5 Ways NFTs Can Improve Your Marketing Strategy
The crypto space is buzzing with a new term: Non-fungible tokens (NFTs). NFTs are a unique type of cryptographic token that represents a digital asset. Just like cryptocurrencies, NFTs use blockchain technology to record information. The difference, however, is that NFTs are not mutually interchangeable. You can swap one Bitcoin for another, and they will have the exact, same value. NFTs, on the other hand, are individually unique like fingerprints.
Currently, the most popular use case for non-fungible tokens is artworks, with the NFT Everydays: The First 5000 Days selling for nearly $70 million online.
As crazy as it seems, NFTs are suddenly everywhere and prove to have more applications beyond the intensifying hype and investment frenzy. They bring new possibilities for businesses selling digital goods and physical products. Brand marketers and Shopify store owners can especially benefit from the traceability that NFTs bring.
With that, here are five ways NFTs can improve your business’ marketing strategy:
1. Added trust from authenticity
As previously mentioned, NFTs use a decentralized ledger technology called blockchain to track information. This system makes the information tamper-resistant. It inherently prevents theft and other malicious counterfeiting activities. Transparency means there is accountability, and this helps your business stand out as a responsible and trustworthy company.
Real Items takes advantage of this transparency by using Vechain blockchain technology to track Cannabidiol (CDB) products, sustainable furniture, and Jamaican Blue Mountain (JBM) Coffee. To track the products, we turn each item into a Phygital (physical products that have a digital identity or NFT).
By turning every item into a phygital, Real Items provides product serialization for enterprise products. Each NFT contains unique information to track products throughout the supply chain. This information can only be accessed by the product owner. It includes the Certificate of Authenticity, which shows where and when a product was made.
Real Items believes in sustainability and circular economies. This is why we include and highly encourage end-consumers to take part in the process of understanding each product’s recycling process. By simply scanning your product’s smart label or QR code, you have complete access to the item’s instructions and other information—no siloed or guarded details. Just full, decentralized information because customers deserve to know where their item is from. They deserve security and peace of mind knowing that their product is authentic.
2. Loyalty Rewards
Aside from preventing fraud and counterfeits, brands can also use Real Items NFTs to send rewards instantly to customers. This is possible because each NFT comes with a unique ID that is connected to the customer via the Real Items wallet.
On top of the added trust from traceability, marketers can use the rewards program to accelerate the end-consumer’s loyalty life cycle. If done correctly, this can encourage first or second-year consumers to behave like a business’ most profitable tenth-year customers.
Phygitals merge the physical world with the digital realm. The Real Items platform gives brands free rein over how they want to present the content in their product’s NFT. Aside from images and video content, marketers can add “easter eggs” and other surprises to make the phygital experience more enjoyable.
Gamification provides an opportunity for customers to interact with and get to know a brand. If you own a small business or Shopify store, this is the perfect opportunity to educate customers about your brand. If you want to make the experience unique, you can also include personalized messages for customers who purchase limited edition products.
Storytelling is a powerful way to give your company an identity. Most people do not know much about your brand outside of the information that you get across on the labeling. What sets you apart from all the other brands? Telling your company’s story helps customers form a personal connection with your brand and Real Items is here to help you achieve that.
From the first scan, your customers can get direct access to your product’s story in a way that is inaccessible to items sold in traditional stores today. This can include videos, photos, certification files, and more. This marketing strategy is untapped in its potential, and Real Items is excited to provide the tools to business owners to see how they best utilize it.
5. Direct to Consumer Engagement
Direct to consumer means selling products directly to end consumers. Buying directly from the brand reduces the chances of counterfeiting as customers know to buy only from the original seller. Furthermore, the Real Items app gives end-consumers access to direct communication with brand owners. The faster and easier it is to communicate, the better the customer experience.
From the brand’s perspective, they can also proactively connect with customers through email, push notifications, and so on. They can leverage the Real Items NFTs and app to create engaging marketing campaigns.
The possibilities are endless when it comes to NFTs. Phygitals bring an array of benefits from security to an unforgettable customer experience. Whether you’re an artist or enterprise owner, you can easily grow your business by staying ahead of the technological curve and leveraging Real Items NFTs in your marketing and direct-to-consumer strategy.
If you’d like to know more about NFTs and see how they can be tailored to your business, book a free consultation with our dedicated team. You can also join the NFT discussion with other business owners in our Discord.