Branding, as we well know, tells a story. A story that represents the very spirit of the brand, essentially distilling it to its core. Marketing, therefore, is vital as a way of fostering customer loyalty while boosting sales. In this regard, blockchain technology is one of the biggest boosts to the marketing industry, with celebrities and brands alike using it to propagate their brand. Sports stars, especially, are partnering with NFT sports marketplaces and are releasing their own lines of NFTs.
The road ahead
Fast food giants Mcdonald's and Taco Bell were one of the first industry titans to tap into the potential of NFTs. Quick to follow suit, the fashion industry has also dropped NFTs with even names like Gucci and Louis Vuitton jumping in.
It’s plain to see that using NFTs to promote a brand is quickly catching on. Bigger brands are expected to soon get into the action by dropping their own NFTs to provide an all-new experience for consumers.
As far as India is concerned, Bollywood stars and cricket legends were among the first to boost their brands using NFTs. Cricket NFT marketplaces, particularly, are a big draw for sports fans. In fact, according to Deloitte, cinema and sports NFTs alone will rake in around $1 billion in the near future.
Summing up
With giants in the industry already employing NFTs in their branding strategies, it is only a matter of time before other brands realize the untapped potential of NFTs. Experts predict that bigger companies jumping on the NFT bandwagon is set to be one of the most awaited trends this year. With loyalty and brand image on the line, it certainly seems to be the way to go!
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