Businesses around the globe are adopting NFTs, from large corporations to small businesses. Find out how your company can use NFTs for customer communication. Accept crypto payments for your NFTs BitPay is the best way to get started.

What makes NFTs so valuable?

NFTs (nonfungible tokens), which are digital art like CryptoPunks have accumulated colossal prices that might leave some scratching there heads. NFTs, which are not digital art, create value because they can be easily transferred and sold. The blockchain makes ownership publically verifiable for everyone to see.

How businesses can use NFTs

NFTs' commercial applications are still in their infancy. Businesses are currently using NFTs to increase brand awareness, create memorable experiences and expand their promotions. NFTs/smart contract can also be used for digital ownership of high-ticket items.

NFTs can help you build a community that is engaged with NFTs

An entire community of NFT supporters waited for years. These communities didn't become mainstream until 2021. Smart brands now use NFTs to connect with new fans and create next-level fandom.

The National Basketball League created NBA Top Shot, an NFT community. Fans can purchase in-game memories featuring their favorite NBA players and teams. NBA Top Shot reimagines one of the most iconic forms of sports memorabilia and collectibles. NBA Superfans no longer have to own a rookie card or a jersey worn in a game. They can now own a piece of history.

Mclaren Racing of Formula One provided NFTs for superfans ahead of the US Grand Prix. Each NFT is a part of a car, such as a mirror or a wheel. To build their own digital McLaren racecar, fans could collect all parts.

Brands can create unique fan experiences that allow them to interact with their most loyal supporters.

Fundraise and awareness for causes with NFTs

NFTs are a great way to raise funds if your company is involved with a cause-oriented or non-profit organization. You can have your brand auction off or raffle rare NFTs and raise awareness for your cause.

Coca-Cola's Friendship Lootbox NFT Collection was sold for $575k. The multisensorial NFTs represent the brand's relationship with friendship and were donated to The Special Olympics. The NFT collection was accompanied by a Coca-Cola fridge that was custom-made for the winner.

Taco Bell also joined the NFT craze by launching its own digital art, which included 30 NFTs with taco themes. The Taco Bell Foundation received all proceeds from the sale to fund its Live Mas Scholarship.

It is possible to raise funds for good causes and brand exposure by releasing collectible NFTs.

NFTs can help you run smarter promotions and events

NFTs may take the form blockchain-based coupons and promo codes. These codes are easy to track and cannot be duplicated. You can offer members-exclusive deals or bundle collectibles with the purchase of new products using NFTs.

The Hundreds streetwear brand is leading the charge with their Adam Bomb Squad NFT line. The digital art series was a huge success, with 25,000 pieces sold in under an hour. NFT holders can use their proof to access exclusive merchandise and early access to new clothing, as well as special privileges at sales and events in person.

BitPay partner AMC Entertainment is another brand that leverages NFTs in order to promote new launches. As a reward, 86,000 NFTs were given to those who pre-ordered tickets for the "Spiderman: No Way Home". The NFT was a key factor in the movie's second-largest single-day ticket sale in AMC history.

NFTs can be used in conjunction with product launches or promotions to highlight significant brand moments and events, as demonstrated by the Hundreds and AMC.

Track ownership of rare and high-ticket physical items

NFTs are most commonly used for digital art but they can also be used to represent tangible assets.

In 2019, Nike received a patent for "CryptoKicks", which allows it to track physical and digital sneakers on the blockchain. This tracking could replace receipts or certificates of authenticity for expensive items such as a Rolex watch, Birkin Bag, Louis Vouton dress, and other high-end products. Everledger does exactly this. Digital transparency allows you to see where valuable items such as diamonds have been during their journey. Many people want to be sure they are buying conflict-free diamonds. Retailers strive to be ethical and sustainable. All parties can benefit from assigning NFTs physical items.

Be a pioneer in the Metaverse!

NFTs open up a new market for brands: The metaverse. Gucci and Balenciaga, high fashion brands, have tried selling virtual accessories that are available in different digital formats and simulated universes. RTFKT Studios was acquired by Nike, which revolutionized the world of digital sneakers.

Brands can use digital wearables to create avatars. Virtual goods, services and real estate are all on the table. Is your brand ready to jump in?

Accept crypto for NFTs BitPay makes it simple.

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By: The BitPay Team
Title: How Brands Can Use NFTs for Marketing and Much More
Sourced From: bitpay.com/blog/how-brands-use-nfts/
Published Date: Fri, 07 Jan 2022 01:31:12 GMT