If you browse the internet or watch TV at all these days, you’ve probably heard the term NFT thrown around often in the news. There’s a good reason for that: many brands and companies are jumping on the NFT train and attaching assets to them. But what you may not know is that the world of influencer marketing is also interfacing more and more with NFTs as well.
Brands of all types and sizes have been utilizing them for a lot of different reasons. Taco Bell auctioned off 25 NFT gifs last year to raise money for a charity. Coca-Cola released a limited set of NFTs on National Friendship Day, where the first owners were awarded with unique prizes like a fully stocked fridge of Coca-Cola products, or virtual apparel items that could be worn in virtual reality platforms. The NFL released NFT versions of commemorative tickets for the second half of the 2021 season, which could then be traded or sold.
As more and more brands keep dipping their toes into the world of NFTs, they also have an increased need to market those NFTs. Naturally, that means that influencer marketing can play a key role in their success. If your brand has an interest in exploring what NFTs can do for you now or in the future, then read on to learn more about how influencers can make a difference in this growing market.
What are NFTs?
The term NFT is an acronym for Non-Fungible Token. To anyone who hasn’t read more into what that means, you might only know NFTs as a digital picture that sometimes sell for large amounts of money. But the reality is that NFTs can be anything – a piece of music, a drawing, a sound clip of you saying a funny phrase, an old childhood photo, an automated AI – the list goes on, but you get the idea. But currently, the main use for them has been for digital art.
NFTs run off the ethereum blockchain, which is how a lot of cryptocurrency also works. But what makes NFTs special compared to something like Bitcoin is the non part of non-fungible. If you trade one Bitcoin for another Bitcoin, there is literally no difference between the two of them. They’re exactly the same. On the other hand, NFTs are completely unique, by merit of how they’re integrated into a blockchain. Their digital signature is completely unique and cannot be changed by anyone.
Naturally, there’s a lot of technical details that go into learning what value NFTs have. You can joke about how being an art thief with NFTs is as simple as pressing the cntrl + C keys on your keyboard and copying it. To a degree, you wouldn’t be wrong if you said that. But think of it the same way as owning a painting: anyone can own a print of Van Gogh’s Starry Night, but only one person or entity can own the original painting that the artist himself created. That’s where you can find the value for your brand.
How will NFTs Impact Influencers?
As we mentioned earlier, NFTs can be just about anything that you can make into a digital file. As a result, they represent a massive amount of opportunities for influencers. Content creators can take any piece of content that they make, and turn them into NFTs. They can then sell them to their followers, who can take pride in the fact that they own the unique original that that influencer created. Beyond just the monetary value, the sentimental value among fans can go sky-high if that creator has a large following.
Is there demand for these content creator NFTs? We would say the answer is definitely yes. Paris Hilton sold a picture called “Iconic Crypto Queen” for over one million dollars. Youtube personality and boxer Logan Paul sold a series of NFTs and made 3.5 million dollars in one day. ASMR Twitch streamer Amouranth sold a pixelated NFT of herself for $125,000. Demand from followers and investors is clearly there.
But they also have value for smaller content creators. Travel creators can make NFTs of landscape pictures they take while they’re visiting exotic places. Gaming personalities can do something as simple as making an NFT of them making a funny face or doing a trademark catchphrase, and there will be a follower out there who will be willing to pay for the prestige of owning it. NFTs open up a completely new revenue stream for content creators beyond collaborating with brands.
How Can Your Brand Benefit From NFT Influencer Marketing?
You might read the above and wonder if NFTs mean that influencers will have less need to collaborate with brands like yours. The short answer to that is no. If anything, demand for influencer marketing will only grow as NFTs continue to rise in popularity among creators and brands. Instead of thinking of NFTs as a threat to your influencer relationships, think of it as a way to enhance them.
Long term, NFTs represent a massive opportunity. Your brand can partner with creators to sell NFTs as a ticket to get into exclusive product release parties, or create limited edition commemorative NFTs that collectors can enjoy purchasing. Just think of how many consumers collect trading cards, or ticket stubs of music concerts that they’ve attended. NFTs are just the next step in catering to people who love owning something unique, with one major added benefit: unlike physical objects you can collect, you can’t lose NFTs.
Also, NFTs represent an incredible chance to grow brand awareness. More and more big name brands are showing interest in NFTs. It’s not difficult to imagine a world in the future where every major company considers NFTs as a primary form of marketing in the same way social media is used now. If you’re not considering them at the moment, it’s still a good long term strategy to continue watching them develop and stay educated on how they continue to make trends.
Sideqik Knows Influencers
Are you wondering how you can collaborate with influencers and figure out a strategy on how to make NFTs work for you? We’ve got you covered.
Sideqik’s platform allows your brand to not only source the influencers that match your brand’s standards but track their creator campaigns for your products through robust social commerce integrations. We offer an end-to-end suite of services for your influencer campaigns, including over 20+ million influencer profiles that appeal to hundreds of interests. From micro-influencers with intimate access to their audiences with niche interests to mega influencers that are household names with unmatched reach, Sideqik has them all.
Interested in how Sideqik can help you elevate your brand with influencer campaigns and keep you ahead of changes like these? Contact us today for a free demo.