Use of NFT and cryptocurrencies in digital marketing with successful case studies

Use of NFT and cryptocurrencies in digital marketing with successful case studies

NFT and cryptocurrencies are not new to people in the digital marketing industry. In recent years, we have all heard that brands are increasingly using NFT and cryptocurrencies in their marketing strategies.

Not surprisingly because, according to a reportthe volume of transactions in the global NFT market reached $ 44.2 billion in 2021 and continues to grow.

But we need to stop for a minute, take a deep breath and think about how these digital tokens and digital marketing are interconnected.

We can start with the basic definitions to have an absolute perception.

Now, what is cryptocurrency?

It is a digital currency stored in a digital wallet and is usable and exchangeable like any other currency. In addition, cryptocurrencies are not unique, so you can trade or exchange them.

On the other hand, NFT is a completely different case.

NFTs are indispensable digital assets. One NFT does not have an identical copy; each is unique. It can be any creative work, such as virtual real estate, digital works of art, fashion, etc. This opens the door to the creativity of content creators and artists, so NFTs are unlimited.

NFT and cryptocurrencies are blockchain-based, so they are decentralized, independent of government and traditional financial institutions.

Well, but why are these tokens necessary for digital marketing?

1. They build brand awareness generating interest in your brand and increasing its visibility. Using NFT as your marketing strategy expands the reach of your brand’s audience and gives you access to your target customers. Social media is the perfect channel to promote your brand token.

2. NFT and cryptocurrencies strengthen customer loyalty. Personalization allows brands to create more intimate and intense relationships with their customers. Ownership of NFT increases customer commitment to your brand because it allows for a direct and closer relationship between you.

3. They encourage customer interaction and community building. Your brand can increase interaction by maintaining user-generated content. In addition, listening to suggestions from your community helps your brand consolidate your community and offers a chance to create a marketing strategy compatible with your goal.

4. They give your brand endless freedom to create content whereas NFT can be unlimited digital works of art such as JPEG, GIF, 3D animation, audio, etc. NFT marketing allows your brand to take full advantage of virtual products.

Resonant case studies in digital marketing

NFT marketing provides many benefits to brands, and these opportunities are expanding at all times. Brands can make millions of dollars not only by selling NFT, but also by raising their visibility and popularity through these tokens.

Therefore, they use these advantages in various ways. Here are some successful examples of brands that use NFT and cryptocurrencies in digital marketing:

Case 1: Taco Bell

This case is a significant and well-known example of the use of NFT in digital marketing. And the brand became the first fast food chain to capture NFT trends and NFT marketing.

Source: Taco Bell

They sold all their 25 NFT GIFs within 30 minutes at different prices. People gave thousands of dollars for each GIF.

They created and sold NFTs to garner attention on social media and mainstream media, and it was successful because it caused a huge shock.

With this sale, Taco Bell triumphantly raised brand awareness.

Case 2: Kings of Leon

The American rock band Kings of Leon was the first to apply NFT marketing in the music industry. In March 2021, they created the first NFT album in the history of music.

They released their album, “When you see yourself” in the form of NFT.

The band released their album in three different versions. Each version has a distinctive feature in terms of content. It was an unmissable chance for fans of the band who wanted to have digital collectibles of this brand.

They made $ 2 million album sales but more importantly, this was a great move to attract the intense attention of their fans and encourage audience loyalty.

Case 3: Marriott

Marriott is a hotel chain with real estate in various locations around the world. They were an example of the perfect application of NFT and digital cryptocurrency marketing.

Their goal was to raise brand awareness and point out their Marriott Bonvoy Travel Program.

The brand collaborated with three artists to create NFT content based on their unique travel experience. These NFTs contained the experiences the program offers users.

Marriott exhibited NFT at an exhibition of modern art. The show’s winners received their NFT and earned 200,000 Bonvoy points that they could use during the travel program.

Case 4: Best NBA shot

NBA Top Shots is one of the most successful examples of NFT marketing.

It was such an influential campaign that users of the platform rose from 4,000 to 400,000 in just a few weeks.

Use of NFT and cryptocurrencies in digital marketing with successful case studies

NBA Best Shots is a digital trading platform. It allows customers to own, sell and trade the official digital collectible NFTs of the most amazing NBA games and players.

There are short clips that present the most interesting events in NBA history. Each of these clips is a moment. Buyers can buy and sell these moments, and each moment has a special characteristic.

Many moments are traded on the platform, and sales are growing.

Case 5: Pizza Hut

In 2021, Pizza Hut Canada organized a digital marketing campaign to introduce its four new flavors of pizza.

Their NFT marketing campaign was “1 Byte Favorites” and it was the first irreplaceable pizza. Pizza Hut has released an NFT piece of pizza with one of the new flavors every week. People bought pieces to “have a taste that will last forever.”

Use of NFT and cryptocurrencies in digital marketing with successful case studies
Source: Twitter

The campaign aimed at brand awareness and customer loyalty; the money went into the background.

So each bite of NFT pizza sold for $ 0.18, which is a very low price. However, on the other hand, after it was bought, it quickly returned to the list for 5 ETH (about $ 9,000).

Now it is more than that time. One slice sells for 75 ETH (about $ 200,000). This campaign is a powerful example of the use of cryptocurrency and NFT in the digital marketing industry.

Case 6: Australian Open

This year, the Australian Open provided space for Metaverse and NFT, allowing fans to follow the moment in real time. It was a wise digital marketing strategy to involve supporters in the game.

Use of NFT and cryptocurrencies in digital marketing with successful case studies

6776 parts of the tennis court were turned into NFT, and each was unique. For example, if a winning goal from any match comes to a specific pitch, all the information in the NFT audience is updated according to real-time moments.

If one of the championship points falls on the parcel, the NFT owner of that parcel has the opportunity to request and receive the tennis ball of the championship point.

Australian Open Art Ball was the first NFT tournament and was designed to provide unprecedented virtual access to match and moment data.

Moreover, AO Art Balls included 160 NFTs designed by local and international artists created especially for the 2022 tournament.

NFT and cryptocurrencies play a significant role in digital marketing.

As the examples show, NFT in particular creates a deep connection and raises customer interaction. Moreover, companies reach more and more audiences, creating unforgettable and personalized experiences for them.

With each passing day, NFTs and cryptocurrencies are becoming more important. Raising awareness of your brand, customer loyalty, and creating unlimited content are the primary benefits of capturing these technological innovations.

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