NFTs as new holy grail for brands and influencers?
In 2017, the game Crypto Kitties got a huge amount of buzz. Why? It was possible to collect and exchange virtual cats. A new trend was born. Four years later, one of the most iconic memes ever - Nyan Cat - was sold for over $590,000. In addition, even our beloved Doge was auctioned off for a whopping $4 million.
Recently, Nike announced that they will be tokenizing the ownership of exclusive sneakers through Ethereum. It even goes so far as to allow owners to determine how many copies of the sneakers are produced. These virtual tokens are labeled as NFTs and are the next big thing! Apply this trend to influencer marketing and a wide range of new opportunities will arise. Read on quickly to learn how influencers and brands can seize these opportunities!
What exactly are NFTs?
In a nutshell: NFTs, or non-fungible tokens, are digital property certificates that can be exchanged on the blockchain network. Such a token can include anything from digital artwork to music tracks. A salient detail is that each token is unique and can change hands. In the public blockchain everyone can see who owns a particular token.
To avoid confusion: an NFT is not the same as a cryptocurrency. A cryptocurrency is a digital currency that can be exchanged between each other without loss of value. In contrast, an NFT is a non-exchangeable and irreplaceable piece of property. Anything unique can be stored digitally. In short, an NFT and bitcoin are vastly different in essence.
Why are NFTs interesting for brands?
It is precisely the above difference between cryptocurrencies and NFTs that makes it so interesting for influencers and brands alike. NFTs and influencer marketing go hand in hand. An NFT's is in fact a new business model with which you generate new revenue streams as an influencer. At the same time, it is possible to secure copyright of original content. Think about selling digital artwork or posts through NFTs. Musical artists can even sell the digital version of an album (including bonus track) as an NFT. Kings of Leon offered their latest album as an NFT last year. Owners received additional perks, such as attending all concerts in the front row.
All in all, the possibilities are endless. For example, you can win a makeup clinic from Nikkie Tutorials if you collected all the digital collectables after purchasing certain makeup products. NFTs can be used to create more reach, proof and engagement. Above all, think outside the box and capitalize on the power of virtual and unique objects that can strengthen your brand.
Respond to the NFT trend
Whether NFTs will remain a hot topic within influencer marketing? We think so and we're just getting started. The applications are multiple. NFTs are the weapon of choice to protect verified and authentic posts of influencers and to generate new revenue streams.
Are you curious about the possibilities and how you can use NFTs for your brand? Give us a call and come have a (virtual) cup of coffee!