Successful Case Studies of NFT and Cryptocurrency Use in Digital Marketing
For those in the digital marketing industry, NFT and cryptocurrency are nothing new. We've all heard about brands increasingly incorporating NFTs and cryptocurrencies into their marketing strategies in recent years.
It's not surprising, given that the global NFT market's transaction volume reached $44.2 billion in 2021, and it's still growing.
But let us pause for a moment, take a deep breath, and consider how these digital tokens and digital marketing are linked. To have an absolute perception, we can start with basic definitions.
What Exactly Is Cryptocurrency?
It is a digital currency that is stored in a digital wallet and is usable and fungible in the same way that any other currency is. Furthermore, because cryptocurrencies are not unique, they can be traded or exchanged.
NFT, on the other hand, is a completely different story.
NFTs are digital assets that are not fungible. One NFT does not have a duplicate; each one is unique. They can be any type of creative work, such as virtual real estate, digital art, fashion, and so on. It allows content creators and artists to be creative, so NFTs are limitless.
Because NFTs and cryptocurrencies are built on blockchain technology, they are decentralized and independent of governments and traditional financial institutions.
But why are these tokens so important in digital marketing?
- They increase brand awareness by generating interest in and visibility for your brand. Using NFTs as a marketing strategy broadens your brand's reach and allows you to reach your target customers. Social media is an excellent platform for promoting your brand's tokens.
- NFTs and cryptocurrency boost customer loyalty. Personalization enables businesses to develop more intimate and intense relationships with their customers. Ownership of an NFT increases customer commitment to your brand because it allows for a more direct and personal relationship between you.
- They promote customer interaction and community development. Maintaining user-generated content can help your brand increase interaction. Furthermore, listening to suggestions from your community helps your brand consolidate your community and provides opportunities to develop a marketing strategy that is compatible with your target.
- They give your brand limitless creative freedom because NFTs can be any digital art piece, such as a JPEG, GIF, 3D animation, audio recording, and so on. NFT marketing allows your company to take advantage of all the benefits of virtual products.
Case Studies in Digital Marketing that have been Reported:
NFT marketing offers many benefits to brands, and these opportunities are expanding all the time. Brands can earn millions of dollars not only by selling NFTs but also by increasing their visibility and popularity with these tokens.
As a result, they make use of these advantages in a variety of ways. Here are some successful brands that use NFTs and cryptocurrencies in their digital marketing:
Case 1. Taco Bell
This is a significant and well-known application of NFT in digital marketing. And the brand went on to become the first fast-food chain to recognize NFT trends and NFT marketing.
They sold all 25 NFT GIFs in 30 minutes at various prices. Each GIF received thousands of dollars in donations.
They created and sold NFTs to generate buzz in social media and mainstream media, and it worked because it made a big splash.
Through this sale, Taco Bell triumphantly increased brand awareness.
Case 2.The Kings of Leon
Kings of Leon, an American rock band, was the first to use NFT marketing in the music industry. They created the first NFT album in music history in March 2021.
They released their album "When You See Yourself" as an NFT.
The band released three different versions of their album. In terms of content, each version differs from the others. It was an unmissable opportunity for band fans who desired digital collectibles of the brand.
They made $2 million in album sales, but more importantly, this was a great move to capture the attention of their fans and encourage audience loyalty.
Case 3: Marriott Marriott
It is a hotel chain with properties all over the world. They demonstrated the ideal use of NFTs and cryptocurrency digital marketing.
They wanted to increase brand awareness and draw attention to their Marriott Bonvoy Travel Program.
The brand worked with three artists to create NFT content based on their personal travel experiences related to the travel program. These NFTs contained the customer experiences that the program provides.
Marriott displayed the NFTs at a contemporary art show. The show's winners received their NFTs as well as 200,000 Bonvoy points to use during the travel program.
Case 4: NBA's Best Shot
One of the most successful examples of NFT marketing is NBA Top Shots.
That was such an effective campaign that platform users increased their donations from 4,000 to 400,000 in just a few weeks.
NBA Top Shots is a trading platform online. Customers can own, sell, and trade official digital collectible NFTs of the NBA's best plays and players.
There are short highlights from major NBA plays throughout history. Each of these videos is a Moment. Customers can purchase and sell these Moments, and each Moment has a unique feature.
Many Moments have been traded on the platform, and sales are increasing.
5th Case: Pizza Hut
Pizza Hut Canada organized a digital marketing campaign in 2021 to introduce four new pizza flavors.
"1 Byte Favorites" was their NFT marketing campaign, and it was the first non-fungible pizza. Each week, Pizza Hut released an NFT pizza slice with one of the new flavors. People purchased the pieces to "have a taste that will last forever."
The campaign prioritized brand awareness and customer loyalty over money.
So each bite of pizza NFT cost $0.18, which is a very low price. However, once purchased, it was quickly re-listed for 5 ETH (approximately $9,000).
It is now higher than it was at the time. One slice costs 75 ETH (approximately $200,000). This campaign is an excellent example of how cryptocurrency and NFTs can be used in the digital marketing industry.
Case No. 6: The Australian Open
The Australian Open this year made room for Metaverse and NFTs, allowing fans to follow the action in real-time. Inviting supporters to the game was a wise digital marketing strategy.
Each of the 6776 sections of the tennis court that were converted into NFTs was unique. For example, if the match-winning shot from any match lands on a specific plot, all information in the audience's NFT is updated in real-time.
If one of the championships points lands on a plot, the NFT owner of that plot has the opportunity to claim and receive the tennis ball from the championship point.
The Australian Open Art Ball was the tournament's first NFT, designed to provide unprecedented virtual access to live match data and the moment.
Furthermore, AO Art Balls embraced 160 NFTs created specifically for the 2022 tournament by local and international artists.
NFTs and cryptocurrencies have become increasingly important in digital marketing.
As the examples show, NFTs, in particular, foster a strong bond with customers and increase interaction. Furthermore, the companies reach an increasing number of people by providing them with memorable and personalized experiences.
Axismobi and NFT:NFTs and cryptocurrencies are becoming increasingly important. The primary benefits of catching these technological innovations are increased brand awareness, customer loyalty, and the creation of more unbounded content.
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