How Companies Are Using NFTs Today

A look at how some of the largest businesses, brands, and creators are entering Web3 with NFTs

The average consumer might not know about NFTs, but major brands are venturing into NFTs, pushing them further into the spotlight.

Today, NFTs are used for digital art and collectibles, but the potential for utility with traditional brands remains largely untapped. However, the possibilities are endless, from marketing and community building to customer loyalty and ticketing.

Here are a few ways that your favorite brands are leveraging NFTs today

• Unlocking Physical Items
• Providing Event Acess
• Loyalty Programs
• Marketing Incentives
• Tickets/ Proof of Attendance
• Special Content Access
• Fundraising

Let’s dive in.

Unlocking Physical Items

NFTs can be used to allow consumers access to physical goods. An NFT gives you access to a physical item, working as a “ticket” to redeem and show ownership. A few examples of this include

• SUPERGUCCI by Gucci — Each NFT holder also received an exclusive 9-inch tall white ceramic SUPPERGUCCI SuperJanky sculpture, hand-crafted by ceramicists in Italy.
• Mattel’s Hot Wheels — Mattel released 40 different NFT Hot Wheels designs for consumers. There were four potential levels of scarcity, with more than 5,000 NFTs redeemable for a physical version of exclusive Hot Wheels, which each collector having a 5% chance on landing on a special vIRL token and owning a limited edition real life die cast vechicle.
• Robert Mondavi Wine — The California winery launched the first wine label sold by NFT. There are only 1996 bottles collectible, and each NFT of wine has a key to unlock a bottle redemption.

Providing Event Acess

NFTs can also act as an “access pass” for events. Holding an NFT allows you to get into exclusive events. A few examples of this include

• Kings of Leon — Kings of Leon released an album as a series of NFTs. One type of NFT offered as part of the series could be redeemed for top seats at Kings of Leon shows.
• Coachella — Coachella launched a collection of 10 NFT keys that grant the owner lifetime access to Coachella. This includes passes to one festival weekend every April and Coachella-produced virtual experiences forever.
• Dolce & Gabbana — the brand created an NFT collection launched during Venice Fashion Week. Owners of the NFTs also received real-world versions of the items and exclusive access to future D&G events.

Loyalty Programs

Companies are using NFTs as an extension of customer loyalty to engage and reward their customers. A few examples include

• Starbucks — Starbucks plans to unveil its web3-based rewards program next month, including coffee-themed NFTs. The company views the NFT collectibles as an extension of customer loyalty where customers can potentially “earn” the collectibles through everyday purchases.
• Clinique — Clinique held an exclusive giveaway to members of their Smart Rewards loyalty program. Members submitted stories about who brings joy to their lives every day, or how they bring optimism to those around them, on social media with the hashtag #MetaOptimist, and winners were chosen to receive free products for 10 years with one of the NFTs.

Marketing Incentives

Companies can use NFTs as a marketing tool to incentivize customers. A few examples of this include

• McDonald’s — The company issued a limited number of NFTs featuring the McRib to create excitement about the product’s temporary return. The collection of 10 individual McRib NFTs was only available to those who retweeted the brand’s invitation, which more than 21,000
• BMW — The automobile company minted 19 recordings of the roar of the BMW M engine as NFTs in the “BMW Museum of Sound” Collection. Each one is a one-of-a-kind audio track, done to “immortalize the iconic sound of the M combustion engine.” Nearly 93,000 were sold by the start of 2022.
• Budweiser — They launched their NFT Collection, “The Heritage Collection” featuring 1936 unique digital designs of beer cans to commemorate the year Budweiser created its first can. The collection sold out in less than an hour.

Tickets/ Proof of Attendance

Companies can use NFTs to complement or replace tickets. An example of this includes

• NFL — The NFL announced that fans could receive complimentary virtual commemorative tickets as a limited-edition NFT. Created in collaboration with Ticketmaster, those fans who attended select games from Thanksgiving up until the end of the 2021 season were eligible for an NFT ticket, which could then be traded or sold.

During the 2021 NFL season, the League successfully distributed more than 500k complimentary virtual commemorative ticket NFTs to fans. The League will offer NFTs to every attendee at more than 100 select games for the upcoming season.

Special Content Access

NFTs can serve as a key to unlocking access to exclusive content. An example of this includes

• Quentin Tarantino recently launched his first NFT collection, where NFTs featured uncut scenes from his classic 1994 film ‘Pulp Fiction. His first NFT sold for $1.1M.

Fundraising

NFTs can help organizations drum up awareness and fundraise for various causes. A few examples of this include

• Adidas — Adidas partnered with Prada to create an NFT. Both companies invited their audiences to provide 3,000 community-sourced pieces of art. Each was minted as an NFT and digital artist Zach Lieberman compiled all 3,000 to make a single work. A majority of the proceeds from the auction were donated to the Slow Factory Institute.
• Evian — The water company announced its partnership with Sara Shakeel to create its first NFT series. Shakeel is known for her unique combination of digital and physical collages using glitter and Swarovski crystals. The limited run of 20 NFTs sold for around $620 each, and all 20 were gone in less than a day. Evian donated 100% of the proceeds to Somerset House to help provide workspaces for aspiring artists in London.

Wrapping up

NFTs are here to stay. Companies are incorporating NFTs into their marketing, rewards, and community-building strategies. It will be exciting to see the progression and applications of NFTs as more people learn about Web3.

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