- [Emma] NFTs are everywhere.
The digital collectibles racked up
over $17 billion in sales in 2021
and have companies and celebrities alike
clamoring to launch their own campaigns.
The latest digital format was even the subject
of a Saturday Night Live sketch
with NBC Studios then auctioning off the sketch as an NFT.
♪ Everyone is doing it like Gronkowski ♪
♪ Can you please help me make an NFT? ♪
- Whether NFTs are a passing fad
or the future of collectibles is all yet to be seen.
And while the swirl of boom and bust cycles
grab the headlines, a core theory behind NFTs remains.
NFTs can operate as another way to connect
and engage small businesses with their customers
and grow their brand loyalty.
So what could brand loyalty through NFTs look like?
And how exactly do you make that happen?
(futuristic electronic music)
For small businesses,
the name of the game is customer loyalty.
Building community around your brand is easily done
through loyalty programs
and sites like RareCircles provide a one-stop shop
for small businesses looking to launch an NFT program.
There are tools in place
to help you seamlessly integrate these digital collectibles
into your existing or new loyalty program,
adding much needed utility to the NFTs themselves.
Through loyalty programs, NFT holders could get first access
to new and exclusive items in your shop,
unique codes that accrue points,
a one-on-one with the owner,
or you could reward your customers with an NFT
for purchasing a year's subscription.
You get a loyal customer
and they get a digital asset they can hold onto
or sell at a later date.
There are endless ways to create loyalty through utility.
Recently, Clinique seamlessly integrated NFTs
into their already-existing loyalty program
by releasing them as part of a limited time raffle event.
Access to the raffle was universal,
with members entering by sharing inspirational stories
to different social media sites
like Instagram, Twitter, and TikTok.
While only three entries selected received NFTs,
using social media participation as entry
not only created a fun and engaging experience
for their customer base,
it also expanded their social media reach
with free advertising.
AMC partnered with Sony Pictures
ahead of the Spiderman "No Way Home" release
by offering around 86,000 NFTs
as freebies to select loyalty members,
including those who subscribe
to its Stubs Premier and A-list programs.
This NFT freebie was a huge incentive
for customers to see the new release at AMC
rather than competitor theaters
and sign up for their loyalty program,
keeping them coming back.
Partnering with Sweet, an NFT marketplace,
Burger King paired their NFT campaign, Keep It Real Meals,
with their existing loyalty program, Royal Perks.
They put a gamification spin on the campaign
with customers scanning a QR code on each meal box
to receive one of three collectible NFT game pieces.
On completion of the set,
customers automatically received a fourth NFT reward,
which could either be a digital collectible,
free Whopper sandwiches for a year, merchandise,
or a call with one of their celebrity ambassadors.
Loyalty programs are proven to work
and all hype aside, NFTs can be a new tool
to help support that customer loyalty and engagement.
Now, NFTs can be anything,
from tweets, pictures, logos, to digital wearables.
You can create your own art,
but for businesses looking to dive
into such a saturated space,
partnerships with crypto artists are a great way
to get your foot in the door.
Time Magazine partnered with 38 established artists
who have deep roots in the NFT community
to launch the Genesis Collection,
with the focus of the entire project
being on collaboration within the community.
Including the NFT community from the start adds credibility
and for small businesses
can help you navigate this new space.
The next step is getting your NFT onto the blockchain.
Now, some sites like OpenSea, Rarible,
NiftyKit, and Origin Protocol all have tools in place
to bring your NFT campaign to fruition,
however for small businesses,
think about partnering with existing NFT projects.
Finding a project
that can align with your brand is a win-win.
You can add value through your brand's offering
while benefiting from their existing platform.
Maybe it's an avatar project
and your partnership gives digital versions
of your clothing and jewelry
as NFTs for the avatars to wear.
Regardless of what direction you go in,
be sure to do your research to find your best fit,
which may mean hiring someone
to help guide you through the process.
But no matter what you do, there is no rush.
After all, NFTs are contracts
and they aren't going anywhere.
Think about what makes the most sense
for your particular business objectives.
The most successful NFT campaigns
are ones created around building communities
focusing on utility and longevity.
So with endless possibilities
and thriving new digital communities,
now is the perfect time to bring your business
into the world of NFTs.
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