It is the era of crypto. Cryptocurrencies like Bitcoin, Ethereum and even Dogecoin have found their way into the mainstream lingo of laymen. But the world of crypto has much to offer and its latest offering can be touted as a leap into the future no less. Yes, we are talking about Non-fungible Tokens or NFTs.
Before wrapping your head around NFT, first you need to understand what fungible means. In simple terms, an asset is said to be fungible if it can be traded or exchanged for something of the same value such as cryptocurrencies.
In the case of NFTs, they are distinctive in nature and one-of-a-kind so they cannot be exchanged for something of equal value. Residential properties, buildings, diamonds these are examples of non-fungible properties.
NFTs as the name suggests, are non-fungible digital assets created by blockchain technology that are unique in form, design and value. An NFT can be anything - a user experience, a piece of art, a product, which is a unique digital collectible that cannot be replicated in any manner. That aspect of distinctiveness is what makes NFTs irresistible - the chance to own something unique, which no one in the world can have.
NFTs forayed into the world when the game CryptoKitties was launched back in 2017. The game involved buying and raising kittens and trading them, with one going for as much as $140,000.
Once major brands, artists, and celebrities jumped on the bandwagon, NFTs exploded into the mainstream with an unprecedented boom. Taco Bell released NFTacoBell GIFs for the Live Más Scholarship, the band Kings of Leon released their album “When You See Yourself” as an NFT, the artist Grimes sold her digital artworks as NFTs, all of which increased the popularity of NFTs tenfold.
Now, we can see an exponential rise in the trading and use of NFTs by regional and local artists, brands, and businesses who have realized the potential of NFTs as a means of increasing their brand value and awareness among the masses.
NFTs are made using blockchain technology. To create an NFT, first and foremost you need to have cryptocurrency. Ethereum is the most popularly used cryptocurrency for creating an NFT. You need to submit the file of your digital property or art to an NFT auction market like Rarible, OpenSea, or KnownOrigin. Blockchain technology helps assign a hash value to the file as an NFT. Once it has been transformed as an NFT, it gets a secure identity of protection and it can be traded and used easily.
In brief, these are the following processes that are required to create an NFT:
NFTs have proven to be a huge asset to creators and artists but the opportunities it presents to brands and businesses are worth much more. An NFT should be a bespoke item that adds value to the collector in some way so as to have NFTs are one of the biggest avenues for increasing brand visibility and customer engagement.
Not only in increasing a brand’s reach, but NFTs can also help businesses in attracting huge and newer streams of revenue as well. NFTs can bring in huge sums of money through their first creation and sale via auction as well as through royalties in future trading's. It is all about timing when it comes to tapping into the potential of NFT trading for brands and businesses.
Brands can create unique experiences for their customers with NFTs. So it is good for brands to ask themselves before they create NFTs “what is in it for the end-users?”. For an art lover, brands can provide an invaluable piece of art by a popular artist; for a sports fan, brands can give an NFT that unlocks a freebie or a souvenir from their favorite teams; a food chain can create NFTs that donate to a good cause (like Taco Bell) - the options are endless.
NFT marketing is the newest kid on the block and digital marketing agencies would be remiss not to hop on the bandwagon. NFT marketing essentially involves SEO, growth hacking, paid advertising, social media community building, and PR to ensure maximum reach and benefit to your target demographic - all of which are usually in a digital marketing agency’s forte.
Here are a few ways why your business needs to engage an expert digital marketing agency to help your brand tap into the NFT market:
Digital marketing agencies know what needs to be done and how to do it. With their level of expertise and experience in social media marketing, PR, digital marketing as well as NFT marketplace, tokens, and blockchain technology, a digital marketing agency can help you launch your NFT product into the market in the most seamless way possible.
Having an in-house team for NFT marketing can actually be a much costlier affair than outsourcing it to an expert. Why? Because an in-house team may not be well versed or experienced in blockchain technology or NFTs whereas an expert digital marketing agency who deals with NFTs can know how to go about it in the most cost-effective way.
Staying atop the latest trends is the bread and butter of digital marketing agencies. Businesses can benefit greatly from engaging a digital marketing agency to carry out their NFT launch who would know all the latest NFT promotion strategies and NFT marketplaces.
Digital marketing agencies can give you professionalism and reliability in a way no one else can. With transparency in proceedings and accountability in action, professional digital marketing agencies can provide the best service for every buck you spend in launching your NFT into the market.
NFTs may be a relatively new concept but they are not going anywhere. Heralding the future of business, art, and technology, NFTs can take your business to newer and greater heights. Make sure your business stays ahead of the competition, tap into the unlimited potential of NFTs, explore NFT marketplaces and tokens, and launch your NFT products into the world with the help of expert NFT marketing and digital marketing agencies like SpiderWorks Technologies.
Also read: How Metaverse is Going to Benefit in the Future of Digital Marketing?