How Companies are Leveraging NFT Development for Branding
NFT tokens have become hugely popular. NFT development has been utilized in marketing as well. Big players like Nike and Coca-Cola have been buying NFTs since 2021. McDonald’s promoted a highly relished dish, McRib, through NFT. To create the hype, the company issued a limited number of MCNFTs. Initially, only 10 MCNFTs were available only to those who reshared McDonald’s tweets.
Selling Virtual Merchandise
NFTs help in selling virtual merchandise. There is no surprise that even fashion shows are being hosted in the metaverse. Luxury fashion brands such as Dolce & Gabbana, Tommy Hilfiger, and Forever 21, etc., have ventured into selling virtual merchandise. It not only helps in driving brand engagement but also encourages users to buy NFT merchandise that are part of the virtual fashion show in the metaverse.
NFT developers have been doing a great job in helping big brands venture into the NFT space. Many brands have utilized NFTs to raise voice for social causes. For instance, Ray-Ban, a popular sunglasses brand, features a digital version of its Aviator sunglasses in the first and only NFT. It was available for auction on the NFT marketplace OpenSea and its proceeds were directed to the Italian Art Trust.
Gucci is another example that has taken the help of NFTs to raise its voice in support of social causes. In the coronavirus pandemic, the Italian fashion brand leverages NFT-based marketing to provide respite to the global medical industry. Gucci promoted its NFT, inspired by its Winter and Fall collection of 2021 in Christie’s online auction. It managed to raise a whopping USD 25,000, which was donated to UNICEF Asia to raise funds for the COVAX initiative.
UNICEF also sold 1000 NFTs collections in order to raise funds and boost internet access for school students worldwide. Mac Cosmetics is another noticeable name that sells NFTs to raise funds for organizations working to combat HIV.
Wrapping Up
Though the concept of NFTs for marketing purposes is still new in many countries, brands are trying their best to understand its benefits and all the work that goes behind it. Early entrants have the benefit of being the pioneers but they also bear the heat of the market, whereas brands that are joining late have the benefit of learning from the mistakes of their predecessors. The NFT Development Company vouch for the benefits of utilizing NFTs in marketing. There is immense potential in the NFT market and utilizing NFTs for marketing is surely beneficial for brands.
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