Category: Web3

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Web3

NFT Marketing Strategies Revisited for What’s Next

NFT marketing

There are reasons to lament the NFT marketing hype created four years ago. According to CNBC, the prices of the Bored Ape Yacht Club NFTs have dropped 90% since then.

Yet, the recent Bitcoin halving and the earlier Bitcoin ETF breakthrough have revealed the big player forces rushing into crypto finance. Such momentum will eventually push the blockchain and the related Web3 marketing into the mainstream. Or they are already in there.

NFT marketing, as one of the earliest tangible forms of Web3 marketing, is here to stay and grow. The non-fungible tokens (NFTs) have emerged as a revolutionary tool for marketing and brand engagement. As unique digital assets verified on a blockchain, NFTs offer brands an innovative way to create value, exclusivity, and connection with their audience.

Your Clicademist reviews the strategic use of NFTs for marketing purposes, exploring use cases, best practices, and success stories that highlight their potential to transform brand-consumer interactions.

Use Cases for NFT Marketing

In the Web3 marketing profession, professionals are eager to establish valid use cases. Here are some used and tested directions.

  1. Digital Collectibles and Memorabilia: Brands can create limited-edition digital collectables that resonate with their audience’s interests, fostering a sense of belonging and loyalty.
  2. Event Ticketing: NFTs can serve as tickets to exclusive events, providing a memorable and secure experience while acting as a keepsake.
  3. Proof of Authenticity: Luxury brands can use NFTs to certify the authenticity of their products, enhancing consumer trust and reducing counterfeiting.
  4. Access to Exclusive Content: NFT holders can entitle themselves to access special content, early product releases, or behind-the-scenes footage, adding value to the ownership.
  5. Loyalty Programs: NFTs can be integrated into loyalty programs, offering redeemable rewards or access to VIP services.

Best Practices for NFT Marketing

To pursue opportunities in the above-mentioned directions, NFT marketing professionals have some general-purpose practice rules to remember.

  • Understand Your Audience: Tailor your NFT offerings to the interests and behaviours of your target demographic.
  • Create Scarcity and Exclusivity: Limit the availability of NFTs to increase demand and perceived value.
  • Ensure Authenticity and Transparency: Use the blockchain’s inherent transparency to build trust with your audience.
  • Leverage Social Media: Utilize platforms like Twitter and Instagram to promote your NFTs and engage with the community.
  • Collaborate with Artists and Influencers: Partner with well-known figures to reach a wider audience and add credibility to your NFTs.

Success Stories of NFT Marketing

These much-repeated success cases are not trite. Your Clicademist suggests you note that they all involved traditional legacy brands venturing into Web3 marketing by creating and profiting from NFT assets.

  • Nike’s Acquisition of RTFKT: Nike’s venture into the NFT space through the acquisition of RTFKT, a digital studio known for virtual sneakers, showcases the potential for NFTs in expanding a brand’s digital footprint.
  • NBA Top Shot: The NBA’s digital collectables platform, Top Shot, has successfully capitalized on the popularity of sports memorabilia, translating it into the digital realm and engaging a global audience.
  • Taco Bell’s NFT Campaign: Taco Bell‘s limited edition NFT art sold out in minutes, demonstrating the power of NFTs in creating buzz and excitement around a brand.

What’s next?

The future of NFT marketing is poised to be dynamic and innovative. Trends indicate a shift towards integrating NFTs with real-world assets, which could transform illiquid physical assets into highly liquid digital tokens, facilitating instant cross-border investments.

Technologies will add to the power. AI, Augmented Reality (AR) and Virtual Reality (VR) are to play significant roles in enhancing the immersive experience of NFTs, providing novel ways for showcasing digital assets.

Additionally, cross-platform marketing strategies and dynamic NFTs that evolve over time are likely to become more prevalent, offering unique and engaging experiences for users and collectors.

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Strategy Web3

The Metaverse: the Fifth Digital Marketing Avenue

metaverse digital marketing

The metaverse is more than Hololens and Vision Pro. It is a new avenue for brands to engage with their audiences.

Since the end of 2021, the metaverse has garnered immense interest and investments. The selling point is a convergence of the physical and digital worlds, offering a new realm of possibilities for marketers.

metaverse digital marketing

The Four Pillars of Digital Marketing

Before delving into the metaverse, it’s crucial to understand the four traditional pillars of digital marketing:

  1. Web: The foundation of digital presence, websites are the digital storefronts where content is king.
  2. Social Media: Platforms like Facebook, Twitter, and Instagram have transformed how brands interact with their customers, offering a space for real-time engagement and community building.
  3. Email: Despite being one of the oldest online communication methods, email marketing remains a powerful tool for personalised messaging and direct outreach.
  4. Mobile: With smartphone ubiquity, mobile marketing has become essential, encompassing everything from mobile-optimized content to app-based marketing.

The Rise of the Metaverse as the Fifth with Web3 DNA

The metaverse comes as the 5th digital marketing avenue. It enables a burgeoning ecosystem where immersive experiences redefine user interaction. It is an “always-on” environment that transcends geographical boundaries, allowing brands to create unique, engaging experiences that blend reality with virtuality.

The metaverse and Web3 are closely intertwined. Web3 represents a decentralised internet powered by blockchain technology. These concepts intersect through NFTs (non-fungible tokens) and smart contracts, enabling unique digital ownership within the metaverse. Web3’s focus on ownership aligns with the metaverse’s vision of user sovereignty, allowing seamless transfer of assets across platforms. Challenges include scalability and governance, but Web3 solutions, which your Clicademist explains in other posts.

metaverse marketing
People playing as avatars in a virtual reality metaverse shop. Metaverse marketing promotes fashion retail concepts and sports gamification.

Exploring Successful Metaverse Marketing Campaigns

Let’s delve into some of the most successful metaverse marketing campaigns that have set the bar high for creativity and effectiveness.

Nike’s NIKELAND on Roblox: Nike ventured into the metaverse with the launch of NIKELAND on Roblox, an interactive world inspired by the brand’s headquarters. This digital space allows users to play mini-games, customize avatars with Nike gear, and engage in a community centred around sports and play. The initiative not only increased engagement with the brand but also showcased Nike’s commitment to innovation and community building.

Wendy’s Food Fight in Fortnite: Wendy’s cleverly used Fortnite’s Food Fight game mode to promote its “fresh, never frozen beef” policy. By creating a character on a mission to destroy frozen beef and streaming the gameplay on Twitch, Wendy’s garnered over 250,000 live views, winning multiple influencer awards and significantly boosting its brand awareness in the metaverse.

Samsung’s Metaverse Store in Decentraland: Samsung embraced the metaverse by launching its first virtual store in Decentraland. This bold move allowed the tech giant to connect with consumers novelly, offering an immersive brand experience that leverages the unique capabilities of the metaverse environment.

For marketers looking to explore the potential of the metaverse, these examples serve as a blueprint for crafting campaigns that are not only innovative but also align with the brand’s identity and values.

Insights into Metaverse Marketing

The metaverse offers a canvas for brands to express their creativity and connect with consumers unprecedentedly.

  • Immersive Brand Experiences: The metaverse allows brands to create rich, interactive worlds that offer unparalleled engagement opportunities. From virtual showrooms to interactive product demos, the possibilities are endless.
  • Community and Co-Creation: Brands can foster a sense of community by involving consumers in the creation process, leading to stronger brand loyalty and advocacy.
  • Data and Personalisation: The metaverse provides a wealth of data, enabling hyper-personalised experiences tailored to individual preferences and behaviours.

As the metaverse grows, it will undoubtedly become an integral part of the digital marketing mix.

The Significance

The metaverse is not just the fifth avenue of digital marketing. It represents a significant shift in digital marketing, akin to the advent of social media or mobile marketing.

It’s a space where creativity meets technology, and brands can build more profound, meaningful connections with their audiences. Embracing this new avenue will be essential for marketers aiming to thrive in a digital-first world.

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Web3

Web3 Marketing: Insights, Strategies, and Real-World Applications

Web3 marketing, NFT, metaverse

It is fair to say that since ChatGPT overwhelmed the digital world in November 2022, the idea of Web3 has been obscured. However, the third generation of the internet, where decentralised protocols are the new norm, is set to grow. This evolution from a platform-centric model (Web2) to a user-centric framework (Web3) is poised to redefine how brands interact with their audiences. In this blog post, your Clicademist explores the insights, strategies, actionable recommendations, recent examples, and meaningful learnings in Web3 marketing.

Insights into Web3 Marketing

Web3 marketing thrives on decentralisation, blockchain technology, and token-based economics. Unlike traditional marketing, which relies heavily on centralised platforms like social media and search engines, Web3 marketing emphasizes direct interactions between brands and consumers without intermediaries.

One of the key insights into Web3 marketing is the concept of community building. Brands are not just creating products or services; they are fostering ecosystems where users have a stake in the brand’s success. This is achieved through mechanisms like tokenisation, where users receive digital assets that represent ownership or a share in the brand’s future.

Actionable Recommendations for Web3 Marketing

To excel in Web3 marketing, brands should consider the following actionable recommendations:

  1. Embrace NFTs for Branding: Non-fungible tokens (NFTs) offer a unique way to create brand loyalty and exclusivity. By offering limited edition digital assets, brands can create a sense of belonging among their customers.
  2. Leverage DAOs for Decision Making: Decentralized Autonomous Organizations (DAOs) allow community members to participate in the decision-making process. Brands can use DAOs to involve their audience in product development, marketing strategies, and other key decisions.
  3. Implement Token-Powered Rewards: Create a rewards system that incentivises user engagement and contribution. For example, users could earn tokens for creating content, sharing feedback, or participating in community events.

Web3 Marketing in Operations

Several brands have already started to harness the power of Web3 marketing:

  • Gucci’s NFT Collection: Gucci recently launched an NFT collection that blends the worlds of fashion and digital art, offering buyers exclusive access to events and products in the Gucci Metaverse.
  • Nike’s CryptoKicks: Nike has ventured into the Web3 space with its own digital sneakers, which can be collected, traded, or even used in Nike’s branded virtual worlds.

What to Learn from Web3 Marketing

The transition to Web3 marketing is not without its challenges. Brands must navigate a landscape that is still in its infancy, with evolving standards and practices. However, the potential for creating more meaningful and rewarding customer relationships is immense.

One of the most significant lessons is the importance of transparency and trust. In a decentralized environment, brands must be open about their processes and operations. Blockchain technology can help create an immutable record of transactions and interactions, fostering user trust.

Another learning is the power of user-generated content. In Web3, users are not just passive consumers; they are active participants who contribute to the brand’s narrative. Encouraging and rewarding user-generated content can lead to more authentic and engaging brand stories.

Be an Early Adopter

Web3 marketing represents a paradigm shift in how brands approach their marketing efforts. Brands can create deeper connections with their audiences by leveraging blockchain technology, tokenisation, and community-driven initiatives. As we continue to explore the possibilities of Web3, it’s clear that the brands that succeed will be those that are adaptable, transparent, and genuinely value their communities.

For this reason, your Clicademist invites you to join its data insights community. When the community fledges, the Clicademy will unfold a Web3 journey. Be an early adopter. Click here to sign up for your Clicademy membership.

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Web3

NFT means to dawn consumer marketing on blockchain

NFT meaning the dawn of blockchain marketing
NFT is dawning consumer marketing on the blockchain. Photo by Pixabay on Pexels.com

Searched for “NFT meaning” in the past week? If not, you are missing a hype. But very likely you have and seen brand names jumping in for NFTs. They included NBA, Louis Vuitton, F1 Racing, Nike, and even Taco Bell.

NFT stands for the non-fungible token running on the blockchain. For a long time, your Clicademist has struggled to find an approachable link between blockchain and marketing. The sudden surge of NFT means it is time for marketers to take blockchain marketing seriously. Read on to know what, why and how.

NFT meaning

NFTs are non-fungible tokens. Fungible is an economic term for things of which any individual part is so alike others that they are mutually exchangeable. For example, on the blockchain, bitcoins are fungible, just like gold is fungible in the physical world. But the NFT can turn a piece of image.jpg on the Internet into a non-fungible asset, just like a golden palace is not easily exchangeable in the land of fairytales.

The magical touch is to stamp a digital property with the “smart contract” to mark its unchangeable ownership that everybody can trace.

With everything becoming more digital, so claims the Ethereum, NFTs provide a solution to add scarcity, uniqueness, and proofs of ownership to almost any assets.

NBA is selling “scarcity”. What is so rare?

Using NFT, NBA Top Shot becomes one of the first big brands to do content marketing on the blockchain. In October 2020, Dapper Labs launched the NBA Top Shot App with the tagline of “Own the best moments from NBA history”. A LeBron James moment of dunk NFT is priced at $213,000. The news says that by the end of February, trading of NBA Top Shot NFTs amounted up to $230 million, with the App still in the Beta version.

The arguments for NFTs are that they make digital properties rare, unique, and, therefore, valuable.

But wait a minute, how can NBA slam dunks be rare and scarce? There are tens of thousands of such moments. If those can be the cases of rarity, then how many rare and scarce moments can Walt Disney dig out of its Vault?

Rarity and scarcity may be true to luxury and exclusive brands. But for mass entertainment and sports brands, there must be something else that matters. That is the ownership mint by the smart contracts.

Smart contracts

Says Investopedia, “A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible”.

NFT trading and transactions are a chain of automatic executions of smart contract codes. The smart contracts confirm the transfers of ownership of assets from one to the next person.

Before NFTs, smart contracts were not easily accessible to consumers. One way to experience it was to buy and sell cryptocurrencies. Other forms of smart contracts were for B2B transactions in finance, energy, shipping and transportation industries.

The NFTs move smart contracts much closer to ordinary consumers. The Ethereum presents the cases of NFTs in the following areas. Most of these areas are related to consumer markets.

After the craze, marketing

NFTs at this moment are a craze. Spending $210,000+ to own some bytes of NBA_dunk.mp4 would never make sense. This bubble will burst to put one more creepy stigma on this crypto thing of blockchain.

But in the positive views, the true NFT meaning is to bring the technology of smart contract on the blockchain one step closer to ordinary consumers. This gives brands, especially those with items that need to be owned, unlimited rooms for marketing on the blockchain, which is to become the new Internet of Assets.