As a result of the boom of NFT markets and the enthusiasm and attention of young people toward the Web3 world, many well-known brands are incorporating NFT marketing into their branding strategies. The recent launch of Starbucks Odyssey, a program centered on NFT, is one of the attempts made by Starbucks to offer users brand-new experiences and make it easier for them to tap into the NFT space.
NFT's utility in brand marketing
It is not only the NFT that customers receive after they buy a brand's NFT online but also the entity items as well. The NFT behind a product also signifies corresponding rights and benefits that customers will enjoy, as well as membership in the brand's club and even participation in the brand's co-construction. Then, a question comes out: where exactly does the value of NFT in brand marketing lie?
Digital assets
With NFT, the brand values are calculable and appreciable. Merchants sell goods with NFTs which are the symbols of the ownership of the goods. Buying NFTs of a brand is a new way for consumers to show their support. Therefore, it is possible to measure the recognition of a brand in the minds of consumers with NFTs.
In January 2022, Patrón launched its first-ever NFT, with a bottle of the limited-edition PATRÓN Chairman’s Reserve unlocked. Purchase of the NFT grants the NFT buyers the ownership of the physical bottle of the Chairman’s Reserve, and the NFT serves as proof of authenticity. There are several options available to the NFT buyers, including redeeming the physical product, trading its NFT version within Block Bar's online marketplace, keeping the product in Block Bar's virtual bar, or gifting it on the platform.
Product promotion
The NFT is based on blockchain technology, which makes it unique and inseparable. NFT can be used as a certification credential for product ownership, which can prevent piracy and counterfeit, or used as a commemorative collectible with the increasing value of products by combining them with IP.
The American clothing company Gap launched its first NFTs collection of NFTs created in collaboration with Brandon Sines in January 2022. With 100 sets of physically limited hoodies, this was the most limited-release of a garment in the history of GAP. Users will get the rare NFT at the same time after purchasing the hoodie.
Community connection
NFT shapes a new pattern of community communication. After purchasing the NFT, holders can join the community of a brand and participate in community governance. The community is built upon their consensus and common love. Such a community provides a more energetic connection for the brand, allowing it to be more alive with the community connection and more deeply into the minds of consumers.
Inspiring NFT marketing cases
NFTs can serve as symbols of the ownership of the product and certain rights and interests of the consumers. After purchasing NFTs, consumers will not only get the goods physically but also the intangible rights and interests behind the NFTs. This is the basis that NFT marketing comes into play.
Coca-Cola
In July 2021, Coca-Cola launched the first-ever NFT collectibles in honor of International Friendship Day on July 30 and four unique Coca-Cola NFTs were up for auction as “loot boxes” separately containing: the Friendship Box, the custom-designed Coca-Cola Bubble Jacket, the Sound Visualizer and the friendship card. These NFTs finally were auctioned for more than $575,000.
Dolce & Gabbana
Dolce & Gabbana released its unique 9-piece Collezione Genesi NFT in August 2021 with sales of approximately $5.7 million. Buyers will receive both the NFT virtually and the item physically, as well as the exclusive privilege to attend Dolce & Gabbana fashion events and to be among the first members to join the DGFamily NFT community.
Tiffany
Having witnessed the commercial success brought about by NFT marketing, in August 2022, the 186-year-old jewelry maker Tiffany&Co. entered the NFT world with its first collection "NFTiff'', teaming up with CryptoPunks, expecting NFT marketing to succeed.
Li Ning
BAYC, one of the most popular NFT projects, assigned its IP rights to the holders who can commercialize their BAYC avatars to create and sell derivative artwork, merchandise, and more. Chinese sports brand Li Ning made the most of BAYC commercial license to hold a limited-time pop-up event, with the theme of "boring is not boring" and introduce the number #4102 Bored Ape as the manager of its pop-up store.
Gucci
The nature of uniqueness and tamper-proofing of NFT makes it the best carrier to undertake commemorative values. Gucci, one of the luxury brands that first ventured into the world of NFT, held an auction for the first digital art piece of its own at Christie's in May 2021 to celebrate its 100th anniversary. In February 2022, Gucci and Superplastic, a character-based product and entertainment company, also known as “the metaverse’s Disney”, jointly launched the "SuperGucci" NFT collection which includes 250 distinctive NFTs.
McLaren
In March 2022, luxury British automaker McLaren officially created the digital lab MSO Lab and launched the Genesis NFT Collection, a series of 2,012 unique McLaren Automotive NFTs, kicking off its strategy with metaverse. Holders of Genesis Collection NFTs will be granted membership to the MSO LAB community, unlocking access to the community benefits and rewards.
Do NFT marketing on PlaNFT
PlaNFT is an NFT marketplace that supports creating, trading, swapping NFTs, issuing NFT mystery boxes, managing NFT clubs, and more. PlaNFT provides multi-dimensional NFT marketing services to help individuals, organizations, and enterprises in building their own brands. Users can release commemorative medal NFTs and sell merchandise NFTs on PlaNFT.
In addition, PlaNFT allows users to start and run NFT clubs, and build DAO communities in co-governance with members as well as their own NFT marketing matrix.
NFT marketing case of HKUST
The Hong Kong University of Science and Technology releases the ticket NFTs of the conference and offline events on PlaNFT. Students can sign in to the PlaNFT through their Google accounts. After creating the ticket NFTs, they may attend the event with NFTs as the attendance QR codes, and they can also gain access to the online community to participate in the discussion.
In this way, an offline campaign is freed from physical constraints and can be marketed more efficiently through NFT.
More and more well-known brands are heading toward the NFT world, boosting their presence in the metaverse. It's predictable that NFT marketing will play a more important role in brand-user relationships, brand co-creation, and brand awareness. PlaNFT provides a unique NFT club service for NFT marketing, fully empowering brands to create and tell their brand stories together with NFT holders and members in DAO communities.
Get started with your NFT journey at PlaNFT.
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