Nonfungible tokens (NFTs) can enhance consumer experiences and transform everyday interactions like store visits.
NFTs are currently being used by brands like the NFL and Mercedes to attract customers and build direct and authentic connections with them. Given the buzz around NFTs, the technology can be the foundation of the next generation of advertising, potentially as an alternate to display ads, contends the article.
Companies can use NFTs to create brand awareness, bolster customer relationships, and combine ecommerce's measuring capabilities with marketing's reach. Brands can create events and experiences to attract customers, investors, and influencers using NFTs. For example, the NFL provided free NFTs to all attendees of the 2022 Super Bowl and launched eight NFTs to commemorate the eight times the Super Bowl has been held in Los Angeles.
Businesses can also reward NFTs to loyal consumers and convert them into brand advocates, as demonstrated by Clinique's NFT loyalty campaign. Moreover, because every interaction is governed by smart contracts powered by blockchains, businesses can use NFTs to address issues like tracking and fraud. Marketers can use NFTs to create one-to-one interactions with consumers and effectively measure KPIs in ecommerce transactions.
[4 minute read]