NFTs (non-fungible tokens) went from a very fringe concept to a widely accepted aspect of the world of cryptocurrency. NFTs are used for many things—from game tickets to digital art to supporting tech startups. And there are a lot of interesting applications for them in a myriad of industries. But perhaps what's most relevant today is how brands apply them and incorporate them into their marketing strategy.
If you're a business owner or marketer wondering how to use NFTs, this post is for you.
What Are NFTs?
Non-fungible tokens are unique cryptographic tokens that exist on the blockchain. They cannot be replicated and represent real-world items. The power of NFTs is that businesses can use them for many applications and in virtually any industry. They can be anything from a drawing, music, a game item, or anything digital and can be sold and traded on various platforms.
- The total value of NFT transactions in 2020 hit over $250 million. (NonFungible)
- The NFT market quadrupled from 2019 to 2020. It grew from $62.9 million in 2019 to over $250 million in 2020 (NonFungible)
- There are anywhere between 8,000 and 12,000 weekly active wallets at any given week (NonFungible)
Major NFT Trends for Brands
There are several benefits of using NFTs for brands—and here are a few of our favorite trends we're seeing.
Connect to a Community
Every NFT project has its own community, and owning a token gives the community members exclusive access to products, events, and membership perks. And if you think it's reserved for a bunch of geeks playing world of warcraft all day, get ready for this.
Bud Light is using NFTs to create a digital community of ambassadors and brand advocates. They launched 12,772 tokens to start, and each one unlocks brand merch, rewards, surprises, and voting rights on future initiatives by the company.
Acquire Premium or Early-Access Content
Another trend we're seeing is that brands use NFTs to unlock early access to content and perks. Online gaming companies use NFTs to offer exclusive access to early content, NFT drops, and new product features before they are available to the public.
The online gaming company Degenverse offers what's called a Degenpass which unlocks new games, lets users customize their avatar, and grants them access to mystery airdrop.
Another example is OneOf, the green NFT platform for music, sports, and lifestyle. It unveiled a 3D-rendered NFT collection of 10,000 NFTs. Each NFT grants its owner exclusive access to music, loyalty rewards, and members-only events across 1.6 million partners in dining, nightlife, and travel businesses around the world.
- OneOf has over 19,973 active users in its NFT community, and their highest sale was $10,000 for one token. (OneOf)
- Degenverse launched over 17k NFTs and has $2 million worth of rewards to give away. (Coin Telegraph)
Access VIP Events
NFTs are also used for events. Socially responsible brands use NFTs to create fundraisers and raise significant funds for their causes. One example is Hope for Haiti's partnership with FXG, where the brand made an NFT auction and an exclusive VR experience and helped raise $50,000 for earthquake relief.
New York Fashion Week launched a series of NFTs in the form of keys that literally unlock physical events for fans during the fashion week this year. It provides a new way for event organizers to monetize their events.
- Hope for Haiti raised over $50,000 for earthquake relief using NFTs (Global News Wire)
- New York Fashion Week launched a total of 250 NFTs for its event in 2022 (Vogue)
What Do Brands Need for NFT Projects
NFT projects can get pretty complex and require a good vision and the right execution. There are a few vital elements to get them right. Here are the top ones:
- Clear goals. Why are you launching your NFT collection? List all of your goals in their order of importance.
- Specific audience/user profile. It's better to gear your collection to a specific segment of users or audience members, depending on your goal.
- Adopt an omnichannel approach. Make sure all of your marketing collateral is personalized for the specific channel you're using it for. And design materials for as many channels as possible (where it makes sense).
- Train your customer support team. Make sure you provide all the pertinent information to your customer service team. They need to know every detail of your NFT campaign to answer customer questions and concerns more effectively.
The Importance of Omnichannel Multilingual Support for Your NFT Project
NFTs are gaining so much traction because of the freedom of access they give to virtually anyone (no pun intended) across the world. That's why it's absolutely critical for brands to have multilingual support to answer any NFT-related questions from customers in different languages.
- Cross-border retail payments are at the highest they've been, at $3.56 trillion in 2020. (Statista)
- 79% of contact centers have customers who aren't native speakers of the primary language they serve. (ICMI)
- More than half the world's population speaks just 23 languages. (Ethnologue)
And you can't just translate your help or FAQ pages into multiple languages and call it a day. Research shows that more than half (55%) of customers prefer to speak to a human customer service agent. Brands need to have specific teams that speak different languages to cover their customers' various languages.
You might be thinking that sounds like an impossible task. Where in the world am I going to find a team of Spanish or Italian-speaking reps? A great solution is to work with an outsourced customer service team.
Here at Helpware, we have some of the most professional and highly trained customer service reps that are ready to help service your customers. We have centers on three different continents and 25+ different languages.
Want to unlock the power of NFTs for your business? Click here to get the multilingual support you need to scale.