NFTs: Forget apes and penguins — Let’s talk diapers, hardware and museums

Although the likes of Bored Apes and Pudgy Penguins make headlines, and the potential of decentralized finance (DeFi) and play to win games is undeniably grand and exciting, the marketing potential of non-fungible tokens (NFTs) deserves equal attention. It all boils down to this: With NFT, virtually anything can be gamified to promote desired marketing results.

Gamification: defined by Gabe Zichermann, author of The gamification revolution, as a "process of using game thinking and dynamics to engage audiences and solve problems," is not new to sales and marketing. What's new are the mechanisms by which you can engage and motivate prospects and customers. And, my God, they are exciting. To illustrate the point, here are five NFT use case examples for marketers.

Co-marketing for market segments

Let's say you're one of the approximately 40 million people in the United States who move each year. As a "newbie", it is highly coveted by a host of brands that are eager to satisfy their highly predictable needs.

In the past, if Sherwin Williams (paint), Simplisafe (home security), Spectrum (cable), Stanley Black & Decker (hardware), Sony (electronics), and Pottery Barn (furniture) wanted to band together to market in their time of plenty necessity, it would be virtually impossible. After all, different internal systems, an ingrained hesitancy to share data, different promotional structures and loyalty program designs, overlapping distribution points, and other obstacles invariably create an insurmountable bottleneck.

Now imagine those brands coming together to create a Move Me NFT or something similar. Consumers who purchase them would generate revenue for all participating brands and put our New Mover in a virtual community where they can tour neighborhoods, attend a Metaverse kickoff party with a celebrity, enter to win digital real estate, post their digital art and, of course, knowing how the products/services of each brand can help them along with an "exclusive and generous" discount.

Additionally, it could offer our hyper-greedy consumer Bitcoin (BTC), ether (ETH) or other coin rewards as incentives to purchase from two or more of the Move Me brands, financed from the NFT revenue fund or contributions from program participants on a relative scale.

Give your segment a name – the possibilities are virtually endless.

Cross-brand loyalty marketing

Let's say you're a brand with several consumer packaged goods (CPG) products in your portfolio, such as diapers, laundry detergent, oral care, over-the-counter medications, and skin care. His goal: create a mechanism to reward customers for shopping in his portfolio, most of the time.

Most attempts at something like this in the past have been colossal failures. The combination of a cumbersome proof-of-purchase mechanism and the lack of a truly behavioral and motivational cross-currency have doomed the efforts.

But what if your customers could create a My [insert brand name here] wallet and link it to your store cards like Food Lion's MVP program, Kroger Plus or CVS ExtraCare, for example. Now, the proof of purchase can be crossed effortlessly. Armed with transaction data and a broader customer profile, any of the participating brands can launch NFT rewards (an offer to add their newborn's likeness to collectible art, for example), metaverse experiences, and even currency. Even the retailer can get in on the action.

While recovering small sums in fiat currency or dollars from a future purchase can traditionally be disappointing for the staking effort, the addition of crypto with its tradability and potential to accumulate value can become a real game changer. Think about the perception of value.

experiential marketing

Picture this: you're at home on your computer in Manchester dreaming of a trip to Manhattan. Therefore, you take a virtual tour of the city's iconic destinations and also visit specific shops, restaurants, clubs, theaters, and more that are promoted within the tour in an effort to add them to your itinerary.

As you visit each destination, you can collect NFTs, which could serve as digital souvenirs to add to the excitement of your trip while earning you priority access, unique experiences, special offers, and more.

Let's say you've added the Museum of Modern Art to your itinerary. Your NFT could give you access to an exclusive NFT auction of iconic New York City art and maybe even entry to a "hidden exhibit" at the museum. Oh, and cryptocurrencies open up a whole new fundraising mechanism for nonprofits like MOMA.

Show your NFT to the restaurants on your list and you'll get a surprise amuse-bouche or the chance to order a "hidden" menu item. I could go on and on. The opportunities to promote tourism are vast.

New product launches

Now consider the automaker that has no problem connecting with someone who is in the market for a new car, as they are already everywhere this customer is looking, but have a much higher hill to climb to get them excited. existing customers who are not in the market. upgrade to a significant model year upgrade.

However, if that manufacturer nurtures its community of customers to express their shared passion for the brand, affinity with its current product, and the binding interest and excitement of NFTs, all of that can change.

image of a dynamic NFT come down to this community which teases the new model at first, then adds additional skins and features over a set period of time to drive engagement. At every turn, there are additional opportunities to see a virtual demo of those features and, of course, request a test drive.

At the dealership, the NFT brings with it "exclusive offers" and, based on the content the consumer has viewed, allows the dealership to deliver a more focused and personalized test drive experience. And of course the NFT becomes a collector's item, especially if the customer decides to buy the product.

Team work for sales.

When it comes to the annual sales kickoff meeting, what could be more disappointing than an off-the-rails "Steve Balmeresque" speech, endless slides filled with stock photography, and talk of meeting an "extended" goal? "Annual, which is actually , a euphemism for very lucky friend.

Now, imagine that each member of your team selects from a gallery of NFTs the one they believe represents their focus for driving success in the coming year. Then have members choose (or be chosen) teams based on their affinity or compatibility.

Teams could be revealed at their kickoff meeting (live or virtual). Each team would then be assigned a series of challenges designed to immerse themselves in the established strategy and dynamics of their market, among others. These, along with meeting goals set in smart contracts, could reward members with crypto, other NFTs, or any other “currency” you might want to consider. And, the NFTs themselves become achievement badges with varying degrees of rarity.

The concept can be taken further by making it evergreen, allowing trade, making airdrop "bonuses" and more. To see another example of the concept in action, check out what Enjin did to make Microsoft engage your community of developers.

But first things first

Of course, the technology and consumer adoption are still in their relative infancy. But things are moving very fast, fueled by huge injections of investment capital, a literal "land grab" among the major players, and the transcendent powers of FOMO.

In the meantime, a massive consumer education campaign supported by the entire industry is required. not only in What to buy, sell and trade cryptocurrencies and NFTs, but, perhaps more importantly, how to do it safely. Because, let's face it: If you think scams, phishing, hacking, and other nefarious actors are sophisticated and evil now (and they are), it's only going to get worse as the multiverse becomes more mainstream.

Yes, fortune favors the brave. But, let's face it, confidence and trust are essential pillars of possibility.

So the next time you shrug like "crazy" that a Collage Beeple sold for $69.3 million, think instead of what technology holds for the future. Think big. Test aggressively. And, educate, educate, educate.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.

The views, thoughts, and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

rich feldman He currently leads marketing for Finario, an enterprise capital planning SaaS provider. Previously, he was Marketing Director at PrimaHealth Credit and Agency Owner/Partner and Chief Strategy Officer at Doner CX (part of the MDC Partners Network), where he led CRM, analytics, digital media and other strategic areas of the business. . Rich has lectured on strategy in the New York University Master of Marketing Program at Syracuse University and is an Adjunct Professor at Western Connecticut University, where he is a member of the Ancell School of Business Advisory Board. He is also the author of the book, Deconstructing Creative Strategy.