Chris Alpha Cantino (@chriscantino), took to Twitter today to discuss NFTs and how they could transform the way creators and brands interact with their community. Cantino said that creators and brands, while always looking for new ways to interact, rely heavily on rewards and loyalty programs.
They often use the ROI (return on investment) mantra while engaging with their customers to extract maximum value.
Cantino says that while it can be effective in certain situations, it is quickly becoming outdated. NFTs have made it possible to take a more holistic approach with their mainstream introduction. Let’s see how NFTs could completely transform the interaction.
There are many ways that NFTs can be beneficial to brand/consumer interaction
Cantino says that creators and brands need to provide tangible benefits to the communities with which they work. This does not mean cash grabs or leeching. While brands should aim to build loyalty and gain greater insight, consumers should be rewarded with more power and rewards. Brands that are able to do this will be able to retain consumers and foster innovation.
NFTs are a way for brands to reach their goals in ways the old system can’t. They also create whole economies. He listed several ways they can be used.
NFTs in R&D
NFTs are a way for brands to gain insight into product development, marketing, and other aspects. Participating in R&D can be granted NFTs which grant them access to product releases. Brands can track these key relationships and easily maintain them.
Cantino says that NFTs can be given to consumers who have exceptional knowledge about a brand’s products. This will allow them to help new customers join the brand’s community, or to provide support to existing consumers. A consumer’s opinion can make a product more powerful than an employee of the brand.
Submission of Content
Consumers may submit content for NFTs. This can reflect their contribution. A contract can also include rights. A consumer could be compensated financially if their content is used in future advertisements.
Keep track of the top contributors to your brand and reward them with tickets, surprise rewards and access to exclusive fans who bring in the most value for your community. This can lead to increased attendance and engagement.
Consumers and fans can vote on key decisions about the brand’s products such as strategy, product roadmaps and marketing plans. Brands can choose to allow only NFT holders to vote, or give the opportunity for the whole community to vote. This will reward participants who take part in the decision-making process.
Bounties and Lotteries
Brands can engage the community by creating quests and rewarding people who complete them with NFTs. You can use the quest to get more members to join your community.
Raffles and lotteries can be used to reward community members. This reduces the obligation on members to attend events and lowers barriers to entry to the community. It allows people to explore the area and to join it at their own pace.
Brands can drop NFTs in their NFT wallets. It is a great way to generate interest by airdropping NFTs. Brands can offer NFTs with real utility, such as exclusive access to a new product or other benefit.
Brands can give communities access to their currency, which can increase engagement and allow moderators to reward participants. A private currency that is community-owned can increase engagement and allow members to be rewarded for their actions.
Your goods and collections can also be verified by NFTs. Brands can use NFTs to learn more about you and your unique behavior.
Many Brands Are Already onboard with NFTs
Different brands have explored NFTs to connect with their customers and communities. Dolce & Gabbana’s new NFT collection has been revealed. The collection will soon be available for auction. Lays also partnered up with Project Ark to create their own NFT. Four non-profit organizations will benefit from the NFT’s proceeds. DKNY has also completely redesigned its logo and launched it as an NFT in an auction for charity.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.