Blockchain technology and NFTs are here to stay. Although in some sectors, such as video gaming, NFTs have not been well received, major brands have already immersed themselves in them and are using them extensively.
The blockchain will allow users to have control over their data and know at all times what companies are doing with it.
Digital marketers are always looking for new strategies and technologies that will allow them to gain a competitive advantage and differentiate themselves from their competitors, and both blockchain and NFTs are two excellent tools for them.
The blockchain and its benefits in brand identity
The transparent, public and immutable nature of blockchain has a variety of use cases for preventing ad fraud and securing the supply chain. These benefits offer companies the possibility of creating new strategies.
In this sense, the data in a blockchain, once recorded cannot be manipulated, moreover, it is public and everyone can access it. Therefore, users could access all the data of a supply chain and see every step that a product has taken, from the assembly line until it has reached their hands. In this way, fashion brands could avoid counterfeits.
Moreover, thanks to this transparency, scandals and problems with data management, such as those that happened with Facebook and other large companies, could be avoided. Data could not be shared with third parties without the express consent of the customer, so users regain the power of their privacy again.
NFT and metaverse
Non-fungible tokens or NFTs use blockchain technology and are unique. In this sense, they can function as a certificate of ownership.
In this sense, brands are creating objects in NFT, which are introduced in metaverses. For example, the Australian Open will have its representation in the metaverse and they have created a series of NFT tokens linked to a 19×19 cm space of the actual court on which each of the matches is played. If the match ball lands in one of these spaces, the linked NFT receives a live update, in which it is match data is recorded and the best moments, as an additional reward, the owner of that NFT will receive at home one of the balls that have been used in the game.
As we can see, NFTs can generate great brand value. In this case, by offering a virtual souvenir of an event as important as the Australian Open. In addition, they are unique objects, so the user is certain that there will be no other like them in the world.
On the other hand, brands are buying spaces in metaverses such as The Sandbox. Adidas and Nike have already bought their own plots of land in this virtual world, where they plan to create their own NFT and digital spaces.
In this sense, we see that the metaverse offers brands a place to build anything they imagine, offering a virtual space for their fans to enjoy and share brand love.
