Have you read our article on web3 basics? If NFTs, blockchain and metaverse are concepts that you master and you can’t wait to know how to take advantage of them as a marketer, this article is for you!
The three most important words for understanding the possibilities of Web3 for brands are access, ownership and utility.
Let’s look at access first. Branded NFTs are quickly becoming a connection point for their community and will increasingly be used as an enhanced rewards program. For example, Budweiser, the beer brand of Anheuser-Busch InBev, launched its first non-fungible token (NFT) collection, the Heritage Collection, which features 1936 unique digital designs of beer cans as digital assets. The collection launched in 2021 and sold out in less than an hour.
Many brands have used NFTs as part of rewards programs to promote loyalty. In these projects, NFTs are usually distributed for free, either through a lottery or upon presentation of proof of purchase, and they serve to make consumers want to be part of the brand universe. The idea is not to look for “buyers”, but to get people to keep the NFT and to strengthen the sense of community among digital asset holders. Giving away NFTs for free is arguably the safest option for a brand.
Budweiser opted for the more ambitious strategy, issuing a relatively small number of NFTs at a significant price. This activation allowed them to work on the legacy pillar of the brand while building equity. Owners of these NFTs are now part of a select club of enthusiasts who “own” a piece of the brand.
Which brings us to our second word, property. NFTs are permanent, and although their value may fluctuate, they remain tangible proof of ownership. Take the example of the interactive entertainment platform Fireside, where NFTs allow holders to participate in the creative process.
Fireside is a new platform for professional content creators. Launched last fall, it allows creators to broadcast live shows in which online viewers can communicate two-way with the hosts and with each other. Spectators comment and ask questions in a real-time forum, they can also be invited to “go on stage” to join the presenters from their phone.
But most interesting for creators is that Fireside allows the sale of NFTs which will serve as membership cards allowing fans to access the production process in real time, and even influence the creation of the show and content available on the platform.
According to Fireside CEO, Falon Fatemi, buyers of NFT will have access to exclusive videos and will be contacted by the production team to ask for their opinions or ideas regarding the development of the show and they will actively participate in the co – content creation.
The last word for Web3 is that of utility, that is to say that once users “own” part of your brand thanks to an NFT it can allow them more direct access. NFTs can therefore serve as an enhanced membership card that can allow access to exclusive events. For Budweiser, one could think of a VIP event for the SuperBowl dedicated to NFT holders
First of all, you have to make sure it’s the right time for your brand to enter in this universe.
An “NFT drop” can be very sophisticated to create and you have to beware of the dangers of fraud and money laundering. It should incorporate several controls to protect itself including providing terms and contracts that protect your brand.
As this universe is new for many Internet users, if your brand decides to create its own NFT, you must make sure to give exhaustive instructions for the purchase.
As with any other sphere of marketing, the Web3 is a platform where your actions must be aligned with your brand strategy.
Your presence on Web3 must be anchored in a strong brand strategy.
We spoke above about the example of Budweiser Héritage and its NFT drop, for another brand in its portfolio, Stella Artois, the positioning is different, so they oriented the launch of their NFT as a charitable donation with the Water Foundation of which they are partners.
No matter how you want to participate in Web3, you need to have a consistent and distinct strategy for your brand.
If one of your brand’s target audiences are early adopters of new technologies, or GenZs who spend hours (and spend real dollars) on Roblox or a segment of your audience are extra fans and are ready for anything to show you their allegiance, Web3 might be an interesting avenue to start exploring.
To get started, define what your brand values and affinities are, music or sport in particular, and how these can be expressed in activations on the Web3.
There’s a lot of buzz surrounding NFTs from the metaverse. Web3 is still in its infancy and will go through several iterations before it really hits the mainstream.
Yet this is a new way of existing online and the technologies behind it are here to stay and every marketer needs to start thinking about how this will impact the way they interact with their audiences targets.
Do you need an outside eye to help you develop your brand strategy and positioning? Write us!
