{"id":2498,"date":"2022-01-17T19:29:27","date_gmt":"2022-01-17T19:29:27","guid":{"rendered":"https:\/\/cyberscrilla.com\/staging\/4768\/?p=2498"},"modified":"2023-01-03T23:15:56","modified_gmt":"2023-01-03T23:15:56","slug":"brand-building-with-nfts","status":"publish","type":"post","link":"https:\/\/cyberscrilla.com\/staging\/4768\/brand-building-with-nfts\/","title":{"rendered":"How to Build Brand Using NFTs (7 Actionable Steps)"},"content":{"rendered":"\n

NFTs are very versatile in the business world, they can be used to represent a whole host of physical and digital assets such as virtual real estate, intellectual property, access to events, and much more.<\/p>\n\n\n\n

Brands can use NFTs to raise capital, offer consumers unique experiences and utility, reach a wider audience online, allow customers to own a piece of your brand\u2019s history, provide consumers a way to earn a profit through secondary sales, earn royalties, and instill trust and transparency with other brands and consumers.<\/strong><\/p>\n\n\n\n

How Can Brands Use NFTs?<\/h2>\n\n\n\n
\"Brand
A person on their mobile device displays several elements of a brand<\/figcaption><\/figure>\n\n\n\n

Thanks to the wide global interest NFTs have generated, they have also created new ways for brands to promote their products, give consumers a more personal experience, and better interact with their customers. In simple words, NFTs can help your brand increase conversions and dramatically drive revenue.<\/p>\n\n\n\n

Regardless of which industry your brand stems from, you\u2019re always looking for the best way to incorporate different technologies and tactics to provide the most value to your consumers and increase revenue while building a sustainable business.<\/p>\n\n\n\n

NFTs are a perfect example of a technology that can give your brand new opportunities to provide value, reach a broader audience, and build a sustainable business.<\/p>\n\n\n\n

Below are seven ways that brands can use NFTs to help build their brand even further.<\/strong><\/p>\n\n\n\n

1. Raise capital<\/h3>\n\n\n\n

Both startups and established brands can use NFTs to raise capital to help build their brand. Whether you need funds to get your new brand off the ground, or perhaps you’re a respectable brand and you simply want to raise funds for a new business venture, NFTs give you that ability.<\/p>\n\n\n\n

Brands such as Budweiser have created their own NFT<\/a> project, offering loyal customers the ability to collect a piece of history through purchasing their NFTs. Generally, it\u2019s best to provide some kind of utility or additional perks<\/a> to go along with the NFTs you\u2019re offering your customers.<\/p>\n\n\n\n

2. Offer consumers unique experiences and utility<\/h3>\n\n\n\n

NFTs, give brands some serious leverage when it comes to providing their consumers with unique experiences and utility. NFTs can be used to prove ownership<\/a> of not only the digital asset itself but also any utility your brand decides to attach to the NFT.<\/p>\n\n\n\n

Some examples of utility include:<\/p>\n\n\n\n

    \n
  1. Physical products<\/li>\n\n\n\n
  2. VIP access to both virtual and physical events<\/li>\n\n\n\n
  3. Classes and lessons<\/li>\n\n\n\n
  4. One-on-one interactions with the brand<\/li>\n\n\n\n
  5. Airdrops of future NFTs<\/a><\/li>\n\n\n\n
  6. Discounts on future sales and experiences<\/li>\n<\/ol>\n\n\n\n

    It\u2019s up to the brand to decide what they want to offer their consumers, however, NFTs are the platform that gives brands the ability to provide a unique experience through digital ownership and smart contract technology<\/a>.<\/p>\n\n\n\n

    Also, it\u2019s important to note that brands aren\u2019t limited to only a single utility. As a brand, you have the ability to offer your consumers any combination of perks you desire. As well, it\u2019s common to offer different levels of NFTs utility<\/a>, similar to different membership levels.\u00a0<\/p>\n\n\n\n

    Generally, the less utility an NFT has, the less expensive it will be, and vice versa if your NFT offers several utilities. This variation of levels gives brands the opportunity to offer their consumers numerous pricing options and experiences when creating NFTs.<\/p>\n\n\n\n

    3. Reach a wider audience<\/h3>\n\n\n\n

    Considering NFTs are in their own category, brands can use this to their advantage by offering their goods and services in the NFT and web3 space. For example, let\u2019s say you\u2019re a streetwear brand and your usual customers are locals with who you have built a strong reputation in your community.<\/p>\n\n\n\n

    Well now with NFTs, you can offer your streetwear products to the entire world in a 24\/7 marketplace on the blockchain<\/a>. Not only will people who enjoy streetwear apparel want to buy your products, but so will others who enjoy collecting NFTs for the sole joy of collecting.<\/p>\n\n\n\n

    Imagine if an influencer collected your streetwear NFT, you\u2019re brand is then held in that influencer\u2019s wallet which is showcased publicly for the entire world to see. This might give your brand the extra edge it needs to become a staple in the fashion industry.<\/p>\n\n\n\n

    4. Allow customers to own a piece of your brand\u2019s journey<\/h3>\n\n\n\n

    Considering NFTs are in their own category, brands can use this to their advantage by offering their goods and services in the NFT and web3 space. For example, let\u2019s say you\u2019re a streetwear brand and your usual customers are locals with who you have built a strong reputation in your community.<\/p>\n\n\n\n

    Well now with NFTs, you can offer your streetwear products to the entire world in a 24\/7 marketplace on the blockchain. Not only will people who enjoy streetwear apparel want to buy your products, but so will others who enjoy collecting NFTs for the sole joy of collecting.<\/p>\n\n\n\n

    Imagine if an influencer collected your streetwear NFT, you\u2019re brand is then held in that influencer\u2019s wallet which is showcased publicly for the entire world to see. This might give your brand the extra edge it needs to become a staple in the fashion industry.<\/p>\n\n\n\n

    5. Provide consumers a way to earn a profit through secondary sales<\/h3>\n\n\n\n

    Just about every industry is involved with secondary sales in some way, shape, or form. Whether you\u2019re a car salesman, an eBay flipper, or you run your own local shop selling goods, it\u2019s likely that you are either the person selling on the secondary market or you\u2019re the manufacturer selling to these secondary markets.<\/p>\n\n\n\n

    NFTs are simply another opportunity to allow your consumers to make a living selling your products on secondary marketplaces<\/a>. This is especially true in the NFT space considering a majority of NFT collectors tend to flip their digital assets for profits.<\/p>\n\n\n\n

    Ultimately, if you provide a good product and build a strong brand, your consumers are able to make a living as well by re-selling your products. It\u2019s a win-win cycle. Furthermore, as the creator of an NFT, you have the ability to earn royalties on every secondary sale.<\/p>\n\n\n\n

    6. Earn royalties in perpetuity<\/h3>\n\n\n\n

    Thanks to NFTs and their smart contract capabilities, NFT creators can create a contract that is carried out automatically to provide a specified percentage of every secondary sale in perpetuity.<\/p>\n\n\n\n

    This means that you can create an NFT today with a 10 percent royalty<\/a>, and continue to earn money on that product for decades to come as long as it\u2019s being traded on the secondary markets.<\/p>\n\n\n\n

    7. Instill trust and transparency<\/h3>\n\n\n\n

    A huge benefit of NFTs and the blockchain technology they\u2019re built on is trust and transparency. Since the blockchain is a digital and public ledger with records of every single transaction that has occurred on the blockchain, you can transact with other businesses and your consumers in a completely trustworthy and transparent manner.<\/p>\n\n\n\n

    You know exactly who, what, where, and when anything happens on the blockchain before it happens, and after the transaction as well. Plus, smart contract technology allows all the rules and terms of your offerings to be included in the NFT and recorded on the blockchain.<\/p>\n\n\n\n

    This means there doesn\u2019t have to be any confusion as to what is being offered and accepted from either side of the transaction. If there is any kind of questionable transactions or terms, the blockchain will expose them instantly.<\/p>\n\n\n\n

    Examples of Brands that Use NFTs<\/h2>\n\n\n\n
    \"Brands
    McDonalds, Twitter, Coca-Cola, and a lightbulb with brand elements next to NFT logo<\/figcaption><\/figure>\n\n\n\n

    There are a number of well-known brands that are currently using NFTs to not only earn additional revenue but also supply their loyal customers with unique opportunities and value.<\/p>\n\n\n\n

    Here\u2019s a list of brands that currently utilize NFTs:<\/strong><\/p>\n\n\n\n