These are the times we are reading headlines like “a JPEG can change your life”.
There was a time we looked up and down at a pixelated image and animated gif. Times have changed. GiFs and JPEGs have a new meaning and value and that is impacting everyone’s life. Brands are no exception. Metaverse is the new real estate for branding and marketers alike. Innovative brands are making an emotional connection with their customers through NFTs that embody qualities that consumers are drawn to.
Professionals in the business of branding now have yet another level playing field to explore. NFT and blockchain. Turning your brand into NFT and writing on the blockchain with your brand to interact with customers is the new trend we’re seeing now, and the future looks bright for forward-thinking companies.
Various brands are experimenting with blockchain, so we’ll see what we can learn. As brand designers in corporate marketing, we can’t afford to ignore the blockchain space. We must be in the race today or tomorrow.
Let us have a look at the few brands in the metaverse.
A blockchain-based airline
The Cathay Pacific Group, with its Asia Miles rewards programme, was one of the initial participants, launching their first deployment of smart blockchain technology in a marketing campaign. According to their website, the new technology increased business productivity by reducing back-office administration and improved user experience by allowing partners and members to manage rewards in near real-time.
The brand’s own cryptocurrency community is expanding.
Havas Sports, another early adopter, has established a cryptocurrency-based loyalty programme that rewards sports enthusiasts for “fan activities.”
Coca-Cola’s entrance into the rapidly expanding metaverse was a major hit with fans and the crypto community, with a winning bid of $575,883.61 in an online auction for the brand’s first-ever NFT collectibles. Why did they do it? The answer is simple. Sustaining the customer base with these ever-evolving times of digital disruption is inevitable for a brand like Coca-Cola.
Why did Visa buy Clown-Eyes Green-Hot Lipstick- Cryptopunk woman?
Have we ever imagined the world’s leading payment network company will spend $150,000 for a Clown Eyes Green-Hot Lipstick- Cryptopunk woman? Never. There you go. They believed CryptoPunks have contributed to bridging art, popular culture and commerce and Visa has decided to purchase CryptoPunk woman #7610.
By owning CryptoPunk woman #7610, VISA wanted to show the support for the creators, artists and NFT community; and that will be the future of retail, social media, entertainment and commerce.
Family Business – Wedding Cake NFT, Taco Bell and Pringles
The world’s first NFT wedding cakes have been launched by Freed’s Bakery, a family-owned business in Las Vegas, known for their extravagant cakes and confections. The tokens, which are animated gifs of their handcrafted desserts.
NFTs have started making their way into the food industry. Taco Bell and Pringles have already joined the bandwagon.
What’s the future of brands in NFT?
Digital disruption technologies in banking, commerce, and entertainment paved the path for brand loyalists to engage with the companies, teams, and personalities they adore. Non-fungible tokens (NFTs) have emerged as a promising means of community interaction tool in the digital realm in this setting.
NFTs are here to stay strong with the brands. More and more brands small and large will enter the metaverse. A new generation of segments will rise and seems like art and brands will further ally and collaborate and new pop culture take shape. Commercial and functional art will go hand in hand perception of value of brands will create a new section of consumers.
Marketing and design for NFT
NFTs can be much more than a collectible or a work of art, and smart businesses VISA are understanding that the most successful and long-lasting NFTs are those that provide continuing value and utility.
Innovative businesses should define their end goals around NFTs because the chances for growth with NFTs are still evolving.
How are brands thinking about including NFT in their marketing plan?
As active members in an Indian NFT Community, and branding designers we really, think there is a strong NFT community already formed across the world and will continue to drive hype. And it’ll be a world where NFTs are dynamically powered and community-participated channels for marketers and businesses but thriving to lead the pack. Art collectors, brand loyalists, online communities, social media groups, and talent, among others, are drawn to NFTs. They’ve evolved into an excellent tool for individuals and businesses to leverage on unique assets, engage followers, and potentially create revenue, all while remaining ahead of the game and sustaining with commerce advancements.
We are sure businesses and marketers will consider NFT and Blockchain as a channel in their digital marketing plan.
By MELVIN THAMBI
NFT Artist & Creative Director. Co-Founder of NFT Malayali.
By UNNIKRISHNA DAMODARAN
Visual Artist & Digital Specialist with more than 10 years of experience.