NFTs are a pretty mysterious technology. Most people have heard the word at this point, but most of them do not understand what an NFT actually is.
This makes it difficult for businesses and brands to determine whether they should incorporate NFTs into their marketing and business strategies. We wanted to curate some advice for those on the fence about NFTs, so we talked to Mint Global Marketing.
Mint Global Marketing is a digital marketing agency with three decades of experience. They have constantly adapted to new technology throughout the years, which means they’ve already had their fair share of run-ins with NFT technology.
With that introduction out of the way, let’s see what Mint Global Marketing had to say about using NFTs with your brand.
We should get this out of the way. First, I think. What’s an NFT, and how could brands use them?
NFTs are non-fungible tokens. It means that they cannot be duplicated or replaced. They are the digital answer to real-life objects.
Each NFT is completely unique. Like how two pairs of shoes may be the same in real life, but they are not the same objects, you see? So NFTs have taken the form of images and Gifs, but they can be used as so much more.
Anything digital can be turned into an NFT, making it one of the most versatile technologies of the modern era.
Who is usually interested in NFTs? As far as a customer base goes? Should that be considered when deciding whether to use them for your brand?
Yeah, we think that’s definitely something to think about. It’s a bit difficult to describe the NFT userbase, as it’s extremely diverse.
So many people are into collecting them. Most of them have some experience with technology, whether it be gamers, investors, or content creators.
However, Isn’t creating NFTs expensive? How’s the barrier to entry?
It can be. Minting NFTs can cost quite a bit of money, but some NFT marketplaces will do this for you at a minimum fee. Then, when your NFT is sold, they’ll take a small percentage of the pay.
There are a lot of marketplaces, so Mint Global Marketing’s team of experts recommend shopping around for one that meets your needs and will benefit you the most.
In what ways can brands use NFTs?
There are so many ways. For example, many brands have created their logo artwork or 3D models of their physical products. Take a look at what DKNY did for example: https://chainstoreage.com/dkny-debuts-new-brand-logo-nft
Then they sell these pieces as NFTs to hardcore fans and collectors. Some bands and venue hosts have used NFTs as tickets, which give the buyers a novelty item to hold onto long after the actual concert.
Our industry experts at Mint Global Marketing don’t think it will be long before we see bands start selling their albums and songs as NFTs. So, there are infinite possibilities.
So, generally, how should a business or individual know whether they should use NFTs for their brand?
They should look at their target audience and their product. If they’re a business, are they selling anything that can be sold as an NFT? Could they offer an NFT along with their product?
For example, influencers and content creators or other entrepreneurs with a brand, how dedicated are their fans and followers? If you created an NFT collection of items related to your brand, would your fans want them? Maybe even poll your audience to find out.