MarTech Series – Marketing Technology Insights
Blockchain technology and NFTs are promising technologies, several major businesses have already begun to use them and proved that they can produce actual engagement.
B2B Marketers are constantly looking for new methods and technologies to achieve a competitive edge, so it’s not a surprise that there’s been a bit of talk about how NFTs and blockchain technology may help companies.
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NFT – also known as Non-Fungible Token. Fungible means something which can be exchanged with something which holds similar value. For example, cryptocurrencies are fungible because they employ a digital public record of transactions known as a blockchain.
NFTs are digital assets that can be purchased and traded using blockchain technology. However, unlike cryptocurrencies, NFTs are not fungible, and they are classified as a separate category of assets.
Some NFTs sold in the recent market for millions of dollars, including an NFT by digital artist Beeple that sold for an eye-watering $69.3 million at Christie’s in March.
NFTs are extremely versatile and may be utilized for almost anything today. B2B marketers initially might have difficulty visualizing how NFTs may be linked to their marketing plan. NFTs may be considered a direct approach to engage with your consumers — ownership is a strong concept that fosters a tighter link between your customer and your business.
B2B marketers may profit from NFTs in a variety of ways, including:
There are still some downsides for B2B marketers when using NFTs. NFTs are a high-reward, high-risk investment. An NFT collection may not always attract the community, awareness, and traction it needs to be successful, and it may not always yield a meaningful return for B2B businesses. The success of an NFT is primarily reliant on the community, with social media shares and word of mouth helping to generate exposure and traction for a successful project. Social marketing is a critical factor for the NFT approach taken by B2B marketers. This community is critical for new and smaller NFTs that do not have exposure from a well-known source, as it generally provides the first money and buzz for the project’s debut. If the community is not large enough, the project may not gain the awareness it needs to be in high demand. Therefore, B2B marketers need to be very careful about how they approach NFTs for their marketing purposes.
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Several examples of brands using NFTs as marketing tools to expand their venture. Further, they are selling assets in the form of NFTs. It’s the most apparent and best method of monetizing NFTs. For example, the cooperation between artist FEWOCiOUS and digital sneaker business RTFKT resulted in a $3 million NFT sale for both parties.
The smart contracts that underpin NFTs, on the other hand, are far more powerful than the mere sale of a digital shoe or collector card.
Gary Vee, a serial entrepreneur, and CEO debuted his own NFT line in May of this year. Vee Friends is a digital collection of artworks representing a different personality. Each of Gary Vee’s 268 characters represents a good attribute such as appreciation, enthusiasm, or kindness. Each of these works of art may be purchased using the blockchain Ethereum.
NFTs predict how companies interact with their customers in the approaching digital age. B2B marketing leaders are taking the first steps and are experiencing success with NFTs and blockchain technology in their businesses today. Early adopters of NFTs and blockchains will position themselves as industry leaders and grab market share utilizing these technologies. Unfortunately, there is no set approach set in stone for B2B marketers to get started.
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MarTech Series (MTS) is a business publication dedicated to helping marketers get more from marketing technology through in-depth journalism, expert author blogs and research reports.
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