Marketing or promotion of products and services is not a new thing as people have been doing that since ancient times. Obviously; the method of marketing keeps on changing with the advancing times. In earlier ages, people used to use banners or promoted their brands through word of mouth. Then came the trend of pamphlet distributions, and advertisements in newspapers and TV sets followed by the use of digital media and social media platforms for promotions.
“Business has only two functions; marketing and innovation.” Milan Kundera
It won’t be an exaggeration to say that marketing the product is nearly as important as manufacturing the product because if people are not aware of its existence then what is the purpose of its existence anyway. The most innovative and advanced form of marketing in today’s time is NFT marketing as it uses block chain technology to process things. This post is all about block chain technology and NFT marketing methods.
Block chain technology:
Block chain technology can be defined as the form of technology in which all of the business transactions are well protected and maintained in a way that nobody can steal or hack into your system. It is the digital ledger of transactions that can be shared with the entire network of computers without a chance of getting stolen or hacked. There are two types of assets that are tracked by using this form of technology;
- Tangible asset; is the type of asset that has a physical substantiality like a house, a car, a property, etc.
- In-tangible asset; is the type of asset that is not physical in nature like a trademark, copyrights franchises, etc.
If anybody is interested in this field then he or she should choose IT as his major because it is the only field that discusses all these topics. The course might be slightly overwhelming when it comes to writing projects on the related topics but being an IT student you must know that it is not difficult to take IT Dissertation Help or online help with any academic issue from online platforms.
Now that the readers have got an idea of what block chain technology is, it would be easier for them to understand NFT marketing. It is just like if a student has taken the Dissertation Presentation Help then it gets easier for him to work on the rest of the dissertation because a preview and background always help in the continuation of the task.
Non-fungible tokens are a record of ownership of primarily digital media, where the NFT is stored on a block chain. According to the 2021 Gartner Hype Cycle for Key Technologies, NFTs may significantly transform marketing functions (Paschen, 2021).
NFT (Non-fungible token):
A non-fungible token or an NFT is information recorded on a block chain that is associated with a specific kind of digital or physical asset. The ownership of the NFT is recorded in a block chain that can be sold and traded without being hacked or stolen.
NFT vs. crypto-currency:
NFTs work just like any other collectible item that is traded in the market but only on a digital platform. Even though; the functioning of NFT, as well as cryptocurrency, is based on the same principle but there is a huge difference between the two as crypto-currency is interchangeable but NFTs are one of their kinds. A cryptocurrency is a type of digital or virtual currency that uses encryption to protect it from counterfeiting (helpwithdissertation, 2022).
NFT and marketing:
Basically; in this form of marketing, NFT offers a way for business owners to provide their customers with a unique and personalized experience that they cannot buy from any other platform. These are the non-tangible digital assets that can be collected, traded, and sold. Hence, creating a community of buyers around which your products and services keep revolving.
Key points of NFT marketing:
“If you are an artist and still not using NFTs then you are potentially missing millions of dollars.”Olawale Daniel
Following are some of the key features or benefits of NFT marketing:
1. Innovative ways:
NFT marketing introduces innovative ways to promote the product or services. These innovative ways make people more interested in a particular product and keep them engaged in it. This type of engagement has the capability to turn the customers into lifelong fans of your brand.
2. Manages supply chain:
NFT is yet another way of managing the supply chain of a particular business or institute. The data about the products and services can be stored through this medium and you can have an idea of how efficiently is your business working.
3. An active community of customers:
As NFT comes up with innovative solutions so it keeps the community of fans active by coming up with innovative strategies and makes them feel that they are being heard. This increases the implication and commitment of the collector.
4. Better experience:
Brands and businesses that have adopted NFT in their businesses provide a far better experience in terms of transparency, accountability, traceability, efficiency, authenticity, and composability.
5. Increases the reach:
NFT increases the reach of the product to people by being a part of various games and videos. People get to know about a particular brand or business through these non-fungible tokens and once they get familiar with it, they automatically get interested in it.
Some of the common examples of NFT:
Readers who still have some doubts about NFT will have a clear understanding of them after reading some of the following examples;
- Unique digital artwork.
- Exclusive sneaker limited edition in a digital platform.
- In-game item.
- Ticket or coupon for the exclusive show through a digital medium
- Digital degree certificate.
People are advancing along with the passage of time. One such advance has been seen in the marketing world as well where a form of block chain technology has been introduced. NFT plays an important role in promoting brands and businesses. Hopefully; the above-mentioned post will help the readers in having an idea about the concept.
helpwithdissertation. (2022, May 16th). Crypto Crash: What Investors Need to Know. https://www.helpwithdissertation.co.uk/blog/crypto-crash-what-investors-need-to-know/ .
Paschen, R. C. (2021, Dec 18th). NFT marketing: How marketers can use nonfungible tokens in their campaigns. Business Horizons .