NFTs – also known as non-fungible tokens – are defined by Invetopedia as “cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.”

Tons of B2C brands are taking advantage including Starbucks, fashion brands, bands for concerts, and more. So why bother caring in the B2B world?

Recently I wrote about the metaverse and how NFTs are utilized and what came to mind most when it comes to brands and this new tool in marketing is events. The metaverse is one location, but in real life events or brand events such as live streams can utilize NFTs as well.

B2B Brands can utilize NFTs with potentially the following:

• Event admission with NFT
• Event bonus content
• Brand loyalty created through NFT in wallet
• Brand ambassadorship through specific NFT in wallet
• Utilizing the cool factor of the popular types of NFTs
• Partnerships with other brands who are already in the space vs starting from scratch
• Partnering with creators who have made an impact vs creating your own

It’s not about you in the space, it’s about the person who carries the NFT in their wallet, and what it means to them. What feeling will it evoke? What type of attention will that carry? Will it provide some sort of special place in the crypto space for them? Will it give them loyalty points? Will they get special access to things or events or products/services?

Lots of things to consider here, but the main point is – what is the value YOUR brand is providing.

Lately all we hear or read about is NFTs and the Metaverse. So what about it? What does it really mean for marketers and brands?

However social media has become an integral part of our daily lives. Whether you want to connect with your friends, share your ideas, check what’s happening around the world, share your recorded video, or anything else, you turn to social media. Applications like Facebook, Instagram, Twitter, LinkedIn, and Pinterest are some of the most widely used social media platforms these days. Brands have always been proactive in looking out for smarter ways of promoting their products. Those who started using social media for business long ago are already reaping its benefits and have been successful in reaching a wider audience.

WHAT IS IT

The metaverse, founded by Meta -  is a digital location similar to what we had with second place and if you recall the palace from the nineties but more immersive. It uses AR and VR and blockchain, to create a place to interact outside the “real world.” If you have devices like the Oculus, you can see how it’s already starting…

ACCORDING TO ‘THE WIRED’ TO UNDERSTAND THE METAVERSE…

“Mentally replace the phrase “the metaverse” in a sentence with “cyberspace.” Ninety percent of the time, the meaning won’t substantially change, learn about the productivity at work apps. That’s because the term doesn’t really refer to any one specific type of technology, but rather a broad shift in how we interact with technology. And it’s entirely possible that the term itself will eventually become just as antiquated, even as the specific technology it once described becomes commonplace.”

 SO WHAT’S THE DIFFERENCE BETWEEN THE METAVERSE AND NFTS?

The metaverse gives people a space of their own in the digital sphere for showcasing, having events, and more. While NFTs are how people can price and sell said items such as images you’ve been seeing folks create and sell lately within the art and digital world.

WHY IT MATTERS TO BRANDS

Metaverse participants are able to engage in a new way with an audience who appreciates the online setting as more than just a place. It’s a setting to create another place that is reality, but outside reality at the same time. It’s a new location for experiences, events, content and a way to reach an audience in a way they’re excited about including gaming and more. This includes marketplaces where users can buy, sell and exchange items such as digital items including fashion, NFTs and event tickets. 

EXAMPLES OF BRANDS AND INFLUENCERS PARTICIPATING ALREADY

While the metaverse is still being created, adapted to, and evolving day by day, brands such as Forever 21, Miller Lite, Netflix, Coca-Cola, Gucci, Louis Vuitton, Apple and Nike have started creating content, experiences and in turn targeted content for this environment.

Want more examples  - check them out here by digital speaker. 

 EXAMPLES OF WHAT NOT TO DO

Do not treat it as another ad opportunity or place to throw the same content your brand has elsewhere online such as on Twitter or Instagram. It has to be ideated and executed specifically for this environment and experience, even if it’s apart of a larger campaign.

 BEST PRACTICES

• Create for the platform and use of it
• Do not be intrusive or interrupt use of the platform or location within it
• Be apart of the experience that’s immersive or passive

Are you ready?