Unlocking Value Through NFTs
- NFTs are gaining a lot of attention from established brands around the world.
- Creating an NFT strategy is an important part of staying in touch with new technology.
- By whitelabeling your NFT project, you can maximize the value you bring to your clients.
Intro to NFTs
You may have heard the term “NFT” before, perhaps referring to how people are paying astronomical sums of money for pictures of monkeys on the internet. Maybe you heard about some artist who made millions selling a picture of a rock. But when established brands like Coca Cola, Burger King and Louis Vuitton started entering the space, NFTs attracted serious attention from the business world.
NFTs, at their core, are a fairly simple invention. Using blockchain technology, users can create tokens, which are one of a kind (i.e. non-fungible), and can be safely stored in their wallet. These tokens can represent anything - art, collectibles, admission rights to events, or even intellectual property. Ownership is secured, verifiable, and each NFT is impossible to replicate. Not only is this a total game-changer for internet commerce, but it allows brands to offer value to their customers throughout their journey as an NFT holder.
In this article we’ll be diving into how your business can benefit from NFTs, and how we can help strategize your next launch.
Unlocking New Value in Your Business
When Louis Vuitton launched their NFT project, they didn’t just sell more bags or luxury items. Instead, they created new value through an interactive game. In commemoration of the 200th “birthday” of Louis Vuitton’s founder, the brand created Louis The Game which draws the spotlight to its rich heritage through NFTs and in-game innovations. Users can collect various items (NFTs) in the game and own them digitally. Not only did the brand generate revenue from their NFT sale, but users also benefited from the subsequent appreciation in the digital products as the game became more popular. It is also worth mentioning the increase in website traffic as a result of the NFT project being directly available on their site.
But it’s not only luxury brands that are leveraging this innovative technology. Fast food giant Burger King launched its own NFT project in September. The Burger King “Keep It Real Meals” initiative showcases QR codes tethered to close to six million meal boxes. Scanning the QR codes will unlock a digital collectible and Burger King’s announcement says “collecting them can lead to unlocking bonus NFTs.”
The campaign features celebrities including the American social media personality LILHUDDY, the Brazilian singer Anitta, and the American rapper, singer-songwriter, and entrepreneur, Nelly. Some of the unlockable bonuses have interesting utilities like being able to have a phone call with one of the campaign celebrities.
As you can see, an NFT’s value is derived from whatever the brand attaches to it. It can come in the form of access to exclusive product drops, access to certain events, contact with certain company executives or celebrities, as well as ownership of digital items. Think of it as perpetual ownership of a company’s digital product, which can be upgraded with new perks at any time.
White Label Solutions for NFTs
Your NFT strategy can be completely tailored to your brand’s needs. This means launching the products directly on your website, accepting payment in any form you’d like (from credit cards to cryptocurrency) and making the NFTs look exactly the way you want them to.
By attaching your marketing style to the NFT project, you are offering a piece of your brand to your customers. The entire NFT buying experience can be engulfed in your brand’s themes and offer a feel consistent with everything else on your site. This adds onto the authenticity of the project, creating a more engaging experience for the true fans of your brand.
Whitelabeled NFT infrastructure is likely to drive mass adoption over the coming years. Brands are choosing to deliberately offer NFTs directly to their customers, reducing intermediaries and driving more attention to everything else they have to offer online.
In conclusion, NFTs are enabling brands to unlock new value for their customers while generating new revenue and creating a list of loyal fans. Their NFT holders are lifetime clients, who will benefit from exclusive perks, drops and utility reserved for true believers of the brand.
With the recent rise of NFT technology, token-gating has become a term that is often mentioned within web3. As brands leverage NFTs to further connect with their audiences and build a dedicated fanbase, they are finding innovative ways to use blockchain technology to their advantage. NFTs allow brands to give their customers a sense of exclusivity, combined with an increased connection to their favourite businesses.
NFTs. If you’ve had any access to the internet for the past 18 months, you’ve probably heard of NFTs. Whether it’s the Bored Ape that sold for over 3.4 million USD at Sotheby’s digital auction or the CryptoPunk that sold for a record-breaking 8,000 ETH ($23.7 million USD), it’s undeniable that NFTs have taken the world by storm. If you’ve been looking for an easy-to-digest explanation regarding what NFTs exactly are, you’ve stumbled upon the right place.