Non-fungible tokens (NFTs) are blockchain-based cryptocurrencies that provide unique, one-of-a-kind digital assets. NFTs are not only collectable but also verifiable. With the inability to be duplicated or deleted, NFTs are everlasting and exclusive to one individual. In the past few years, NFTs have increasingly emerged as a form of digital marketing in various industries. Below, we’re sharing some NFT examples from brands in the consumer products and retail industries.
Incorporating NFTs into Your Marketing Strategy
Whether it be makeup and beauty or food and beverage, brands across industries continue to leverage NFTs to build awareness and boost engagement. While increasing engagement, brands can promote to new, and potentially younger, demographics. By creating and selling NFTs, brands foster a sense of community, and in turn, create consumer loyalty with these collectable and verifiable products. Brands can use NFTs to provide personal and unique products for their consumers. As digital assets, NFTs can appear in various forms including photo, video, audio, and multimedia.
NFT Examples from Brands Today
From e.l.f. Cosmetics to LVMH and Prada, brands across several industries have recently created NFTs and NFT collections. Taking a deep dive into CPG and retail, brands have released NFT collections to achieve similar goals of giving back to their communities and partners and increasing CSR. Some notable brands acting in this space are outlined below:
In March, the Procter & Gamble-owned brand announced its “NTF(P) by Charmin.” This Non-Fungible Toilet Paper (NFTP) included six digital assets sold to support Direct Relief. The NFTPs were sold via Charmin’s Rarible webpage, which was linked on the brand’s Twitter and Instagram pages. Released during the coronavirus pandemic, Charmin worked to better the community with their NFTPs by donating profits to a humanitarian organization that provides medical assistance and disaster relief.
Asics’ “Sunrise Red” Digital Shoe
Asics, a sports equipment company, announced its first-ever NFT collection in July. The “Sunrise Red” collection featured nine limited edition digital shoes, each available in 20 NFTs, and a gold edition, with nine shoes sold in one NFT each. The auction began on July 15 and ended on July 19 of this year. These digital shoes symbolize Asics’ Japanese heritage while balancing physical and digital activity. Most notably, proceeds from the collection went towards the Asics Digital Goods Artist-in-Residence program. By investing in the next generation of digital artists, Asics is furthering its commitment to building digital products that inspire physical activity.
Coca-Cola’s “Friendship Box”
In partnership with Tafi, Coca-Cola announced its “Friendship Box” NFT collection to celebrate International Friendship Day. This collection, also known as a “loot box,” featured four unique NFTs: the Coca-Cola Bubble Jacket Wearable, the Coca-Cola Friendship Card, the Coca-Cola Sound Visualizer, and the Coca-Cola Vintage Cooler. The auction took place from July 30 to August 2, with the highest bidder receiving a real-life Coca-Cola refrigerator and unique surprises with their purchase. In support of its partnership, proceeds were donated to Special Olympics.
The Future of NFTs
As more brands branch into the NFT sphere and others follow suit, the number of unique NFT collections is on an upward trajectory with more NFT examples in digital marketing growing every day. NFT collections provide brands with a one-of-a-kind opportunity to connect with their consumers exclusively and digitally, The ability of NFTs to connect brands and consumers virtually is crucial in an increasingly digital world. This continued shift will place further emphasis on limited-edition online experiences in brands’ marketing strategies while expanding their consumer base to new demographics and raising overall brand awareness.
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Coauthor and contributions by Rachel Ruth