The Intersection of NFTs and Social Marketing
The robust world of digital and social media marketing is ever evolving, leaving marketers scrambling to keep up with the latest trends and platforms. From the Metaverse to augmented reality, digital marketing is becoming more complex with creative activations leaning into the virtual and unfamiliar.
Enter a new acronym showing up more and more on Beyonce’s internet. No, it’s not FYP or IYKYK, but NFT. You may be thinking it stands for Not For The faint of heart due to all the confusion and seemingly endless questions surrounding the concept. Simply put, NFTs, or non-fungible tokens, are unique digital items that are managed through blockchain ownership. At present, NFTs take shape primarily in the form of digital art, providing digital artists a pathway to accessible revenue streams.
Brands have begun experimenting with NFTs in fun and creative ways. The benefit - it’s a new frontier and the possibilities are endless. From weaving in philanthropic and CSR initiatives to developing exclusive fan content, brands are figuring out how to play in the crypto world with test and learn strategies.
Below are a few examples of how brands are venturing into the crypto-collectible pool:
MusiCares partners with the Amy Winehouse Foundation to release a one-of-a-kind digital art piece with proceeds benefiting both charities.
The Discovery Channel distributes free NFTs as part of its highly anticipated Shark Week programming via a QR code visible during broadcast. Viewers who collect all 12 NFTs receive access to special merchandise and rewards.
To highlight the return of potatoes to their menu, Taco Bell released 25 pieces of crypto-art - all selling out within 30 minutes. Proceeds of their “NFTacoBells” went to their Live Mas student scholarship fund.
Clinique teams up with three digital artists to design a collection of NFTs aimed at focusing on inclusivity in the Metaverse. 16% of the avatars created will feature skin conditions or represent those with disabilities.
While the future of NFTs and the crypto ecosystem remain unclear, one can assume it’ll soon extend beyond digital artists and into spaces like influencer and brand marketing, giving creators the ability to own their digital content and brand the opportunity to create exclusive content.
Our team of digital experts is here to partner with you as you journey into the social marketing space. Reach out to [email protected] to connect with one of our team members.