace the moment in real-time. It was a wise digital marketing strategy to include supporters to the game.
6776 sections of the tennis court were turned into NFTs, and each was unique. For example, if the match-winning shot from any matches lands on a particular plot, all the information in the audience’s NFT is updated according to real-time moments.
If one of the championships points lands on a plot, the NFT owner of that plot has the chance to claim and receive the championship point’s tennis ball.
Australian Open Art Ball was the first NFT of the tournament and was designed to provide unprecedented virtual access to live match data and the moment.
Moreover, AO Art Balls embraced 160 NFTs designed by local and international artists created specifically for the 2022 tournament.
NFTs and cryptocurrencies have been playing a significant role in digital marketing.
As the examples reveal, especially NFTs create a deep bond and raise interaction with the customers. Moreover, the companies reach more and more audiences by creating unforgettable and personalized experiences for them.
Every day, NFTs and cryptocurrencies are becoming more and more substantial. Arousing your brand awareness, customer loyalty, and creating more unbounded content are the primary advantages of catching these technological innovations.