The Metaverse, Blockchain and NFT’s
The loud entrance of metaverse, blockchain and NFT technology that will forever alter the landscape of our daily lives.
On its way to becoming the mainstream ‘future’. The Metaverse, Blockchain and NFTs are all advances for marketers to begin learning about and experimenting with. It may be difficult to get started now but becoming a part of the community early on can help a brand gain credibility and authenticity.
Millennials and Gen X particularly are a key target market you can capture against competitors. They are an audience who are known to stay well up-to-date and engaged with the newest products and technologies. Not to mention of course, they are our future. What better than to be one of the brands who captures them first!
- Deliver unique and exclusive brand experiences for your customers.
- Increase brand awareness and affinity through new ways to interact.
- Create a buzz in the lead-up to events and product launches via early access tokens.
- Tell your brand story via collectible assets that are both scarce and exclusive.
- Support causes your brand cares about via token sales.
- Open up a whole new revenue stream by selling goods in purely digital form or as a complement to a physical offering.
- Monetize your best-performing ads multiple times over by turning them into NFTs. Let customers buy a piece of your brand’s history in the making.
- Reward crowdfunding: the likes of Starbucks and P&G have been sourcing product ideas and feedback from consumers for years. Now co-creators can get rewarded for their contribution by owning a share in the final output.
But why can marketers and the FMCG industry benefit from these?
NFTs are potentially the beginning of a new age for brands, and those who act now could be regarded pioneers in the market. Dismissing it as just another trend, as social media and the internet once were, could be a big miss off the mark.
While most commonly NFTs tokens are used within art it is important to note that they can be used to represent absolutely anything. NFTs can help businesses create unique and engaging content. By increasing brand awareness, and opening up new revenue streams. Choosing what type of item will best serve their objectives and then designing an NFT to put it into action.
Retailers can gain a lot from adding NFTs to their existing product lines. Especially if they build a community around it which adds to the interaction with consumer. Through things such as early access to goods and allowing them to participate in product launches.
NFTs can be sold with the purchase of physical products. Allowing consumers to own a digital version and gain additional benefits. For example a vintage bottle of wine sold with an NFT, may offer a certification that proves a limited-edition product is the genuine article. Plus exclusive access to something product or brand focused.
This helps NFTs stand out to consumer brands. They open the door to a new class of digital-native consumers with a lot of money. Who want to interact with collectibles in a more immersive, frictionless way than traditional physical items can provide.
The two main pillars of an effective marketing strategy: brand storytelling and consumer interaction. Two huge things for marketers that NFTs have introduced new opportunities and creative outlets for.
One great example of how brands can utilise these assets is to put NFT authenticity behind events, masterclasses, webinars etc. Attendees can receive a certification of attendance plus extra exclusive material as a takeaway. Whilst the specific lecture in some cases may not be the most impressive certificate to hold. People love to feel as though they are receiving more for their money. Additionally handing out NFTs in a new and exciting market, could cement your company as both unique and leading edge.
Another example for businesses to benefit from NFTs is to sell them to raise money for your business or to help crowdfund it. The NFT you sell could be tied to your business to make your market and their interests more relevant. From video snippets and GIFs to corporate logos and images, there’s something for everyone. The notion is that they have value to the consumer because of their uniqueness and distinction. Royalties can then be added to each NFT and earned on every future sale.
Examples of brands using NFTs:
The metaverse is an amazing new way for brands to really add value to their buying journey and customer experience. Gucci, Balenciaga and Nike are a few brands to name who sell virtual merchandise within the metaverse, ensuring their real-world wearers will also be able to style out their virtual avatars in the products too.
Whilst this may seem extravagant it’s already the norm among young, internet native consumers. 85% of Fortnite gamers buy downloadable items, the most popular of which are cosmetic character skins. This will be a huge part of an individual’s credibility and ‘image’ within the metaverse, as in real life, an individual’s avatar, and wallet of cryptos, NFTs etc will be a huge representation of who they are. Garry Vee shared that it’s likely that in the future it will be the new social currency, almost the replacement of logos and designer clothes.
With a little imagination, brand owners may open a whole new universe of possibilities this can be particularly recognised in the FMCG industries too where brands can do things within the metaverse such as:
- Create VR tours of their brand home
- Your business might have its own virtual brand ambassador, who would ‘tour’ the metaverse promoting your products through special events.
- You can work with ‘Alternative Reality’ bars who can feature your drinks brand to offer out-of-this-world digital cocktail and drinking experiences – such as the first AR bar in London – Otherworld
- Digital Product Launches
As it stands these platforms can still be a high-risk place however, the rewards can be huge. Whilst this technology will tremendously help brands grow, social media will still always be key for building community and brand name.
As the markets expand people will slowly begin to build whole economies around them – getting ahead of the game now has the potential to do a lot for you or your brand!