How are brands using NFTs and how can you get started?
In our last article, we gave an overview of what NFTs are and what they mean for brands. As more companies delve into the world of NFTs, the most effective path forward is becoming clearer. To create the right kind of buzz, strike while the iron is hot, and get your money talking.
Check out our top five early NFT-adopters who should be on your radar.
Grammy Awards
The Grammy Awards have partnered with OneOf, a green NFT platform tailored to the music industry, to yield the next 3 years of virtual projects. The first drop from this collab was Grammy-themed NFTs — with one token containing a *golden ticket* trip to Vegas to attend the awards in-person. As IRL attendance continues its post-pandemic decline, the Grammy’s needed to pull out all the stops.
Blue Diamond X #APEFUEL
Apes have somehow become the faces of the NFT world, and they’ve influenced crypto lingo too: the phrase ‘apeing in’ describes the act of buying NFTs or tokens without doing much research. Blue Diamond are successfully jumping on this hype, attempting to establish their Almond Breeze as the official drink of the metaverse. They recently announced their collection of NFTs, #APEFUEL, with 1,000 free tokens of Almond Breeze banana almond milk digital art — 3 of which will come with a one-year subscription of the real product. They have furthered their social influence by donating 5% of NFT resales to Future Farmers of America.
Prada X Adidas
“Adidas for Prada re-source” is a mass digital art project collab between the brands. It allows fans to contribute to a tiled canvas that will be minted into an NFT to be sold at auction. It is one of the first of its kind and will donate 80% of its sales to non-profit Share Factory, 5% to digital artist Zach Lieberman (who will help to curate the design) and 15% split among fan contributors.
BUDWEISER
Budweiser is taking advantage of the digital collectable space whilst supporting emerging musicians through their latest NFT collection. Their drop will feature 11,000 NFTs based on 22 rising artists. The intricate NFT tech allows them to offer micro-sponsorship by selling tokens varying in rarity. Each token will be generated randomly, and the prizes will vary, from receiving the item IRL to a video call with the artist. This randomness tactic has become extremely popular in the world of NFTs as it introduces a gambling aspect to the buying experience.
PATRÓN
Patrón teamed up with BlockBar.com (NFT marketplace for wines & spirits) to offer 150 NFTs that unlock access to their limited-edition Chairman’s Reserve tequila. The buyers of these NFTs will be able to redeem the token for a physical bottle, trade it, keep it in their virtual bar, or gift it. Each unique “phygital” NFT was priced at $4,500.
How can brands get started with NFTs?
Before you get started, it’s important to understand if your fans will engage. All brands should have a crystal clear picture of who their audiences are, and their affinities. Knowing if NFTs have already been purchased by your audience, or whether you have a crypto-native subset within your existing audience, will be key to calculating the investment for your brand.
Many of the brands mentioned are well established and can afford to invest in innovative and riskier marketing strategies. Smaller brands should ensure their brand strategy and positioning are optimised before considering risky investments in new markets.
If you’re confident NFTs will be an effective way to connect with your audience, consider how they can make sense alongside your brand personality. Check out WHAT DO NFTS MEAN FOR BRANDS for our future predictions on the NFT market.
