What exactly is NFT? NFT stands for “non-fungible token,” which translates to “non-replaceable token,” and refers to a virtual asset that cannot be exchanged for another blockchain token. NFT is a method of tokenizing digital stuff in order to determine who owns it. In other words, the blockchain stores ownership and transaction records, making illicit copying or fabrication impossible. What is a blockchain, and how does it work? It’s a mechanism for storing and recording data in a chained block. Because the transaction information are held independently by various persons, we can’t falsify or tamper with them. This blockchain technology is also used by Bitcoin! So, let’s have a look at how NFT is employed in marketing.
Companies take use of NFT’s “rareness” to provide a unique experience to the MZ generation, who is their primary target audience. NFT may be a new method for companies and consumers to communicate, as well as a tool to boost brand image and attract new customers. Obtaining a franchise Taco Bell teamed with five writers to create five Taco-themed NFTs featuring graphics and video segments that sold out in less than 30 minutes. The Taco Bell Foundation will utilize all earnings from the NFT to fund student scholarships, according to Taco Bell. This is an example of NFT marketing that has resulted in Taco Bell’s promotion and enhanced brand image! NFT was also utilized by Pizza Hut franchisees for marketing. For the first time in the world, Pizza Hut offered blockchain pizza called NFT. A successful NFT experience that boosts customers’ unique experience and brand image by providing a piece of NFT pizza during lunch at the NFT Marketplace ‘Libble’ for a short time! This new technology, such as NFT, has the potential to transform marketing and give a foundation for new options like growing business sectors and digitization.