NFT is the buzzword that many of you might have heard of in the past few months. There has been an increased interest amongst netizens regarding NFTs especially after several Bollywood stars started launching these digital assets.
From poems, film collectibles to movies, and tweets influencers and Bollywood stars jumped onto this new trend and the world took notice of it. The below graph of search trends further proves that Indians are more curious than ever about NFTs.
Image Source: Google trends showing an upward graph of the growing number of searches related to NFT.
What does an NFT mean?
Simply put an NFT means Non-Fungible Token - these are digital assets that represent physical entities ranging from digital art, food, and music to anything that can be digitized.
These digital assets are put up on a blockchain, where you can buy and sell these assets on an NFT marketplace.
Just like any other form of transaction, NFTs also have a market where you can buy and sell. OpenSea, Rarible, Axie Marketplace are a few of the most famous marketplaces to trade NFTs.
NFTs have become one of the most talked-about investment segments with over 280,000 unique buyers and sellers for NFTs till Aug’21 the number is only increasing each day.
Why have NFTs suddenly become so popular after almost a decade of being coined?
The valuation upsurge paired with the uniqueness of these assets has made NFTs an enticing investment for many.
Now that we have a general idea of what NFTs are, let's look at how companies are utilizing them.
Companies leading the way to maximize NFTs:
The opportunities with NFTs exceed just buying, creating, and selling. NFT marketing as a concept is gearing up and soon will be seen as a new avenue for marketing. Many companies have already started taking advantage of this new booming trend.
VaynerMedia, a media agency created an NFT based site - VaynerNFT to drive a complete focus on NFT marketing.
Food giants like Taco Bell and Pizza Hut have also hopped on the NFT train.
Pizza Hut launched the world’s first NFT pizza in the form of 8-bit style versions of their famous pizzas. Taco Bell sold limited editions of 5 digital arts as NFTs and donated the proceedings to Taco Bell Foundation.
Key Takeaways: NFTs are a hot topic right now and an easy way to get more eyeballs. Companies have started looking at NFT marketing as an opportunity to launch PR activities and other promo campaigns in conjunction with the NFT launch.
Imagine selling an NFT in the marketplace with a free gift card for the NFT owner or a new product launch on NFT first before releasing the actual product - the opportunities are endless.
NFT can be now seen as a growth strategy with immense potential.
As a Marketer are you excited about the new buzzword?
Let us know in the comments.