With the quick development of the NFT market, many brands and companies decided to make a step into that sphere, which is supposed to gain more attention to the brand. This step is slowly becomes a type of marketing. The digital artwork known as Everydays: The First 5000 Days, which was created by Beeple, sold for around $69 million at a Christie’s auction in 2021. Since then, the concept of non-fungible trading token (NFTs) has gained widespread attention. Due to the fierce competition in the industry, the marketing teams of NFTs have been working to retain their users.
To increase the floor prices, they’re adding more features. For instance, on the platform VeeFriends, Gary Vaynerchuk, a media personality, gives NFT holders entry passes to the event VeeCon. Adidas NFT holders also have exclusive access to drops. Late-entry NFT projects are often harder to succeed if they only have projects that feature profile pictures.
What happened and how does it work?
Today, NFTs are an identity of a certain brand or community. Because of this, most NFT holders flock to projects that share their beliefs.
This opens up a variety of possibilities for membership marketing, including the ability to provide a VIP experience or engage with members in various ways. For instance, properties of NFTs can be regarded as membership levels, similar to having a Platinum membership card.
Through the use of NFTs, brands can easily identify and airdrop exclusive rewards to their customers. For instance, when Sony Pictures’ Spider-Man: No Way Home was released, AMC Entertainment gave 86,000 NFTs to its members as a loyalty reward.
In addition to being able to identify and airdrop exclusive rewards to their customers, NFT projects also face the issue of verifying the identities of their holders offline. For instance, when Adidas releases limited-edition products for its NFT owners, they have to go to physical stores to redeem the goods. The company’s staff members need to first verify the authenticity of the token and if the prize is still valid.
KryptoGo Wallet NFT
Due to the complexity of the information that is collected by staff members, it is currently time-consuming and inefficient to manually enter this data into Excel or other online spreadsheets. To solve this issue, KryptoGO Wallet launched an NFT redemption feature during the Lunar New Year.
Through this feature, NFT holders can redeem Adidas exclusive products in physical stores by clicking on the NFTs and then turning them over to the staff. These QR codes feature time stamps and owner-verified “sign” actions, which make the process easier to manage.
Once staff members scan the QR codes with their smartphones, the perks will automatically be added to the reward lists. This eliminates the possibility of double-spending.