Web3.0 & NFTs in Marketing and Business
Let’s assume you already know what a non-fungible token, or NFT for short, is since you opted to read this. If you don’t, here is an excellent article from Forbes that helps break it down.
What you may not know is Web3.0. Web3.0 is an evolution of the internet created and used by those who build the NFTs, especially cryptocurrency at the moment in time. And quickly becoming more mainstream.
As a society, we’re still in the early stages of the adoption of NFTs, and other Web3-based technologies. As the use of cryptocurrency becomes more mainstream the adoption of these tools is poised to grow, so businesses need to facilitate by introducing projects and experiences that are tied to their consumers’ daily lives and that leverage this new technology.
The businesses that can adapt to change quickly and evolve into Web3.0 with experiences and marketing strategies will establish early trust with their own community and a larger consumer base.
Quick reminder…Web3.0 is the transition to a “read-write-own” decentralized version of the Internet that allows users to keep ownership of their data. We’re currently in Web 2.0.
This would mean that you could record a video, upload it to a platform, own a piece of the network, and benefit from the video’s growth. As opposed to what’s been happening these past few years where users:
- record a video (or take a photo)
- upload it to Instagram/TikTok/Facebook
- the network now owns your content
Think about it like being the participant/shareholder rather than the customer/product itself.
And it’s the integration of NFTs and blockchain technology that is allowing for this type of decentralized networks to prosper through the creation of tokens and smart innovative models. By holding tokens of the network, you would own a piece of it.
Historically, it’s been tough to spend NFTs but with big companies like Visa, Wholefoods, Starbucks, and HomeDepot getting involved it’s only a matter of time before we find bitcoin currency a part of our daily lives.
Now that we’ve laid the groundwork…let’s explore three ways you can use NFTs for business:
1. Raise money for new projects
NFTs are being used by many businesses in Kickstarter-style campaigns to raise funds for company endeavors.
For example, MetaBrewSociety released NFTs to raise funds for the purchase of a beer brewery. Every NFT holder is rewarded for being an early adopter with benefits such as a claim to a certain amount of canned beer from the brewery each year.
Each holder also has a voice in determining how the brewery will operate, which brewing methods will be used, beer prices, and future land purchases.
2. Increase loyalty and create brand evangelists
Note that we’re not using the term “brand ambassador here.” Brand evangelism is taking the ambassador role one step further. It’s when someone is so in love with your product quality, style, customer service, or values that they literally spread the good news about you every chance they get. This can be priceless!
However, NFT holders aren’t just going to start spreading the word on their own. Creating these “superfan” evangelists who will publicly advocate for your company is something most businesses have struggled with for decades.
The best way to convert NFT holders into true evangelists is to give them something exciting to share about.
For example, online learning platform InPeak is preparing to launch an NFT collection that will grant holders access to its platform for 3 years.
During that time, NFT holders will have the chance to network with industry experts and speakers they wouldn’t otherwise be able to access. Holders will also participate in exclusive giveaways for tickets to other experiences such as accompanying a speaker to an exclusive event.
3. Grow brand awareness
This has been a marketing goal of every company we’ve ever worked with. And now with the Web3 opportunity for communal ownership there is a REAL opportunity to make this happen.
For example, Gary Vaynerchuk (if you’re not already, go follow him) has been experimenting with NFTs to build awareness for his personal brand. He has done it very creatively by tokenizing events, i.e., by minting NFTs that double as admission tokens for different workshops and conventions that he organizes.
Using tokens for admission to his events is a way to use NFTs to increase the number of people who interact with his brand, and anyone can do it.
Another example, suppose you run a marketing agency (like Sunday Brunch Agency) and want to build your brand awareness. One way to accomplish this would be to organize periodic workshops, courses, meetups, or any other kind of event your prospective clients might like.
Then you create a series of NFTs (it could be any type of digital asset like images, audio recordings, video, etc.), possibly collectible, and add a condition to the contract that grants the owner access to that event.
Those who are interested can purchase the NFT to gain access to the event, and at the same time, acquire a piece of unique digital art or something more related to your particular industry.
Is this all coming into focus?
Here is something new that is going to knock your socks off…
The new SHŌ Club will launch in San Francisco in 2023.
They are currently in pre-sale with three membership tiers dubbed Earth, Wind, and Fire, granting the holder “ownership like benefits,” according to the club’s website. That means perks like “a once-in-a-lifetime highly curated trip to Japan,” per the press release. Meanwhile benefits for lower tier members range from access to a special menu at the club’s restaurant, which will be open to the public; admittance into a private lounge; concierge and car services; and dinners with “celebrity guests.”
You can learn more on the SHŌ Club website.
To wrap up…
As popularity grows with NFTs, more companies are going to use this membership model to grant exclusive access and perks to holders of these digital assets. This easily applies to restaurants, film/TV projects, e-commerce merchants, and more.
How can this be applied to your business?
What additional monetization opportunities exist with exclusive access? Privileges? Finished content? How can you boost brand loyalty? Create a deeper sense of community?
Get ready because it’s all coming and you want to be ready.
Key takeaways
Membership NFTs allow businesses to build communities of their most loyal customers
Customers are already familiar with the benefits of the membership model
Look for the ways to reward your membership NFT holders with exclusive perks, access and content
If this interests you and you want to learn more, send us a message! info@sundaybrunchagency.com
