Over the next few years, there will be radical changes in how organizations are created, how people interact with them, and how they react to one another. This transformation will be triggered by advancements in NFT and Web3 technology. It’s integral for marketers to track this progression as it revolutionizes how brands, retailers, and commercial businesses engage their audiences.
In this week’s video, Piers Fawkes, founder of PSFK and Retail Innovation Week, facilitates a conversation on NFT technology in marketing. Joining him are experts Lauren Lyons, Webb Wright, Diana Richter, Valerie Vacante, Michael Litman, Louisa St. Pierre, Justine Vilgrain, Izadora Yamamoto, and Melody Hildebrandt. Fawkes organizes the video into three sections: what is happening now with NFTs, what will happen next in the immediate future, and new innovations for the far-off tomorrow. Now, brands are using NFTs to help customers develop digital identities and as proof of fandoms. Next, we will see brands digitizing NFTs to track them in the supply chain and using them for members-only access and loyalty-activated rewards. Eventually, brands could work with NFT co-owners as co-creators and crowdfund impact initiatives through them.
Whether or not NFTs are considered a fad, their relevancy and growth are undeniable. A Reuters study found that the total sales volumes of NFTs had grown from 94.9 million in 2020 to 23 billion in 2021. They are on the rise, and brands would be wise to take advantage of their popularity.