NFTs and Marketing
While there’s a lot of coverage around NFTs (non-fungible tokens), this is still a relatively new development in mainstream marketing. All of this can get us thinking of what may be possible in the event NFTs increase in adoption and value. (Bloomberg has already assessed the NFT market at $ 1 billion—one indication of its rapid success.)
Early adopter brands, celebrities, and creators are already utilizing NFT in their marketing. Some examples:
- Record producer and songwriter Post Malone launched an NFT promotion that lets you play beer bong with him.
Image credit: Shutterstock
- Taco Bell created an $187,000 “Swivel Taco” NFT.
Image credit: Muse by CLIO
- Charmin is promoting an NFT of bathroom tissue—at $1,822.21. (Actually, Charmin adapted the term to NFTP (non-fungible toilet paper.)
Image credit: The Verge
- Nike has taken a patent for NFT “CryptoKick” virtual shoes.
Image credit: Yahoo
What could future NFT marketing campaigns look like?
If the examples set by Taco Bell and Nike are any indication, imagine every luxury brand—cars, handbags, and clothing lines, as examples—being sold with an NFT. Additionally, this could extend to limited editorial items, such as signatures of well-known artists and celebrities.
Using your imagination further, consider these possibilities:
- Consumer electronics—everything from TVs to sewing machines—may one day be sold with unique designs and patterns as NFTs.
- A special retail promotion, where a certain number of retail visits will earn you a NFT or special experience.
- Purchasing luxury real estate that also comes with a unique artist NFT.
- A specialized wellness and healthcare challenge that utilizes NFTs.
- Concert tickets—where limited edition quantities are sold as golden ticket NFTs.
Would you believe that NFTs are also being issued as “tokens in exchange for time” with professors and authors?
Assuming there’s a market for NFT’s, there’s a potential implication for every industry, and the possibilities are limitless.
NFTs and copyrights for professionals
Copyright infringement of the works of creators, influencers and digital publishers will be a thing of the past. Thanks to NFTs, these professionals will own their content—no matter how many times it’s shared across the Internet. So, copycats and fraud are concerns these professionals will no longer need to worry about.
NFTs, contracts, and licensing
It seems there is no end to where NFTs may be used, as they are also applied to legal contracts. Late last year, Spencer Dinwiddie of the Brooklyn Nets announced his plans to release a digital token where others may be able to invest in his contract. Dinwiddie is basically creating a NFT for his future earning potential.
Generally speaking, NFTs can take the concept of brand licensing and broadcasting rights to entirely new levels.
Will the NFT market sail past the Bloomberg value of $ 1 billion?
Will we continue to see the astounding prices for NFT digital art?
Will NFTs disrupt the media and creative market?
We can’t yet say—but it sure is fun to watch what’s happening!