Could NFTs Replace Your CRM Strategy?

Data collection has been crucial in marketing for the past decade, however, this is beginning to change due to privacy regulations, consumer preferences, and the evolution of tech platforms. NFTs (non-fungible tokens) can create a new, permissioned and pseudonymous way for brands to connect with their customers. Customer relationship management (CRM) systems have four key aspects: contact management, interaction tracking, real-time communication, and workflow automation. NFTs could replace these functions by providing transparent identities, a permanent record of interactions, and real-time communication.

Marketers can use NFTs to understand customers and prospects better by combining verified information from the NFTs with other CRM data. For example, companies can host events and give POAP (Proof of Attendance Protocol) NFTs to attendees, which are non-transferable and forever tied to the original attendees. Physical items can come with digital counterparts, which can be downloaded to an individual's crypto wallet. This alerts the brand immediately and allows them to message customers in real-time.

NFTs provide the potential for automated workflow solutions, where the terms of contracts are executed as code running on a blockchain. Marketers should start testing the waters and learning what their customer base wants from the NFT space, as well as developing products and experiences that merit being tied to an NFT. NFTs may not replace CRMs completely, but they will become a valuable channel in the mix.