NFTs: From Collectibles to Brand Engagement

NFTs, or non-fungible tokens, have been on fire for the past year. From the Bored Ape Yacht Club to CryptoKitties, the trendiest collections have been snapped up by collectors to add to their portfolios. When it comes to customer experience, 70% of Gen Z customers say they have switched brands if it doesn't meet their expectations.

Various brands have launched NFT marketing projects to engage with their customers and build an engaged community. Examples include Barbie creating new digital outfits and Marriott engaging emerging artists to create travel-inspired art. The key to achieving longer-lasting customer engagement is to use NFTs to build a community of passionate users who can advocate for the brand.

NFTs can be used to rally a group of engaged customers, create exclusive content, and run loyalty programs. Marketers should consider how NFTs can be used to align with social impact, create events, and develop loyalty programs. NFTs can reinvent customer engagement and community strategies in various areas such as commerce and product authentication.