With the advent of blockchain and cryptocurrency, marketing is undergoing a transformation like never before. As companies consider how best to market their products in this new digital space, marketers must decide whether traditional methods are still viable or if they should be investing more time on DART (digital advertising, branding & TRP).
The “charmin nft” is a new type of digital asset that is growing into a trillion-dollar opportunity. The evolution of the marketing industry has been changing rapidly, and this is just one example.
Some of you may be too young to remember Tazos and how they swept the globe in the 1990s. Children used to ask their parents to purchase them bags of salted crisps or corn chips just so they could eat them. The Tazo craze swept young boys and girls from Latin America through Europe, Asia, and Africa, as well as Eastern Europe and the Middle East.
Tazos were unlike the valuable sports cards we’d all heard about in that they were not just collectibles to save and protect for a lifetime, but also something that youngsters all around the world were playing with, even at a competitive level. The game was really fairly basic. All players had to do was bash one Tazo on another or a stack of others to win the ones he could turn over.
According to Grunge, Tazos are a commercial progression of the POG, which originated as a playground game in Hawaii in the 1920s.
“The game’s origins may be traced back to a Hawaiian schoolteacher named Blossom Galbiso, who wanted to expose her children to the game she used to play as a kid.”
Passion Orange Guava (POG), a Hawaiin beverage business, brought these flat plastic or cardboard souvenirs to fame in the 1970s then internationally in the 1990s, according to Firstwefeast.com. According to Etsy, Simpson Pogs are still available today and may cost about $2,400.
Tazos’ travels around Latin America
In a separate piece, Vice explains how, in 1994, Mexican marketing genius Pedro Padierna, who worked for the chips and crisps firm Sabritas, came up with the idea of translating the POG concept into Tazos.
Padierna told Vice, “I grew up collecting (football) soccer cards.” “Baseball was popular in the United States, but soccer was popular in Mexico, and it was ingrained in our culture.” Because these cards were frequently sold in bags of chips, it wasn’t a tremendous leap of imagination to think that another collectable might be just as popular. But what was the question?
Padierna decided to have a brainstorming session with his coworker Fabian de la Paz, who had heard about the POG case study from Hawaii. The Canada Games had previously reintroduced the POGs to the market in the early 1990s, igniting a second frenzy. Padierna and De la Paz carried them home with a Loony Tunes agreement that launched the POGs as Tazos to the worldwide marketing arena, and the business saw a potential to license them to other companies.
The transition from a physical to a digital world
Luis Carranza, the CEO and Founder of Fayre, who just funded $3.9 million to start his NFT marketplace, views non-fungible tokens as a new way to bring marketing to the Metaverse.
“POGs and Tazos were tremendous hits, and many people throughout the globe still remember and collect them,” Carranza added. “The physical, tangible world is evolving toward the digital and into the Metaverse, from gaming, working, meeting, and marketing.” In the past 20 months, Covid-19 has expedited that transformation.”
Fayre is a new marketplace with a brand dashboard that allows businesses to create and connect with NFT fan groups. Carranza and his colleagues are establishing one platform where the three marketing aspects come together, while many others are talking about constructing the metaverse.
Observing the future
Carranza is looking into the future and how non-fungible tokens can help brands bring their fans and potential customers into the future by creating a whole new experience for them. While many others are absorbed by the frenzy that is NFTs from one angle alone, Carranza is looking into the future and how non-fungible tokens can help brands bring their fans and potential customers into the future by creating a whole new experience for them. Fayre is developing a smartphone companion app that will enable NFT participation in stores and stadiums.
The inventor of Fayre presented an example of how this is already happening in the fast food market, albeit it has yet to be addressed by companies like Coca-Cola and Pepsi-Cola, who hold crisps and chips brands.
“A McRib post from McDonald’s, for example, received over 100,000 retweets in November. “Burger King has teamed up with Nintengo to give gaming prizes with a kid’s meal,” Carranza said. “However, this has to be taken a step further by delivering NFT collectibles that users can utilize in games.”
Carranza’s idea is supported by a customer survey conducted by GlobalData in Q1 2021. Over 28% of Gen Z customers expect firms to create general entertainment, such as games, to keep them occupied.
Louis Vuitton created a gaming app named “Louis: The Game” in early August to commemorate the 200th birthday of company founder Louis Vuitton. The game will replicate Vivienne, the game’s mascot, traveling to Paris. (The narrative is based on Louis Vuitton’s life.) Players will get 30 free NFTs as a reward for completing the quest.
Burberry NFTs were introduced a few days later in the Blankos Block Party gaming environment, which lets players to construct, design, buy/sell, and collect NFT characters.
Dolce & Gabbana has released a high-end collection targeted at its traditional demographic – its ardent followers who wish to possess a digital copy of the brand’s creations.
Using emotions to engage
Brands engage people with gamification by eliciting diverse emotions through creative experiences, artistry, and the distinctiveness of luxury fashion items in the digital realm.
In the luxury fashion sector, there are several methods to NFT and gamification.
Brands have shown that NFT and gamification methodologies and applications may be tailored to meet a variety of strategic objectives.
For example, Louis Vuitton has created its own app with a captivating plot, a protagonist, and a reward system that encourages people to start on a trip with pride. The NFT in the game is mostly for collecting and not for sale.
The initial NFT project’s target demographic, according to Dolce & Gabbana, is current loyal clients.
Burberry joined the market by creating, pricing, and selling Burberry NFTs on an already established trading platform.
Will NFT and gamification help digital fashion grow even further?
Gamification allows gamers to feel “immersed” in the world of high-end fashion. It also makes it easier for companies to communicate and manage their message and image. In the meanwhile, NFT makes one-of-a-kind digital goods that are as precious as limited-edition premium fashion items.
Fashion manufacturers’ frequent introduction of NFT and gamification-related items illustrates a changing fashion sector that is more focused on games and applications to communicate directly with customers.
High-fashion labels understand how important it is to form a link with their clients in order to achieve loyalty. The use of gamification and NFT to nurture and strengthen relationships might be a solution to emotional uplift.
An important marketing tool
In a LinkedIn post titled The Metaverse: A Paradigm Shift In Marketing, Anjali Kapoor said, “NFTs will ultimately emerge as an indispensible marketing channel.” She is the Web3 & Decentralized Marketing Chief and a worldwide media and technology leader. Kapoor correctly points out that the crypto architecture will not replace, but rather complement, targeted media channel marketing strategies.
“It’s difficult to ignore the crypto culture demographic that’s determining the future of digital asset consumption whether you’re an investor in a customer-focused firm or an executive responsible for the development of a consumer brand,” she says.
The metaverse is becoming more popular among users and marketers. When you consider how much time people spend in virtual places and how this has blurred the barriers between the actual and virtual worlds, it’s easy to see how NFTs and the metaverse will be the next major Tazo-like success.
According to the Q4 2021 Global Report from Hootsuite, there are 5.29 billion unique mobile phone users worldwide. This equates to 67 percent of the total population. The internet is used by about 4.8 billion people, or 61.8 percent of the world’s population. Another interesting fact for marketers to consider is that 44.8 percent of people use social media to seek for brands.
Some facts and figures
According to Uswitch, individuals in the United Kingdom spend an average of 6.4 hours every day online. According to a poll released by Statista in the United States, 46% of respondents spent up to six hours, 11% spent seven hours, 22% spent four hours. According to Jane Zang of SMP, mobile users in China spend more than six hours every day online.
Given global mobile phone statistics, the rise of NFTs, and the global metaverse — arguably thanks to Mark Zuckerberg’s rebranding of Facebook to Meta— it’s no surprise that major brands like McDonald’s, Burger King, Campbell’s, Nike, and a slew of others have already jumped into this new digital marketing sphere.
Taking it one step farther
Fayre takes the evolution a step further by bringing NFTs and the metaverse together in one place, thanks to a unique model that allows brands, fans, and creators to subscribe for memberships that grant them access to very low transaction costs and a dashboard that makes navigating an otherwise complex and abstract technological world simple.
Grayscale projected in a 19-page study published in November 2021:
“A trillion-dollar income potential in advertising, social commerce, digital events, hardware, and developer/creator monetization in the Metaverse.”
That still pales in comparison to the $14 trillion dollar industry that Web2 is today, but with the world moving at such a rapid pace, Web3 is a market opportunity that no one can afford to overlook since the risk of disruption is considerable, according to Luis Carranza.
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The “brand nfts” is a new type of digital asset that has been growing in popularity. The marketing evolution that is growing into a trillion-dollar opportunity.
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