The marketing sector, like the phrase “marketing,” is linked with “transformation.” Marketers have witnessed waves of change, encountered new ideas, and changed with numerous trends, technological developments, and, of course, worldwide shifts throughout the years.
The Non-Fungible Token (NFT) is a digital asset that may be exchanged in the same way that cryptocurrencies can, but there is a catch. While cryptocurrency, such as Bitcoins, may be exchanged for another Bitcoin at the same value, an NFT, like a diamond, cannot be swapped at equivalence. No two diamonds are similar, nor are they all the same price.
Building Brand Identity
A strong social media presence has played a huge part in promoting a business and establishing its personality in recent years. NFTs will be used for the same purpose in the following decade. Brands will produce these digital collectibles in order to build a community by instilling their values, visions, identities, and so on.
The usage of NFTs as a marketing strategy has already been explored and proven effective by global market titans such as Coca-Cola, Taco Bell, and Marriott—brands can now easily strengthen their consumer relationships and unlock fresh and more innovative revenue vaults.