Web3 offers a lot when it comes to marketing a brand, the use of NFTs, blockchain, and tokens have a lot of utility in marketing your brand. We enlist three approaches that will help you market your brand.
The term Web3 has been mainstream for quite a while now, and many of us have heard about the features it can bring. There is a lot of buzz around Web3 with so many partnerships, celebrity collaborations, conferences, talks, and whatnot. However, 2023 is different, as it is a make-or-break year for blockchain and Web3 as a whole. There has been a lot of buzz surrounding blockchain and the revolution it is bringing. But all the talk has reached a point where the industry experts would either show a concrete project or deflate it. Blockchain is the best shot to achieve ownership and authenticity outside of corporate control. But how can blockchain and NFTs play a part in the branding and marketing of a Web3 project? There is a lot on the table when it comes to utilizing blockchain technology to market your product. There are a whole lot of ideas beyond celebrity collabs, let's check out the top ones.
What Web3 Has to Offer to Market Your Brand?
To put it precisely, Web3 is not just a future change for brands, it is already transforming the way they operate. While many people have talked about the impact of Web3 on businesses, they haven't provided concrete examples. If you are hesitant about this new concept because of this lack of information, your brand could suffer, and decline rapidly. Don't make the mistake of thinking that Web3 is only about costly pictures of apes.
Below we will discuss the three approaches which you can take to brand and market your blockchain project better. So, gear up to stay on the right side of the revolution that is coming.
NFT Utility is Important
NFTs are a lot more than cool PNGs, JPEGs, and profile pictures. However, the start was quite similar to it but it had a blessing in disguise. Their exorbitant price tags brought attention to the new medium. Also, one of the most interesting things about NFTs is that many brands use them as they are. However, every new venture has to begin somewhere, and the profile pictures of NFTs represent just that—a starting point. The next significant leap for brands is to create NFTs that offer more than just proof of PNG ownership. In other words, they must develop utility NFTs.
A utility NFT is a form of token that provides access to something with inherent value beyond the token itself. For instance, it could serve as your entry passes to an exclusive server, enabling you to cast your vote on merchandise and in-game designs, and structures for your favorite team or video game. Moreover, permit you to interact with a digital recreation of a renowned historical figure. Our company has discovered that people desire utility NFTs from their preferred brands.
A recent survey by Dibbs on NFT mainstream adoption in an NFT community sample population shows an interesting take. The majority, 51% of respondents were of the opinion that an NFT should have more utility. Moreover, in response to another question, 60% of respondents said that they would love to bag an NFT of their favorite brands.
What Kind of NFT Utility?
It depends on your product and target audience. As mentioned earlier, there are numerous possibilities to consider, and new ones are emerging every day as different yet transformative sectors like artificial intelligence (AI), entertainment, and others, discover their next stage of growth in Web3. If you're having difficulty determining where to begin, a simple solution is to look at the products and content you already generate.
Token Gate Your VIP Products
For any business, the ultimate goal is to create repeat customers who consistently spend more. Additionally, it is more cost-effective to keep them returning than to attract new customers. To increase customer retention, you need to find new ways to engage with them that expand your relationship beyond the traditional "we make, you buy" dynamic.
Token gating your most in-demand products or content could be an excellent approach to transforming customers into long-term community members. Some brands have already had success in offering exclusive apparel drops for NFT holders. As well, as providing enthusiasts with unique glimpses of emerging entertainment properties.
These types of Web3 initiatives transcend the standard realm of access to exclusive communities and other club-like gatherings. They foster engagement through multiple channels, offering your most ardent supporters something to talk about and potential new customers more reasons to join your brand.
Integrate the Blockchain Element
The adoption of blockchain's distributed ledger technology has the potential to revolutionize processes that require proof of ownership and transfer. By embracing this technology, established brands can position themselves to take advantage of new ways of doing business. Blockchain's built-in smart contracts simplify complicated processes such as royalty payments, as the token itself knows where to send the payment. Web3's decentralizing power transfers online communication and commerce from a few large corporations to peers, creating a smarter and fairer way to conduct business. Brands that get on board with blockchain now will have a head start in this new business reality and can avoid scrambling to find their footing in the future.
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