Businesses must constantly experiment with new ideas in order to stay competitive, up their game, and meet growing customer expectations.
NFT is no exception.
Brands experiment with NFTs in different ways. Some of them use NFTs as event tickets, special subscriptions, memberships, etc. Starbucks-like brands use NFT-based loyalty programmes to strengthen their communities and build brand loyalty.
However, due to the crypto market's downturn, investment in NFT has slowed in recent times.
But, with Spotify's new announcement, we believe the NFT craze is slowly picking up the pace. The love of music may probably push younger generations to go for Spotify’s "token-enabled playlists."
New NFT use case:
If Spotify’s new NFT initiative turns out to be successful, we believe it will open up new NFT use case for brands to expand business.
By applying the same strategy, brands may effectively sell their exclusive products through NFTs in the future. The key benefit it holds is that, besides expanding brand visibility, it allows brands to monetize their NFT easily while also driving the sales of their exclusive products.
Exclusivity can drive sales:
The exclusivity that products bought using NFTs bring will increase customer interest in particular brand products. It, in turn, can make the products compulsive for others. Consequently, it induces more people to move towards NFTs. As a result, it can boost both product and NFT sales.
Thereby, we believe more brands will begin to embrace and experiment with NFT-based marketing.
Hence, it is crucial for marketers to keep an eye on Spotify's new initiative to stay ahead of marketing trends. Win or loss. There's a lot to learn for marketers.