September 6, 2022
The NFT revolution is happening right now. The Non-Fungible Token has expanded its reach from musicians and artists to entrepreneurs and pioneering brands, quickly becoming an essential tool to represent ownership in any virtual space.
Put simply, an NFT is proof of ownership, and enthusiasts and investors alike are scrambling to find the next best virtual asset.
NFTs ballooned to a $40 billion market in 2021, with no sign of slowing down any time soon. Although many people still don’t quite understand the concept, brands are already adopting innovative NFT marketing strategies.
Here are a few examples:
A great example of NFTs being used as a marketing tool to sell real-world items is Tiffany & Co’s latest venture.
The esteemed jeweller launched a brand new NFT project with ‘NFTiff’ at the beginning of August. The ‘NFTiff’ acts as a digital pass that can be redeemed for real-world jewellery, powered by its partnership with blockchain tech company, ‘Chain’.
The NFTiff was offered to CryptoPunk holders, giving them the chance to purchase and redeem the pass for a ‘real-life’ piece of jewellery styled like their virtual punk.
Although there are over 10,000 punks in existence, Tiffany offered only 250 pendants in total, pricing each at 30ETH (approx. $50,000).
The project was inspired by Tiffany & Co. executive, Alexandre Arnault, who designed his own CryptoPunk chain earlier in the year, leaving many CryptoPunk holders calling out for their own accessories.
NFTiff swiftly sold out, proving the innovative and exclusive strategy to be a worthwhile venture.
Lamborghini is continuing its NFT advertising journey with a new series of monthly collectables. Titled ‘The Epic Road Trip’, the campaign will run over 8 months, until March 2023, and take participants on a virtual journey through space and around the world.
The campaign is an excellent example of using NFTs to create exclusivity within a virtual experience.
The new NFTs will be released monthly in collections. Four pieces over four days will be released per month, each packed with animation and audio and remaining available for just 24 hours. Those who complete a monthly series will receive a puzzle piece and, at the conclusion of the campaign, anyone who has collected all the pieces will receive access to an ultra-rare ‘reveal’ NFT.
The NFT itself will remain a mystery until next year, however, Lamborghini has hinted at the reveal of an innovative, first-of-its-kind vehicle.
Another brand growing increasingly involved with the NFT ecosystem is Time.
Time has been using its NFT strategies to connect with new audiences and build an exciting community.
After launching its first NFT collection, TIMEPieces, in late 2021, Time went on to produce the first-ever full publication to be released on the blockchain. Staying on theme, the issue featured a cover story on Ethereum co-founder, Vitalik Buterin.
The magazine is hosted through a decentralised protocol, enabling holders to read the issue in full through an interactive NFT, which was airdropped to TIMEPiece and genesis LIT community wallet holders.
To date, Time’s web3 initiatives have generated significant revenue (around $10 million) and have created a large community of artists, collectors, and enthusiasts.
Coca-Cola celebrated Pride Month with a series of 136 digital collectables, continuing to boost its presence in the metaverse.
The company have released NFTs in the past, with its inaugural collection reimagining some of the brand's most iconic assets for International Friendship Day in 2021.
Coca-Cola has been using its NFT ventures to fundraise for its chosen charities, including long-time partner Special Olympics International and, most recently, OUT LGBT Well-Being.
The latest collection was created in collaboration with acclaimed fashion designer and LGBTQIA+ advocate, Rick Mnsi, and featured bespoke artwork inspired by Coke bottles and kaleidoscopic colours. The artwork was sliced into 136 individual NFTs – A nod to the 136 years of the Coca-Cola brand.
Adidas and Prada teamed up for an ambitious, first-of-its kind collaboration, intent on engaging their respective communities and raising funds for climate-focused charity, Slow Factory.
‘Adidas for Prada re-source’ is an innovative NFT project that features user-generated and creator-owned artwork.
The brands invited their collective communities to create and contribute 3,000 artworks which were minted as NFTs and compiled as tiles in a single patchwork design by digital artist, Zach Lieberman. The completed artwork went to auction, with most of the proceeds going to Slow Factory. Contributors also received a share of the remaining proceeds and will maintain full ownership of their individual tile.
Whilst blockchain technology remains an elusive concept for most, pioneering brands are certainly not shying away.
Aside from financial gains, businesses are able to deliver exclusive experiences to their customers and build unique communities. The ability to penetrate new markets and younger audiences offer incredible opportunities for brands ready to take the plunge.