2021 is the year of the NFTs. They hit the world and hit the headlines. The experts for events and live-marketing at VOK DAMS see great potential for live-marketing integration of NFTs, to offer clients another strong, digital path for brand experience. VOK DAMS summarizes the “Why” and “How” of NFTs in live-marketing in the recently published whitepaper “Boost your Live-Marketing with NFTs”. The whitepaper is available for download here.
NFTs are on the rise. For the first time, blockchain technology is making waves in the art market and marketing. The digital artist “Beeple” auctioned his NFT “Everydays: The First 5000 Days” for over 69 million dollars this year. Companies such as Coca-Cola and Nike or organizations like the German Soccer League (DFL) are using the crypto trend successfully for their marketing. VOK DAMS has also discovered the potential of NFTs for their clients and are using them to transform brand experiences into unique, digital (collectibles) items. From creation to holistic, targeted implementation on the blockchain – it’s about letting target groups participate in the brand, strengthening existing fandom and creating new ones.
What are NFTs?
In short: NFTs are the combination of digital assets, such as audio, image or video files, and digital assets in the form of cryptocurrencies. With non-fungible tokens (NFTs) it is possible for the first time to own and trade digital assets. In this way, NFTs appeal to people who are enthusiastic about certificates of authenticity – i.e. fans and collectors. NFTs are like serial numbers that luxury brands give to their products to verify their authenticity.
NFTs in Live-Marketing
Events are shifting more and more into the hybrid space. The individual experience and the personal approach to target groups are becoming increasingly relevant. With NFTs, brand experiences become unique (collectibles) objects in the form of digital products, unmistakable images and unforgettable moments in the form of e.g. (multimedia) audio, image or video files. They create the opportunity to let customers participate in the brand in a completely new and unique way. VOK DAMS presents the top 3 use cases in the whitepaper “Boost your Live-Marketing with NFTs”:
1. Giveaways and Fan Connection
– Moments can now be owned
Whether at launch events, press events, trade fairs or in showrooms, unforgettable moments are created that connect people and brands. This is where moments arise, that will be remembered for a lifetime. With NFTs, customers and fans can own a piece of brand history.
A completely new way of connecting fans opens up. As digital memorabilia, NFTs are becoming more and more valuable to fans and are being resold at a profit. A digital giveaway that strengthens the fan base, creates value and becomes a conversation. Three good reasons to include NFTs in your marketing strategy.
– Personalized, physical products turn digital
We are currently experiencing the increasing need for individualization. Not only in the digital customer approach but also with product offers. We are therefore constantly looking for new ways to inspire and retain customers by fulfilling their wants and needs. Individualization through digital technologies plays a key role here. If – for example – a product is individually configured during a customer event, a digital giveaway of the 3D model in the form of an NFT will hit the spot.
2. Award ceremonies
Award ceremonies are increasingly taking place in hybrid form, with the physical and digital event experience merged and becoming more and more personalized. In such hybrid setting it’s only logical to honor the achievements of the award winners with an individual, digital version of awards. Awards are becoming digital and highly distinctive – as individual and creative as the achievements of the award winners themselves.
3. NFTs as access cards for events
NFTs can also be used as an innovative and highly individual way of accessing an event. They make admission cards for events more functional and unforgettable. They make it possible to attract innovation-driven customers, convey exclusivity and can become popular collector’s items. Since all tickets are stored transparently on the blockchain, it is possible to analyze transactions of the tickets issued and the knowledge gained can be used for future marketing purposes.
To the Point
NFTs fit perfectly into the current – all digital / always online zeitgeist. In a world, that has taken a giant step in digitization in just one year and in which most people’s reality is more online and virtual than ever, NFTs are an almost logical consequence. We are still at the very beginning and while PR advantages will certainly outweigh the initial phase, they will be used more and more as a matter of course in marketing in the future. Especially for companies that rely on innovation, exclusivity and luxury of their products, NFTs are ideal as a supplement to their marketing strategy.