NFTs are a new blockchain technology that is emerging in the 2020s. Chances are you’ve at least heard of them but that you might not know what they really are.
We’re here to let you know that NFTs could almost certainly benefit your business in some way. One of the most popular use-cases for NFTs has been in marketing.
Clancey Braxton Yohman believes that NFTs are the future of digital marketing. Clancey Braxton Yohman is an NFT and business marketing expert, who is one of the pioneers of incorporating NFTs into everyday business.
We wanted to learn why Yohman feels this way so we sat down and interviewed them and now we’re sharing that interview with you.
Well, let’s start with the question on everyone’s mind. What is an NFT? Are NFTs the same thing as cryptocurrency?
NFTs are non-fungible tokens which means they are unique assets minted in a blockchain. This is really technical stuff but really all you need to focus on is the fact that they are unique.
This is a very special thing in the digital world since traditional data can be copied and pasted and there is no way to show ownership or uniqueness. NFTs are not the same thing as cryptocurrency, but they are built with the same technology.
NFTs are created on the Ethereum network and are traded with the Ethereum currency.
How do you even buy an NFT? Can you take us through the process real fast?
Sure thing. There are a lot of mistakes to avoid when getting into NFTs for the first time, so you will need to educate yourself first.
To buy an NFT the first thing you need is a crypto wallet. These can be in the form of a hardware wallet or a wallet on a server. Most people will go with the second option because it is a lot more straightforward. You can even download a wallet right now from your phone’s app store.
After this, you need to deposit money into that wallet and buy some Ethereum, which is a cryptocurrency. Next, you’ll connect that wallet to an NFT marketplace where you can buy and trade NFTs.
How does NFT marketing compare to traditional methods? What can you do with NFTs that you normally can’t?
Well, NFTs are unique as I explained before. They are also permanently on the blockchain, so first of all they give you a guaranteed asset. An example of an advertising campaign that companies have experimented with is creating in-game items with their logo on them that players can buy.
This makes the items a lot more valuable than traditional in-game items because there is only a set amount of them and they can be traded and sold.
Do you think more businesses are going to start using NFTs in 2022?
Absolutely. I think 2022 is the perfect year to get into NFTs and start experimenting. Right now they are low-risk and open for experimentation.
The opportunities are limitless if you want to become a pro at NFTs. In a few years, I think NFTs will be a part of our everyday life and that NFT marketing will be down to a science.
Jumping on the train early will help you reap the rewards early and get an edge on your competition.
Where can companies advertise with NFTs?
Well, all over the internet, you know. In video games, on social media platforms, and on any NFT marketplace that you trust. It’s not really about where you advertise with NFTs, it is about how you advertise with them.
For example, you can sell an NFT of your company’s logo for a fundraiser and advertise it all over social media.