How NFTs are changing the marketing world

moneycontrol.com:

Aayushman Sinha

The term ‘marketing’ is synonymous with ‘change’, and so is the marketing industry. Over the years, marketers have seen waves of change, experienced freshness of ideas, and evolved with multiple trends, tech transformations, and, of course, global changes. Years ago, when social media and its exponential potential entered the marketing industry, it was fully optimised by marketers. Today’s social media marketing presence for each and every brand that exists, is proof.

Today we are also seeing another marketing trend in its infancy which is expected to become a revolution in the years to come. Brands have already started optimising the marketing benefits of this trend, and soon others are set to catch on. The buzzword is ‘NFTs’, which is a craze not only for the finance-savvy but also for the curious masses.

The Non Fungible Token (NFT) is a digital asset that can be traded, just like cryptocurrency, but with a catch. While cryptocurrency such as Bitcoins can be traded with another Bitcoin at an equal worth, one cannot trade an NFT at equivalency just as is the case with a diamond. No two diamonds are alike, and of the same value. The same goes for NFTs. Each NFT comes with a digital certificate of ownership that makes it unique. You may have an NFT of a taco just like your peer, but still, the value of the two would be different and unique, with a different worth.

These unique crypto assets are bought and sold using blockchain, which is a novel technology that stores and secures data.

NFTs can bring a revolution in the marketing world because they can help brands gain awareness, and interest from their customers; they can encourage better engagement with their customers, and; they can help create a better user