NFTs
NFTs are more than a marketing tool for companies
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of the crypto.news editorial.
In company meeting rooms, silence revolution is underway as executives and creative teams find new ways to utilize unique blockchain-based tokens in their marketing strategies. Dubbed digital collectibles – a term meant to simplify the concept for consumers – non-fungible tokens (NFTs) are being seamlessly integrated into the products of major corporations to breathe new life into customers’ virtual and physical experiences.
Gone are the days when digital images inscribed on blockchains were at the center of pop culture; now that the market it fellNFTs have found a new home – companies’ marketing departments, relegated to capturing cash for loyalty programs and digital collectibles displayed like public trophies in blockchain wallets.
Take Mastercard partnership with crypto neobank Hi or Inclusion of NFTs by Coca-Cola in global advertising campaigns, for example. While these collectibles are primarily intended to promote customer loyalty and engagement, coupled with the fact that trading is discouraged, they have inadvertently classified NFTs as mere marketing tools in the eyes of many.
However, suggesting that this is the extent of the NFT’s usefulness does a disservice to the technology and its potential – and perhaps to human ingenuity. We have barely scratched the surface of NFT utility. Reducing NFTs to mere marketing tools is ignoring the implications and versatility they can offer beyond their current applications.
The big question is whether NFTs are just destined to become mere souvenirs and trophies. To appreciate the value of any technology, it is important to appreciate how it contributes to the way we create, consume and exchange value in the digital age. For example, one could have argued that AI would only be limited to chatbots before ChatGPT exploded onto the scene and took conversational AI to a whole new level.
As blockchain technology continues to evolve and mature, those committed to building honest and sustainable NFTs for practical use are bound to (quietly but surely) rise above the fray. Trends come and go – and there’s no denying that some NFT projects have been driven more by hype and speculation than genuine utility, innovation or artistic merit. Amid the noise, those who dedicate themselves completely to their products and their community will ultimately change things for the better.
We are witnessing the emergence of use cases and creative applications for NFTs that span different industries – fashion, fitness, gaming and more. Just as brands strategically leverage influencers to align with their vision and values, NFTs, beyond their role as money-making tools, should be integrated into brand strategies with a similar approach. It’s not simply about checking a box; it’s about activating communities and promoting a shared vision. NFTs must be consistent with the brand’s overarching strategy and purpose, ensuring authenticity and avoiding the trap of becoming just another marketing gimmick. By aligning NFT usage with brand values and authentically engaging communities, brands can unlock new avenues for creativity, empowerment and community building in the digital economy.
Take games, for example; The introduction of NFTs into web3 games serves as a poignant reminder of the importance of prioritizing fun and engagement above all else. Just as the heart of games lies in immersive experiences and captivating narratives, the real value of NFTs in this context goes beyond mere possession of tokens. While there is a rush to tokenize game assets and encourage ownership, the essence of gaming – the joy of exploration, the thrill of competition, and the camaraderie of community – must remain paramount. NFTs should enhance the gaming experience, not overshadow it.
In fact, lessons learned from web3 games can be extrapolated to other industries. Just as gamers seek fun and fulfillment, consumers crave meaningful interactions and experiences. Integrating NFTs into marketing strategies – and more – should focus on community activation, shared vision, and authenticity. The use of NFTs must align with brands’ overarching strategies and purposes, fostering genuine connections and adding value to the consumer experience. By embracing the fundamentals of fun and engagement, brands can unlock the full potential of NFTs, creating immersive experiences that resonate deeply with their audiences.
At their core, NFTs are a testament to human creativity – a way to reshape our approach to art, technology and commerce. To fully realize their potential, we must transcend the superficial and narrow view of NFTs as mere profit-driven innovations. It’s time to authentically embrace NFTs for their ability to drive positive social and economic change – and this requires a return to basics, uniting web2 and web3 in strategy and utility. Only genuine appreciation of the NFT’s creative potential in human experiences reveals its genuine usefulness.
Shiti Rastogi Manghani
Shiti Rastogi Manghani is an award-winning business leader with 14 years of experience in 11 countries managing multi-million dollar projects. Previously, Manghani served FSL as chief operating officer and was recently named executive director to oversee overall operations for FSL’s product suite. Manghani is an electronics engineer with an MBA in marketing. She founded her computer vision-based AI start-up, which is in the top 50 wellbeing start-ups in the UK (ranked 14th) and in the top 100 healthcare companies in the UK. Previously, she worked on launching the Wall Street Journal’s digital arm in India and building powerful brands at PepsiCo US.