Not nuggets, but NFTs are the currency of the new virtual world. The latest craze comes from Adidas and Prada: 3,000 users and their photos are part of such a digital object, known as a “non-fungible token”. Anyone who signs up for the waitlist before 2 p.m. today, Tuesday, January 25, has at least a slim chance of participating. Guest author Bernhard Haas, managing director of agency Bitfuel, explains why Adidas and Prada are pushing ahead and what retailers and manufacturers need to know about the new form of customer journey.
Early adopters in online marketing are familiar with NFTs and may have created them themselves or purchased them at auction: non-fungible tokens are individual digital, non-duplicated pieces currently making their way into pop culture with power – and more. or less through gangs in the real world of commerce. In marketing specifically, a dramatic decline in NFTs drives out the other, namely the launch of a new standalone collection of NFTs.
A few international brands stand out in particular. They rely on an innovative brand experience and new user experiences. The use of non-fungible tokens is particularly interesting for e-commerce when they serve as tickets for very exclusive customer journeys.
For the leap into the metaverse, Adidas has entered into partnerships with the NFT Punks Comic series, among others.
In order to understand and benefit from this approach, the following six ideas are valuable. They come from Adidas’ NFT drop “Into The Metaverse” – only about a month ago, but already a milestone in terms of innovative digital customer retention and activation.
First glimpse: NFT as an “entrance ticket”
The sportswear maker deliberately did not release any NFTs at the end of 2021 that you can own as such. It is rather an NFT badge, a sort of ticket or identity card, which in this case allows you to participate in a loyalty program in the world of the Adidas brand. In 2022, badge or token holders will have a total of four exclusive opportunities to participate in an online product sale.
“Sale” is the wrong word here, since virtual and non-virtual “goods” are actually given away or bartered. This NFT bag was initially launched at a price of 0.2 Ethereums (ETH), but is now trading at around 1.1 ETH, so it has increased more than fivefold in less than six weeks. In turn, 1 ETH, the most important cryptocurrency after Bitcoin, currently costs around $2,000. For those interested: “Cryptos” can be bought relatively easily on exchanges such as Justtrade or Binance, NFTs after the initial drop usually on special secondary marketplaces, in the case of “Into the Metaverse” on Opensea.io .
© B. Haas
Etailment.de guest author Bernhard Haas is an expert in digital brand experiences and managing director of agency Bitfuel. He has been advising companies on digital marketing for more than ten years and previously worked for the WPP Group and Publicis Group agency networks.
Second Insight: crypto wallet for verification
From the user’s perspective, the way to receive the products will be through the use of a crypto wallet, a type of electronic wallet. With the wallet, you will be able to register as a user on the Adidas website and verify yourself as a token holder. The “Into The Metaverse” NFT is recognized as a token by the website and access to the product and ordering process is granted. The token is limited to 30,000 coins. So 30,000 NFT owners worldwide will enter their shipping data for a very limited Adidas product.
third Insight: Submitting a product as a journey
Adidas is set to launch four physical products through the NFT route in 2022. According to fashion magazine GQ, there will be a Firebird tracksuit, an Indigo Herz and Courtney tracksuit top and pants, a graphic hoodie, and one of the beanies. classic GMoney orange. From the customer’s perspective, these are highly sought-after, strictly limited items with high potential for value growth.
Fourth Insight: the metaverse as an extension of the journey
WAGMI… “We’re all gonna make it happen,” Adidas tweeted, hinting that the Into The Metaverse token will also grant access to Adidas’ “mysterious plot of land” on Sandbox. Metaverse as Sandbox is a popular online game which is discovered by brands and celebrities to interact with users in the digital space.
Currently, the Sandbox game is not “playable” and is in development. The alpha phase of the game was a resounding success and was only available to an exclusive audience for a short time. The beta phase is about to begin, and it’s possible that the NFT Into The Metaverse on your wallet will then give you exclusive access to the Sandbox game.
Fifth insight: Twitter and Discord for ride control
From the perspective of branded items, the use of NFTs in marketing does not stop with the shipment of a product. Rather, it is about sending users on a unique and exclusive journey. NFTs in the field of marketing thus make it possible to design a whole new brand experience that integrates and involves users and activates them again and again.
©Adidas + Prada
Adidas and Prada jointly issue an NFT.
Discord and Twitter are generally used as control tools from the broadcaster’s point of view. Discord is a popular messaging and community service for gamers. Among other things, Adidas uses it to notify token holders of upcoming product drops and other benefits that are available to token holders. Questions are answered and voting participation is encouraged through the community.
Sixth Insight: Endless Journey and Current Events
The customer journey through the Metaverse must not stop: the next NFT collaboration is already here, this time between Adidas and Prada. The two brands, in collaboration with digital artist Zach Lieberman, are launching an NFT in which users participate in the design of tokens.
The brand name “Re-source” is based on the existing Adidas x Prada clothing line called “Re-Nylon”. The particularity is that the 3,000 participants can upload a photo and thus contribute part of the NFT. As co-owners of the token, they will also participate in the share proceeds from the NFT sale on the Superrare.com marketplace. The result is user integration and participation at the highest level, right down to rights ownership and revenue sharing.
You can theoretically be put on the waiting list at www.adidas.com/prada-nft until Tuesday, January 25, 2022 at 2:00 p.m. The highlight: 1,000 of the coveted places were reserved for owners of the NFT “Into The Metaverse”. The auction of the co-created NFT will take place on January 26.
What do we learn from these ideas? Being actively involved can be interesting as a user, from a creative point of view but also financially. However, just observing the current NFT hype makes sense for marketers and sales people. Because modern “play-to-earn” or “engage-to-earn” marketing principles are implemented in NFT-based journeys in exciting and often successful ways. All aided by the use of innovative technology. But designed by creative people.
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