Blockchain tech is an absolute phenomenon that has been sweeping the globe for the greater part of the last half-decade. This started with cryptocurrencies such as Bitcoin and has evolved into hundreds of new branches and innovations.
NFTs are one of these innovations. Built on Blockchain technology, NFTs or Non-Fungible Tokens can be thought of as unique digital assets. The emphasis here is in the word “unique” as NFTs cannot be duplicated.
We talked to Jurgen Cautreels, a veteran in the marketing world with a strong focus in digital marketing. He is also an expert of NFTs and a pioneer in incorporating NFTs in digital marketing strategies.
We picked his brain to find out just why you should use NFTs in marketing, and why they’re such a big deal and now we’re sharing those thoughts with you.
Being a marketing expert, Jurgen Cautreels’ first thought on NFTs was “how do we use this technology to sell brands and businesses” He explained to us how they can be used the same way online as things like billboards and shirts can be used in the real world.
NFTs allow businesses to create digital items, like images or GIFs, or even video game items, and allow customers to obtain them via purchase or special events. Traditional images, GIFs, and items are not very valuable because they can be copied at the click of a button, but Cautreels explains NFTs are so much better because of the fact that they cannot be duplicated under any circumstances.
NFTs are being experimented with as a form of handling important documentation, such as degrees, medical histories, insurance claims, etc. While not a technology or use-case specific to marketing, this does come into play in the form of contracts, for example.
Now, specifically for marketing, NFTs can be used in the form of membership cards. The novelty of this is enough to bring in customers, but also the security and peace of mind. NFTs are far more safe than traditional membership codes and are actually even more secure than a real-life physical card since they are stored on an encrypted, unique blockchain.
Billboards, benches, and posters are tried and true means of advertising and marketing in the real world. Thanks to NFTs, this classic form of ad placement will now be available online. Thanks to NFTs, companies or individuals will be able to buy and own digital space.
This can be in virtual worlds, or on websites. By taking the form of an NFT, this space will be permanent, and will not be able to be stripped from the owner unless they willfully hand it over.
Art collecting has been around for centuries. Now people can partake in this hobby digitally as well. Before NFTs, commissioning or buying a piece of art online was more of a formality.
A person could buy a digital painting, but if that painting was posted anywhere online, someone could simply right click and save it. There was no such thing as an “original” per se.
Now, art can be stored on the blockchain. This means that there will be an original, and there will be official copies, and each of these can only be owned by one entity.
This increases the value of that artwork, and the legitimacy of digital art. Jurgen Cautreels believes this could branch into digital marketing by allowing companies to create their own artwork, perhaps for a giveaway or sweepstakes.
If you are lost and would want to know more about Non-Fungible Token, you can check out this article where Cautreels breaks down the basics of NFTs.