Part 2: Here’s how to join in this exciting journey
I talked about the NFTs, their origin, and their possible future in part one of this blog. Now in this part, we will look at how you can join this exciting journey are here to stay. You know it, we know it and most of the brands out there know it.
Whether companies are simply riding the wave or onto something that has the potential to redefine the way brands connect with consumers, investing In anything digital is definitely the way forward. The mystery remains, however. How can brands select a relevant NFT-centric strategy that engages, instead of alienates, their core consumer group?
Too scarce or too soon?
The explosive value of NFTs, in fact, is in their adoption. The more people buy and engage with NFTs, the more businesses are likely going to view it as a necessity. The adoption of multiple social media networks over the last twelve years is proof that customer engagement drives branding. Simply put, where trends go, brands will follow.
For some brands, their core strategy is in its scarcity. Think luxury brands that thrive on being unavailable. For them, path-breaking spaces that are not yet crowded with the competition are where they fully blossom (and cash those dollars). For others, this can be out of step with their branding ideals. The question to ask here is, how much time of my customer’s day is spent in the virtual world? This could help shape the percentage of marketing focus in this not-yet-dominated space. Embedding NFTs into your core branding is key.
However, some brands do believe that this could be yet another hype-cycle. There is so much we are yet to uncover about the way blockchains operate. This usually makes it a ripe market for scams. Fake NFTs are common and the industry as a whole is still working out IP and ownership challenges. All the hype surrounding NFTs only increases security and verification risks.
Smarter brands are always looking at what’s next and NFTs hold a deep fascination (for now). To fully evaluate whether or not this path is right for your brand and to what degree, it is essential to keep an ear to the metaverse ground. With nothing but the hype surrounding NFTs, plenty of resourceful and helpful online communities are being created. As NFT enthusiasts, they can help inform your marketing strategy. Speaking to other advisors is also a good way forward. Investing in smaller digital tokens is also a cautious approach.
While all trends point to yes, sometimes being relevant can be costly. Ultimately, it is a waiting game for most brands to see if the metaverse becomes mainstream. Excellent news for those waiting by the metaverse sidelines.
Riya Vatnani is Group Account Director at Cicero & Bernay Communication Consultancy, an independent PR agency headquartered in Dubai offering new-age public relations consultancy to the UAE and across the MENA region. | www.cbpr.me