In the last article, we have discussed the background information and characteristics of NFT, as well as some examples of the big brands using NFT to build up the brand community. Apart from that, some brands would also use NFT to fulfill CSR responsibilities, deliver brand value, and expand their online product catalog.
Using NFT to fulfill social responsibility and deliver core value
Apart from releasing NFT for fans, some firms also released the NFT collection that shared special meaning and social value. Traditionally, enterprises would launch physical products or online marketing campaigns to show care towards society, so as to build up a positive image by participating in community activities.
Coca-Cola
Coca-Cola first released its own NFT collection last summer. On the Internation Friendship Day, with the motto “to bring people together virtually in a unique Coca-Cola way”, Coca-cola promoted the brand’s core values of “connection” and “friendship” in the metaverse. The profit earned from this NFT collection campaign was also fully donated to Coca-cola’s long-term collaborator, the Special Olympic Organization, to show support for the development of the Paralympic.
Under Armour
Under Armour has collaborated with Stephen Curry, the famous NBA player, and Gala Games, the blockchain game developer, together released the digital version of the sneaker that Stephen Curry wore when he broke the record. The profit earned was fully donated to a sport-related charity, so as to support poverty teenagers participating in sports events.
Apart from Coca-cola and Under Armour, brands like Campbell and White Castle also collaborated with local artists to release NFTs, so as to support local art development and boost the awareness of the public towards the local artists.
Expanding product catalog: expand the online product line
Web3.0 and metaverse is a new trend for businesses to hop on, many brands transferred their products and services to the digital world, expanding the engagement and experience for the customers, so as to enhance the activeness of the customers.
For examples, fashion brands like Ralph Lauren and D&G have brought their fashion concepts into virtual world, releasing NFT of their products and provide a brand new consuming experience for both the offline and online customers.
Virtual fashion can exeed the physical limitation of material and bodyshape, providing designers with more rooms for creativity, letting them demonstrate their asthetic ideas, clothing designs and visions in a digital environment, not to mention emerging the background into a part of the fashion design. The D&G virtual fashion show and the RTFKT sneaker collection are the living proof of the success of virtual fashion.
Expanding product catalog: Combine online and offline technology to enhance shopping experience
The usage of NFT is versatile, collection is not the only function of NFT. One of the new use of NFT is to combine NFT itself with the physical product, turning them into a brand new mixed digital asset.
In 2019, Nike has already make use of the exclusivity and heterogeneity of NFT and released NFT as anti-forgery tag for their official products. This use of NFT has been registered as patent, a brand new footwear collection CrpytoKicks was also launched together with the blockchain technology.
Every time a pair of CrpytoKicks physical shoes are sold, customers will then receive a set of random number as a tokenized shoe identifier for the shoes. This set of number represent a part of the characteristics of the shoes, when the shoes are traded in the future, the NFT tag of CrpytoKicks will be sent to the new buyer together with the physical shoes. The new buyers may recognize the truth of the second-hand shoes via the NFT tag, so as to reduce the risk of being scammed.
Another highlight of CrpytoKicks NFT is its reproductiveness. Every set of CrpytoKicks number tag has its own genome, it can be mixed with the token of another product to generate the “next generation of the digital shoes”. The new changes in the virtual shoe may be hastened by attributes such as the age and use of the physical shoe. Then, the “next generation of the digital shoes” might be produced in the real world, turn into another unique CrpytoKicks physical shoes.
After learning about all the NFT application on business, which one do you think is the most interesting? Feel free to share your thoughts with us. Technology keeps on advancing, as a marketer, catching up on these trends is helpful for us to grab every chance of promotion, so as to promote our brands, services and products.