More and more world’s top companies are entering the Web3 space every day. That is, cryptocurrencies are being purchased, crypto wallets opened and NFT collections sold. While it’s fairly straightforward to understand how cryptocurrencies are implemented in business activities (for example, purchases), many people still do not know how exactly and why NFTs could be applied in business. Therefore, this blog will outline several tactics for use of NFTs in business and look at the case studies of Budweiser, Adidas, and McDonald's.
NFTs in business
Here are 4 ways how NFTs can bring value to your company:
- New source of revenue. Companies can generate revenue by selling digital assets and collectibles that are connected to NFTs.
- Authentication. NFTs can provide proof of ownership and authenticity for digital assets, which can prevent fraud and ensure the security of customers’ purchases. That is because NFT technology represents ownership of a specific digital asset that it is attached to.
- Scarcity: NFTs can create scarcity for digital assets, which can increase their perceived value and create a new market for these items.
- Unique branding: Businesses can use NFTs as a way to promote their brand by engaging with their customers in unique ways.
Strategies of unique branding
Unique branding can easily stand out due to its creative varieties, so let’s talk more about it. In fact, there are plenty of strategies to create unique marketing and branding experiences by using NFTs. To start with, consider these 6:
- Raffles: Random NFT owners get exclusive presents
- Discounts: Give exclusive perks to the community like discounted tickets
- Air Drops: Send content directly to the NFT owner’s wallet
- Events: Special events organized exclusively for the NFT owners
- Exclusive content: Content only exclusive for NFT owners
- Voting: Let the community vote about community-related matters
Now that you are familiar with ways your company can implement NFTs, we can now look at how other companies did it.
Budweiser’s Heritage Collection
Budweiser released 1936 unique beer can designs as NFTs to celebrate the brand’s history (as it was founded in 1936). The entire collection was sold out within 1 hour. Ever since, the company has continued dropping various NFTs collections, as those have proved to be a great success. For instance, the latest one was dedicated to FIFA World Cup 2022 in Qatar.
Adidas’ virtual gear
In December 2021, Adidas launched its first NFT collection. Together with the NFT, the owners of the digital assets received physical clothing as well. In the span of one afternoon, Adidas sold 29,620 NFTs (each priced at almost $800), meaning that the company earned more than $22 million in sales.
McDonald’s NFT giveaway contest
To celebrate the 40th anniversary of the infamous McRib sandwich, the company has launched a contest to giveaway 10 unique NFTs. The participants simply had to retweet McDonald’s tweet to take part in it. Not surprisingly, the post got over 93,000 retweets.
Try it yourself
It does not matter what industry your company operates in – events, art, music, sports, or even gaming – you can also benefit from implementing NFTs. Stop missing out and launch your own NFT marketplace today with Authic’s no-code white-label solution. If you are not sure where to start, this blog provides you with guidance. Or just schedule a free demo with our skilled team, and receive strategic advice on how to get started.