How will NFTs empower brand and influencer collaborations? - Times of India

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In recent times there has been a lot of buzz going around in the market about NFTs and how they will change the way the digital marketing space works. More and more influencers and celebrities are talking about NFTs and how they can create digital collectibles using them.
Before we dive into understanding how NFTs will change the influencer marketing landscape, let us first understand what NFTs are.
What are NFTs?
NFTs are ‘non-fungible tokens’. These are unique codes that are irreplaceable. For instance, a five-hundred-rupees bill can be changed for another one. This means that you can have the same thing back, making it fungible. But if you were to use five hundred rupees to buy something extraordinary like a particular kind of rare art piece from an artist and that would be called non-fungible, as it is one-of-its-kind and cannot be replaced.
In digital terms, NFTs are file types that enable a unique identity of your data. For instance, a code is generated for a picture an influencer uploads on social media. While these are unique codes, these work quite like cryptocurrency. These are unique digital assets that are in the form of cryptographic tokens. Just like bitcoin tokens, these can be viewed as blockchain-verified currency bills.
Indian influencers and celebrities are fast adapting the trend. For instance, Amitabh Bachchan became one of the first Bollywood stars to participate in the NFT boom in August 2021. His NFT, included Sholey’s autographed poster and his narrated poems, that were hosted on a platform called BeyondLife.Club. It gained huge attention from his fans and helped him to monetize this unique content.
How can NFTs empower brand and influencer collaborations?
Influencer marketing is an evolving space wherein credibility remains to be the key concern for all influencers and brands. NFTs will bring in credibility and authenticity in the collaborations by creating a new space of intellectual property with copyright royalties for both the brands and the influencers. The social media space is a viral space where an influencer’s content can pick up the grid and go viral. Today any content be it memes, videos, reels, etc., anything can go viral and NFTs will enable a smooth monetization of these contents for the influencers.
The influencers and brands can sell the NFTs rather than settling for a negotiation for a two- or five-year usage of their image. The content creators can delve into creating NFTs and offering new experiences to their audiences. This is a new form of technology that will bring in an influx of innovation amongst the audiences and help the influencers in gaining traction. NFTs will be made available to both the brands and the audiences, thereby helping them become a part of an iconic moment or content.
NFTs are a new wave of partnership
The current trends and statistics reveal that buyers today have increased knowledge and inclination towards the management of digital currencies. With this increased affinity, the NFTs will bring in new opportunities for brands and influencers. The brands can use this as an opportunity to harness the potential of NFTs to innovate and create new strategies to raise brand awareness and develop a new and interesting transformation journey with their customers.
To enable this, influencer marketing and collaborations will play a pivotal role. The influencers will help in bringing trust and authenticity around this new concept by floating their content amongst the audience using NFTs.
Brands can partner with influencers to create exclusive content that shows “behind the scenes” or create a unique video showing brand experience and offer its accessibility only to those who have purchased an NFT. These works will be available not only to creators’ viewers but also to brands with similar demographics who want to consume this content.
Taco Bell used this precise concept to draw the attention of shoppers and emphasize their message of social commitment. They designed a GIF NFT that users could buy and promised to donate all the proceeds from the project to charity. Not only did GIF receive bids above US $ 3000, but it also created a positive awareness of the company’s social responsibility and encouraged people to actively participate in the project.
It is important to understand that NFTs do not threaten brand-influencer partnerships rather the brands and influencers can further expand their relationships by using NFTs as a new form of technology that enables them to strengthen partnerships
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Views expressed above are the author’s own.
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