More and more organizations are using non-fungible tokens to develop their communication and reach new targets. But first of all, it is necessary to recall what is a non-fungible token (NFT) that we hear so often lately.
What does NFT mean?
NFT means “Non-Fungible Token“. It is a token, a non-fungible asset. But what does this complicated word “non-fungible” mean? Let’s keep it simple! It means that this asset cannot be exchanged for something of equal value. A work of art, a bottle of wine, for example, has its characteristics (objective and subjective). It is then obviously possible to give them a fiduciary value, but it is difficult (if not almost impossible) to find another asset of the same type that is strictly identical in value. The fact of associating it with a title of ownership present on the blockchain guarantees its authenticity and traceability. The NFT is then created! Thus, it allows owning the dematerialized object.
More and more brands such as Hennessy or Nike start to produce this kind of token, this kind of dematerialized products.
Luxury, fond of NFT
In the luxury sector, it is becoming quite common to sell duplicate physical products in NFT. For example, the cognac house Hennessy sold two batches of bottles of “Hennessy 8” with, each time, duplicates in NFT format. This allowed them to make an additional margin, but also to obtain an undeniable communication effect while reflecting a more modern image. However, other luxury companies will create NFTs without a physical duplicate as was the case for Guerlain. The goal is always to activate a lever of communication and marketing avant-garde to seduce new audiences, younger and more connected.
The NFT, on the way to phygital
The human being is first represented by his clothing because the clothing determines his posture towards society. Indeed, Frédéric Godart‘s work shows that clothing is a marker of social identity (constructed or experienced). It is the same in the different virtual worlds (metaverse). Clothing brands have understood this very quickly. Indeed, there is a desire among users to dress their avatars according to their tastes and habits. Thus, Gucci has proposed virtual bags in the form of NFT which are replicas of those existing in reality. The company goes even further, as it sells its digital bags more expensive than the physical ones… Nike is also at the forefront in this sector after the acquisition of RTFKT to offer products specially designed for this new world. Thus, a new way of marketing products is gradually emerging from these new standards.
Moreover, brands will tend to buy NFTs to improve their positioning and visibility. The most interesting case is probably Atari. Indeed, the video game brand has bought for 3 million euros some slots in the metaverse The Sandbox to display its logo. The purchase of these different NFTs allows having an advertising space.
The restaurant world eats NFT
The big names in the fast-food industry have wasted no time in creating NFTs. Thus, they sold artistic NFTs to sell the digital representation of their products. These were usually pizza slices. Thus Pizza Hut, Taco Bell, or Charmin developed this type of NFT (for the last company, it was a sale for charity).
However, other companies have had more innovative ideas. These may open even more interesting perspectives for the future development of NFTs and their practical applications. The FlyFish Club (FFC) in New York City will only open its doors to holders of its NFTs. Indeed, its NFTs are real membership cards associated with specific and defined services. Thus, the restaurant creates an effect of scarcity, but also a market. Indeed, these tokens can not only be resold but not only! They can also be rented so that others can benefit from the services offered by this restaurant. This concept is of course transposable. We will accompany you to realize this type of NFT, for your events but also to realize your membership cards. Moreover, it is also possible to consider NFTs as coupons…
When politics gets involved with NFTs
Little by little, this technology will also serve the communication of politicians. Thus, the case of the Democratic candidate for the South Korean presidential election, Lee Jae-Myung, will issue NFTs to thank his donors. These will carry a photo of him and his political commitments. Other candidates will directly sell tokens to raise funds for their campaigns.
In conclusion
With NFTs, new fields of possibility for marketing and communication appear. We can assist you in this universe to develop your brand, your company within the web3, and to take speed your competitors!
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