If you’re a marketer, chances are you have started to hear buzz about web3 or NFTs. But if you still have no idea what any of this means, fear not! You’re not alone, and believe it or not, you’re not that far behind. While there are some novel concepts, most of the relevant applications for brands today borrow from existing frameworks you know and love.
Here’s a guide on how to get yourself (and your brand) started in web3.
Step 1: Dip your own toes in!
The best way to get familiar with this space is to dive in and start educating yourself. For those who learn best by doing, start by creating a wallet (Coinbase and Metamask are among the most popular), fund your wallet with cryptocurrency (typically ETH, MATIC, or SOL), and buy your first NFT (OpenSea is the most popular marketplace for buying and selling NFTs). Once you’ve made it this far, join that project’s communication forum (typically Discord) and see how NFT communities work in action.
However, if you prefer a more passive experience to full immersion, web3/NFT 101 is not hard to come by, and there’s a little something out there for everyone. If you like Youtube videos, you’re in luck. If you prefer articles, there is an ocean of great material. And of course, keep your eyes peeled for more informational blog posts from Flaunt!
Step 2 (Optional): Seek out partnerships with existing NFT projects
By now you’re feeling a little more comfortable with basic web3 concepts yourself, but maybe your company is not quite ready to launch your first NFT project.
One way for a brand to dip its toes in is to forge partnerships with existing NFT projects that align with your brand, audience, and values. Adidas is a great example, as they partnered with Bored Ape Yacht Club, one of the most successful web3-native NFT projects and new “web3-native” brands to emerge from this space.
Calloway and Topgolf are also doing this in a much simpler way with the NFT project, LinksDAO, a “global community creating the modern golf & leisure club.” In this case, they opted to offer exclusive product and experiential discounts to holders of the LinksDAO NFT.
In summary, each of these brands was able to find an existing project with a similar audience and set of interests. Plus, by meeting consumers where they are, they are making themselves relevant and accessible - attracting a mix of current and net new customers to the brand.
Step 3: Launch an NFT project
Given step 2 is an optional bridge to going deeper, it’s possible that you may skip right to step 3 - launching a small scale NFT project. By now, there is a fairly well-established playbook for this, and there are a number of great agencies and NFT studios that can help you identify the right strategy and execution for your unique goals.
In a nutshell, you will want to approach this similar to any other marketing campaign - establishing clear objectives, a target audience & use case, creative design, and a media strategy to get the word out. We will dive deeper into core principles in future blog posts.
Step 4: Integrate NFTs in your core business strategy
Once you have proven positive outcomes and ROI for your brand on a smaller scale, it may be time to start thinking about how these digital assets become a part of your core marketing strategy. At the time of writing this blog, very few brands have effectively attempted or implemented NFTs to this extent, but all signs indicate we’re headed in this direction.
For example, Starbucks recently announced their intentions to integrate NFTs into their renowned rewards program. CEO Howard Schultz indicated that the NFT strategy will “build on our existing industry-leading digital platform in innovative new ways all centered around coffee and most importantly, loyalty.”
These examples will pave the way for other marketers to follow suit across a myriad of programs and use cases - from loyalty to growth and everything in between.
