NFTs: The New, Yet Familiar Way To Grab & Hold Consumer Interest
If you’ve read anything over the course of the last year or more about how brands can create, deploy, and market their own NFTs, you’ve likely come across some variation of the following statement: the NFT space (and more recently, the web3 space) is uncharted territory.
While this statement and its sentiment certainly make sense, since NFTs and web3 do comprise a new and rapidly evolving marketplace, brands should not be hesitant to venture into the space to take advantage of the many opportunities that are being presented.
Brands, listen closely — you’ve navigated opportunities like these before, and for the past few years there have been a number of brands who have successfully navigated this emerging market quite well.
Sweet has been working with brands of all sizes from across different vertical markets, and while we’ve engaged brands who were at first hesitant and expressed their “uncharted territory” trepidations, we’ve been able to come alongside these brands to help them build and execute their own successful NFT projects. Our advice to brands has been to approach their foray into NFTs in the same way they approach other initiatives — with strategic planning based on clear goals. Here is a list of helpful questions for brands to consider as they make plans to enter the NFT space:
- Where do you believe your audience is headed in the future? — i.e. What might interest them and how will they buy?
- How can web3 impact that future direction?
- What steps can you take as a brand now to add value as your audience ventures toward this future?
- What are some steps that are authentic to your brand that you can take now within the NFT and web3 space?
- What do you have access to in the form of Intellectual Property (IP) that you can use for an NFT project?
- How can you get creative if there are limitations or missing pieces (i.e. we don’t have IP or our logo is off limits)?
- How will you make your NFT designs interesting and distinct given the types of projects that have already entered the space?
- How can you build your NFT project in a way that makes sense for your brand and is authentic?
- The word metaverse has been getting thrown around quite a lot, but how can you focus less on buzzwords and more on the experience? In a world without limits as to what is possible, is there an experience you can create that would help your customers better visualize your brand and its products/services?
- What are the key components to any brand experience you create? How can you recreate or reframe that experience with NFTs and web3?
- When it comes to getting your NFT project out into the world, what are the resources that you have access to? For instance — do you have your own venue, media platforms, broadcast methods, built-in influencers, etc.?
- Are there any cool in-real-life (IRL) experiences that you can offer as part of your NFT release to help deepen the connection with your audience?
- How can you utilize gamification within your NFT project and create a fun and interactive experience for your fans?
- Much like the campaigns and programs you’ve launched in the past, how can NFTs help create a unique experience for fans of your brand? How can you grab the attention of your audience in a fresh, new mind-blowing way that also feels familiar to the brand they have come to trust?
This is a high-level view of some key considerations that Sweet has learned are vital in formulating a successful NFT release. Each of these considerations can of course get much more specific and granular, depending on the brand, its unique set of goals, and current market conditions.
Emerging markets have always been considered uncharted territory, unlike their legacy market counterparts which have been charted already. Unsurprisingly, emerging markets can present many unknowns, but they can also offer many exciting opportunities with incredible growth potential.