NFTs, or Non-Fungible Tokens, are beginning to take over the media. Though you may have heard of your favorite celebrities buying and selling NFTs, they are becoming more integrated into everyone's everyday life. While this may seem more of an annoyance than a benefit, the truth is that NFTs can positively impact how brands market their products and services and how you interact with them.
NFTs are still in their earlier stages of development. Still, businesses are already starting to incorporate NFTs and other cryptocurrencies into their business and marketing plans, as NFTs hold a lot of benefits for businesses, including closer ties, increased customer loyalty, and the feeling of scarcity of a product. Here are just a few of the ways NFTs are changing the face of social media eCommerce:
- Marketplaces. While your products, services, and NFTs cannot be sold directly through social media, you can advertise your NFTs on different social media platforms and marketplaces. NFT marketplaces are already very small, so the ability to circulate your NFTs to a larger audience is a huge benefit to using social media for marketing purposes. Exclusive Content. NFTs make great exclusive content, especially for brands with loyal followers and customers. Creating a unique, one-of-a-kind NFT declares the item's authenticity and builds a strong connection from the buyer to the creator, making it even more attractive to your brand's biggest fans. Advertise the NFT as a once-in-a-lifetime purchasing opportunity, and you'll have people fighting to buy it!
- Collectibles. Some brands are creating NFTs as time-specific collectible items that come with purchasing a product, service, or event. This is especially popular with sports and entertainment events, as tying an item to an event can make the item more special and nostalgic for the purchaser. A great example of this was the 2022 Super Bowl – all fans who attended the game received a special NFT with the purchase of a ticket.
- Special Retail Add-Ons. Like collectible items, some businesses add special retail add-ons available for purchase with select products and services. With this, the NFT may be offered at a special price. These promotions might be the dealbreaker for some customers, bringing you more business than competitors. And PS- use your social media accounts to get the word out about your special promotion!
- Social Tokens. Access to exclusive content is as valuable as the product itself, and businesses are beginning to capitalize on that with NFTs. With the purchase of a social token, brands give unique content to loyal customers, increasing the brand's assets while providing customers with a product that appreciates in value. It's a win-win for everyone!