It seems like NFTs are becoming more and more popular by the day. If you own or are involved in any business, big or small, the chances are you’ve heard or had thoughts around the topic of leveraging NFTs as a tool to generate value, revenue or awareness for your entity in its respective industry. However, for any innovator chomping at the bit to get involved, or be the first to pioneer an NFT strategy in your business vertical, the questions loom “What do I do?” “When I do it, how can I add value or purpose to them?” and, “How do I get my audience to buy into it?”
NFTs are not just art. It is a connection. For years humankind has been communicating through not just voice or language, but action. The places they go or the things they buy. Whether it’s buying a certain car, t-shirt, cell phone, shoes, a watch—the consumer is not just buying the item, they are buying the statement that comes with that item. You are saying you resonate with this brand or brand message, with this crowd or community. All businesses and brands can begin to monetize the human trait of communication and connection through NFTs.
Obviously NFT strategies work for crypto-related businesses and other similar verticals, but how do they work in more traditional industries? It’s actually quite simple. When we stop looking at NFTs as just digital art that “anyone can just right click and save to their desk top” and begin to look at them as membership cards, a communication tool and loyalty programs, the creative ideas to add value and purpose to them are limitless.
Any business can incentivize their audience to purchase their NFTs simply by giving them purpose and adding utility. Why would someone buy a local family owned Italian restaurant’s NFT? Because maybe they love the food, the family who owns the establishment, they resonate with their message, and on a more exciting note; they receive access to an exclusive curated dinner and specialty cocktails on the first Tuesday of every month with all other NFT owners, just for being a holder. Why would I purchase my local fashion boutique’s NFT? Maybe it’s early access to the next clothing drop or a meet and greet with the fashion designer. The same could be said for barbershops, toy stores, even for larger enterprises like Whole Foods, Nike, Chipotle. NFTs can complement any type of business with creativity being the limit.
The world is becoming more digital by the day. If we begin to embrace this reality by creating, minting and selling NFTs, we can create a tremendous opportunity to reward loyal customers, connect deeper with them, and for once create a symbiotic yield.