Accelerating since 2020, NFTs are being deployed both as a new source of revenue and as a lever for customer engagement, within a web 3 that offers new perspectives of customer experience for companies.
Created in 2014 and considered the first NFT, the Quantum digital object was sold in 2021 for $1.5 million. NFT sales have blown up in 2021, having brought in $25 billion versus $100 million in 2020 according to a DappRadar study. Despite a slowdown in NFT growth in 2022 due to the turbulence in the cryptocurrency market, the sector has retained strong potential and is gradually opening up to the uninitiated. In this context, many companies have invested in the NFT sector by including them in their strategy.
These domains whose companies have taken the turn of Web 3.0 and are integrating NFT into their strategy
Some domains stand out and invest in web 3.0 and NFT in a significant way:
– Art and entertainment: Artists are using NFTs to sell artwork, concert tickets and other exclusive digital goods to their fans.
o In 2021, American artist Beeple sold his Everydays work at auction for a record $69 million.
– Video games: NFTs are used to provide players with exclusive game items, trading cards and rare characters, with the new Play-to-Earn concept.
o The NFT Decentraland game offers virtual freedom where players can trade and buy NFTs within a virtual 3D environment.
– Sports: NFTs are used to offer fans exclusive souvenirs, such as match tickets, trading cards.
o The French simulation game Sorare, launched in 2019, allows players to manage a virtual team with digital player cards in the form of NFTs. By 2021, Sorare reached a valuation of $4.3 billion.
– Luxury: NFTs can certify the authenticity of luxury products or even create exclusive brand experiences.
o At the end of 2021, Dolce & Gabanna released an NFT collection “Collezione Genesi”, bringing in $5.6 million.
The use of NFTs in business strategy has gradually expanded to other areas, present in companies’ sales, marketing and customer relationship strategies.
NFTs as a new offer in the sales strategy of companies
The first companies to have positioned themselves have used NFTs as a new source of revenue:
– Nike: By acquiring RTFKT in 2021, which specializes in the design of virtual clothing and sneakers, the sportswear giant has generated more than $185 million in revenue through NFTs.
– NBA: With the creation of NBA Top Shot in 2021, an online platform that allows NBA fans to buy, sell and collect unique game moments in the form of NFT, which brought the NBA several million dollars.
The NFT: a marker of authenticity and uniqueness in companies’ operational strategy
Some companies have started to use NFTs in their operational strategy, thanks to the uniqueness and authenticity of NFTs:
o NFTs as authenticity certification of products allowing for example the collection of luxury digital objects.
o NFTs as transaction certification allowing for example to register and authenticate real estate transactions on the blockchain.
NFT: a new tool in the marketing and customer relations strategy of brands
Companies have started to invest in NFTs to enrich or diversify their customer relation actions:
– NFT as a reward, offering certain customers discounts on products, VIP access to events, gifts…
– NFTs for branded events, allowing companies to target their customer base more effectively.
– NFTs as a tool in loyalty programs, earning NFTs for customers based on their level of engagement and purchases.
Whether or not these NFTs are monetized on web 3 platforms, they are a major asset in creating a clear and active community around their brand image.
NFTs, through a new and growing ecosystem: a means rather than an end in the strategy of companies
Through a new ecosystem (web 3 marketplaces, blockchain solution providers …), the advent of Web 3 and NFT, a whole new field of possibilities is opening up for companies in terms of sales, processes and customer marketing strategy. NFTs are “a means, more than an end”, as Benoit Pagotto, co-founder of RTFKT, points out, but it seems essential for companies to learn without delay to exploit the potential of these new tools.
François Cousi, Partner (Digital, Data & Customer Experience), PMP Strategy
Raphaël Flabeau, Consultant (Digital, Data & Customer Experience), PMP Strategy
Article published in Journal du Net on March 6th, 2023