Love them or hate them, by now you’ve most likely heard of them. NFTs or Non-fungible tokens are still a fairly new movement in digital consumerism. However, its impact has already created a long-lasting effect that will be transformative for the e-commerce market for years to come.
NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors. NFTs, give small businesses an opportunity to harness public blockchains for producing digital goods — which can be delivered instantly to a crypto wallet.
Why should brands and influencers pay attention to NFTs?
NFTs are individually authenticated, verifiable, and non-interchangeable items. Complete with unique identification and metadata, they are a genuine one-of-a-kind object with only one official owner at any given time. Well-known brands are already willing to invest in them, because they help boost the user experience, increase brand awareness, and expand opportunities for brand engagement.
The NFT market has undergone a ten-times growth throughout the last two years and is not predicted to slow down. Brands can utilize them in mobile advertising campaigns, which can be distributed strategically across different digital outlets, and monetized multiple times. NFTs offer influencers special ways to monetize their content while boosting engagement on their social channels.
With the adoption of NFTs, both brands and influencers can now create unique content capable of being monetized and enable followers to own a unique collectible piece.
NFTs can aid a brands’ equity, create publicity for a product launch or brand event, or be used as a form of customer appreciation, serving as a unique custom gift or coupon. As this trend persists, brands will begin to see that an entirely new form of revenue is opening up with NFTs, as goods can now be sold in a completely digital format instead of a physical product. Brands and influencers who partner together to create innovative content will be able to leverage numerous benefits and only strengthen the relationship with each other and their audiences.