First things first. You must be wondering what this NFT means? And if you really know what it means then probably you won’t know how it works. So we are here to explain what is that and how actually it works. NFT is actually acquiring the attention of every brand.
In this article, I am gonna give you a real-time example of NFT and how it can affect your brand with some extra lessons. But before jumping to the core topic of this article let me introduce the NFT to you. What is NFT? How you can earn and invest in them? Will you be able to sell them? All of your questions will be answered in this article. But let me start with.
Why Brand and NFT?
Actually, if we talk about the full form of the NFT. The non-fungible token is the latest tool to demonstrate the currency as a concept. Well, it is pretty tough to understand this language let me tell you in an easy language. “NFT is a token which can not be changed at all, and with the help of
blockchain technology, your all assets of NFT will be saved in a private and safe platform”
There are many companies experimenting with this NFT thing. If we take Coca-Cola as an example. Coca-cola is investing in NFT art, they are creating digital scarcity for collectibles. Another example could be taken from Ray-Ban. Ray-Ban is building their Signature sunglasses for metaverse use. Gucci has also auctioned the NFTs on a virtual runway.
There is a number of brands using NFT right now but also there are brand leaders who are researching how they will be able to drive the brand value. First of all, it is essential that we find out what is brand value or what is even “Value” in marketing? Let’s find it out.
What Is Value In Marketing?
There are few people who think about the concept of value in the market. There are a few aspects of value in branding and marketing. Again branding and marketing are both different things, but it is not the topic right now. Let’s see which are those aspects.
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Brand Awareness
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Reach
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Market Share
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Customer Experience
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Customer Loyalty
If you really want to learn and
explore the world of NFT you will have to look inside yourself for the value. Value is not just the state of actuality, but the value in the state of conceptual reality. Understanding value practically is the most integral part of understanding the huge world of NFT.
If you are buying a thing and you are willing to pay for it, that defines the value of that particular thing. If you ask the value of the same thing to a different person or machine then you may have thousands of outputs. Because it is a different perspective for everyone. Let’s say for an instant that you like pasta and someone does not, then pasta is more valuable for you than for them.
I hope you did understand the concept of Value. Now it is time to move to the most important part of this article. “NFT”.
So What Is NFT?
As we talked about earlier that NFT is just a digital asset, which is secured and tracked with ownership on a blockchain. So what kind of things are included in NFT? Everything, yes everything can be included in NFT. For example, we can take MP3 files, MP4, GIFs, JPGs, JPEGs, and more. Even people are selling their art pieces in the market.
There are many new experimental discoveries in the NFTs. It is essential that you first know about that so your brand may grow over time. The very first comes the perspective of value in the metaverse or we can say in the terms of NFT.
1) Perspective of Value
If you know that NFTs exist in direct to consumer state. There are certain things such as how this technology works, visibility into the custody, and the assets for all to see. Consumer and brand both can see the overall progress of each other with this kind of functionalities.
NFTs are pretty experimental because they have just been invented and used. So Brands can also take lessons from the NFT. Brands can do artistic experiments on their products through NFT by
NFT developers.
Actually, if we conclude the perspective of NFT, they are the decentralized asset that is available on the internet to transact the disposable income.
2) NFT and Your Brand Purpose
Do you know that Nike has started using NFT to certify the veracity of every pair of shoes they sell? It works like, if any customer buys a pair of shoes it appears in a virtual wardrobe called crypto picks.
This is taken to the next level with the availability given to the customer to collect, incorporate and resell the sneakers. It is done for the brand to sell the highly desirable products to their customers. But there is a thing that you should care about.
You are using this
NFT development to build the brand, but if you use misaligned NFT, it can be destructive for your brand and can be very much risky.
Conclusion
We are defining the future of NFT to align with the brands. But still, there are questions that should be answered in the process of progress of NFT. such as Can NFT be universally accessible? What are those experiences we will or the brands will have once the NFT is accessible around the globe? Can NFTs be an integral part of the Brand’s Portfolio? To get all the answers we all have to lean in and participate in this story.
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