A Branded NFT project has the potential to bring a new level of engagement and authenticity to a company’s online presence. However, navigating the world of Web3 can be tough for even the most experienced companies. This is why it is relevant to explore the challenges and opportunities that come with launching a branded NFT project and especially tips for success in this constantly evolving space. Whether it is a small business owner looking to dip their toes into the world of NFTs or a marketing executive at a large corporation, this fundamental keys can make the difference and provide valuable insights into how to effectively leverage this technology to benefit a given brand.
Why making a branded NFT project?
There are many compelling reasons for a brand to consider launching a branded NFT project. NFTs offer engaging ways for brands to connect with their audience, allowing them to create immersive, interactive experiences that go beyond traditional marketing tactics. More than that, NFTs can help brands differentiate themselves in a crowded market and create a sense of exclusivity and scarcity for their products or services.
Some specific use cases for branded NFTs include creating collectible items for fans, offering limited edition experiences or rewards for loyal customers. Brands can make use of NFTs as a way to verify the authenticity of products. Ultimately, the possibilities for branded NFT projects are endless, and the technology offers exciting new opportunities for brands to connect with their audience in innovative and meaningful ways. The real point is just how, now that countless brands have taken the NFTs’ wagon, to not miss it in doing it the wrong way.
The fundamentals to envision when embarking upon a branded NFT project for the year to come
As we approach 2023, there are a few key points to consider when it comes to building a successful branded NFT project.
Collaborations are keys in building a branded NFT project
Partnering with other brands or creators can help you tap into new audiences and bring fresh perspectives to your project. By working together, you can create more diverse and compelling content and reach a wider audience. It is advantageous to collaborate with others in order to progress further and beyond what a company by its own can accomplish. Working together to build a larger network or utilizing other companies’ resources is the key to achieving growth for all involved.
In the crypto and NFT spheres, it is more beneficial to assist each other and bring value to one another than to compete and create conflict. This open and cooperative attitude is what many developers enjoy about the Web3 environment. Nike with the RTFKT studio is a great example in this case. It is even more beneficial for big companies to partner with Web3 studios in order to make the best of NFTs activation. METAV.RS being The Metaverse Management Platform for brands wishing to join the Web3 or already there, can be perfect for your NFT strategy, from the from the conception to the implementation, as well as the centralization of all the created experiences.
Make your branded NFT project phygital
Your branded NFT project must be phygital, meaning it seamlessly integrates both physical and digital elements. By combining the two, you can create a more immersive and engaging experience for your audience. Going further than just digital creations, NFTs have an important place as they act as verifiable tokens which allow physical items to be identified as legitimate. This implies that the possession of each physical apparel can be validated by its associated token on the blockchain. Like how it is possible to buy a physical gift card using an electronic device and deliver it to a relative, digital assets are the new and creative means of associating the virtual and physical world.
Tiffany brand for instance has released an impressive NFT offer called NFTiff, which is similar to the Cryptopunks. Only owners of the Punks can create the NFTiff, which is being sold at a hefty cost of 30 ETH, equating to a whopping 50,000$ each. Each pendant has 30 stones and diamonds, and to stop them from being sold out, they have combined a real-world product with a virtual twin NFT.
Consider connecting the virtual and the real life through the Metaverse
The Metaverse is a virtual world that allows users to interact with each other and digital objects in a realistic and immersive way. By linking your branded NFT project to the Metaverse, you can create new and exciting opportunities for your audience to engage with your brand. Apparel can be present in digital and virtual formats, with the latter being discovered in a Metaverse, an increasingly prevalent phrase and concept for a virtual universe.
It’s worth noting that NFTs are able to act as identification tokens for physical objects. In this case, a clothing-related NFT can not only denote ownership of a physical shoe but may also be included as a virtual asset in the Metaverse. It is beyond just clothes, though. Style is a representation of our identity, and what we wear reveals to others what we are or what we connect with. Each article of clothing, be it a hat, a necklace, a t-shirt, or a dress, can be symbolized as an NFT. All of these digital tokens can be integrated as an in-game item in the Metaverse, and can also signify ownership of the physical item at the same time.
Imagine selling NFT avatars with personal fashion piece. Whatever is worn by the avatar can be replicated into tangible items in the real world. Additionally, users will have their avatar as a digital representation to move around in the Metaverse. As fashion is a form of self-expression, users can express themselves both digitally and physically.
Make your community feel like they were whole part of a big plan
By involving them in the planning and development process, you can create a sense of ownership and engagement that will help drive the success of your project. It is essential to focus on the needs of users and collectors, but creating a powerful community is a difficult task. Read this note for useful advice on creating a viable Web3 community. The prosperity of an NFT venture hinges on the participation of its community members. Instead of a linear relationship, it is more of a two-way street in which both the brand and the crowd can have an impact on the outcome. If the brand attempts something that is not well-received, the audience may desert it. Similarly, the community can also set the tone and steer the agenda in a particular direction. With this, emerges the DAO or Decentralised Autonomous organisations where any member of the public can propose projects.
Additionally, there can be a crew to lead the DAO, with decisions makers voted in or out by the collective, and the community can make decisions together through voting. Sometimes this might be the fairest form of decentralised ownership, particularly if the distribution of the tokens is even.
Web3 encourages brands to be transparent, and many ventures have distinct understandings of this word. Something that we may have noticed concerning the NFT space is that productive measures are rapidly duplicated and used by other projects, leading to a high level of innovation and competition in the industry. Being creative and innovative is the only way to stand out with a Branded NFT project after all.
To learn more on NFTs and how brands can leverage them, read 7 REASONS WHY NFTS WORK FOR BRAND LOYALTY AND ACQUISITION
For more, download our white paper ENTERING IN THE WEB 3.0 – A GUIDE FOR LUXURY FASHION IN THE METAVERSE