Everyone seems to be talking about NFTs these days, and you might be wondering why they’re so popular and, more importantly, why your company should get involved. We decided to interview Clancey Braxton Yohman to help assuage your fears to answer these questions.
Clancey Braxton Yohman possesses a wealth of knowledge on everything NFT and how its strategies can boost brand development. In this post, you’ll learn everything you need to know about the NFT space and why to apply them to your brand.
What are NFTs?
Clancey Braxton Yohman: First off, NFTs, also known as non-fungible tokens, are digital assets created using the blockchain. Also, each NFT has a unique identification and metadata that sets it apart from the others.
Blockchain technology aims to create a decentralized ledger of peer-to-peer transactions. Even though the notion of NFTs appears to be complex, the logic behind it is relatively straightforward.
Because NFTs may represent everything from digital sketches and images to podcasts, movies, and any other type of creative labor, they are becoming increasingly relevant to businesses. They’re so adaptable that they may be utilized to represent various types of creative work, including virtual real estate, virtual worlds, and much more.
What should a brand know about NFTS?
Clancey Braxton Yohman: It’s simple; here are four lessons and benefits I’ve learned that are crucial if you’re a business trying to enter the NFT industry.
- It understands the concept of ownership.
- Establishing a community.
- Long-term worth.
- Developing a sense of trust.
Also, consider two factors when deciding how and why to bring your brand into the NFT world: whom you’re attempting to engage and why you want to strengthen their relationship with your brand.
Why should you and your brand even care?
Clancey Braxton Yohman: Over the years, we have all seen how the internet and social media have significantly impacted the world. Yes, we all know that the attention of millions of people around the world has moved there.
However, what makes the NFT space so groundbreaking is the underlying technology. This is bigger than hype or wild stories. NFTs are beneficial for both brands and consumers.
This is because it allows the consumers to own a one-of-a-kind piece of a brand that isn’t one of its products and resell at a profit if desired.
Are NFTs the next advertising opportunity for brands?
Clancey Braxton Yohman: Yes, it is. Non-fungible tokens (NFTs) can help you improve your digital marketing strategy. This is because of its unique abilities to help improve brand loyalty and awareness in your brand’s industry.
How are brands using NFTs?
Clancey Braxton Yohman: NFTs are integrated into digital marketing strategies; it is mainly how brands utilize their popularity. Brands are using NFTs to create new and unique experiences for their consumers. Community is an integral part of business development; through NFTs, there is also a means to create communities for your consumers or audience in new ways.
NFTs can help create interest in your brand and its services or products. Brands utilize NFTs to create a digital proof of ownership.
