Pretext

How can NFTs be used in marketing or productive areas. How should an NFT strategy be defined? What are the critical points to be considered?

After we founded iMBdigital.Gallery_ at the end of 2021, the first consulting projects at companies also emerged in the course of 2022. Most of them were projects in transformation management, embedded in larger projects of iMB.Solutions. The question was always how to map NFTs, blockchain technology and the associated web technology web3, i.e. the strict decentralization of data, in a digitalized business model. Does it already make sense to think about it today? How high is the complexity? Is the technology available and what are the associated costs?

The central question: web3

The decentralized web3 Internet model refers to a new Internet architecture which is based on blockchain technology. It is designed to be more resilient, secure, and efficient than the existing web. It allows for the creation of distributed applications (dApps) that are not controlled by a single authority or entity.

This type of architecture enables peer-to-peer (P2P) interactions between users, allowing for a more secure, open, and transparent network. It also enables users to have complete control over their data, allowing them to participate in the global economy without needing to put their trust in any central authority.

One famous tool: NFTs

NFTs (Non-Fungible Tokens) have emerged as a new way for businesses to engage customers, create new revenue streams, and attract investors. A successful NFT strategy requires careful consideration of several key elements, including defining the purpose of the token, determining the best platform for its launch, and understanding the complex technical aspects of the technology.

When used in marketing, NFTs can provide businesses with a unique and memorable way to promote their products and services. By offering exclusive digital collectibles, businesses can create a sense of prestige and scarcity, driving customers to purchase the offerings. Companies can also use NFTs to create loyalty programs and reward customers for their engagement.

In productive areas, NFTs can be used to secure digital assets and create trust in the ownership of design, technical design, engineering solutions, quality control processes. If it comes to the creative industry artwork, music, and other digital assets can be secured. Companies can also leverage NFTs to create new models of ownership, including tokenized representational shares and fractional ownership of real-world assets without almost limitation. Applications in sustainable forest management are possible and are currently being tested in low-fi models.

When defining an NFT strategy, businesses should consider the following key points:

1. Identify the target audience: Who will be interested in purchasing the token?

2. Understand the technical aspects of the token: How will the token be created and stored?

3. Determine the best platform for launch: What platform will provide the most visibility and liquidity for the token?

4. Develop a marketing strategy: How will the token be promoted to the target audience?

5. Set realistic expectations: What are the expected returns from the offering? And what are the important things for an NFT marketing strategy for businesses?

6. Develop a Unique Selling Proposal: Businesses should create a unique selling proposition (USP) that clearly outlines the benefits of their NFT and how it stands out from the competition.

7. Utilize Social Media: Social media can be a powerful tool for businesses to reach potential buyers and create buzz around their NFT.

8. Create an Engaging Website: Businesses should create an engaging website for their NFT that is easy to navigate and contains all the necessary information potential buyers need.

9. Leverage Influencers: Influencers can be a great way to reach a large audience and promote an NFT. Businesses should look to partner with influencers in their niche to help promote their NFT.

10. Host Contests and Giveaways: Contests and giveaways are a great way to engage potential buyers and generate interest in an NFT.

11. Participate in NFT Marketplaces: Participating in NFT marketplaces is a great way for businesses to reach potential buyers.

12. Utilize Paid Advertising: Utilizing paid advertising is an effective way to reach potential buyers and generate interest in an NFT. This point is particularly important when it comes to the marketing context for NFT applications. In all applications, highly differentiated paid advertising tactics should be critically questioned.

13. Monitor the Market: Businesses should be sure to monitor the NFT market and adjust their marketing strategy as needed.

Resume

Which are the main advantages using NFTs in a company strategy?

By taking the time to evaluate each of these 13 key points, businesses can create a successful NFT strategy that will help them engage customers and create new revenue streams.

NFTs provide a secure, digital ledger of ownership and transactions, allowing companies to track digital assets with greater accuracy and transparency. With NFTs, transactions can be completed in a fraction of the time of traditional methods, making them ideal for quickly selling and trading digital assets.

NFTs are secured with cryptography, making them resistant to counterfeiting and fraud. By eliminating the need for intermediary services, NFTs can reduce the costs associated with trading digital assets, as well as the related security expenses during the transaction chain. NFTs can be accessed from anywhere in the world, allowing companies to reach a global market of potential buyers.

Companies can use NFTs to create unique, custom experiences for their customers, helping to build and strengthen their brand identity.