{"id":1947,"date":"2023-08-28T09:49:27","date_gmt":"2023-08-28T06:49:27","guid":{"rendered":"https:\/\/www.digitalartists.com\/blog\/?p=1947"},"modified":"2023-11-29T10:03:20","modified_gmt":"2023-11-29T08:03:20","slug":"nft-branding","status":"publish","type":"post","link":"https:\/\/www.digitalartists.com\/blog\/nft-branding\/","title":{"rendered":"Using NFT Branding to Increase Brand Awareness"},"content":{"rendered":"\n

Having a stable and increasing brand awareness is important for your business’ overall performance and one way to achieve that is through NFT Branding. To have a respectable and ambitious brand awareness is an important factor in terms of how your company is doing overall and how widely recognized it is. If your brand was called Dancing Frog on a Rock<\/em>, and it was of a respectable size, what would customers think if they were to hear that name?<\/strong> Would they associate it with positive feelings or rather negative experiences? Do you have a recognizable and distinguishable brand logo that people know and love? Does your product stand out for people on the shelves or does it blend in because your brand doesn\u2019t put an attractive light around it?\u00a0<\/p>\n\n\n\n

These contexts refer to what brand awareness means, and quite frankly, the reason why brand awareness matters. If you check out all these boxes, then you\u2019d be assured to have a successful business<\/strong>. Your customers will always think of your product as a necessity or an uncontrollable desire that they want to buy.  <\/p>\n\n\n\n

Through brand awareness, you can achieve much for your company. Your product will stand out from competitors and it will always be obvious to customers.<\/strong> This will influence the purchase decision for many people to your benefit. Furthermore, by being a trustworthy and known brand, any existent and new customers are more likely to grab your product because of the good word around it. People like to be loyal to what works for them, and if your product has always worked to their advantage, they won\u2019t give up easily on it.  <\/p>\n\n\n\n

If your brand has established itself already, you might wonder how it is possible to push its awareness even further. Of course, you could always look for opportunities to expand the market and thus reach new and bigger audience, you could look to partner with other businesses or to collaborate with known and beloved people. But nowadays technology is more advanced than ever and you could take advantage of that to expand your business awareness through NFT branding<\/strong>. <\/p>\n\n\n\n

Understanding the Fundamentals of NFTs<\/h2>\n\n\n\n

Non-Fungible Tokens are a technology that started in 2014 as a collaborative project between Kevin McCoy and Anil Dash in the attempt to create a system for artists to have control over their own work<\/strong>. They would do so by having their artwork converted, or also known as minted, into NFTs after which the artists could claim ownership over the artwork and earn money through it.  <\/p>\n\n\n\n

The technology has since evolved<\/strong> to an extent that it no longer only represents paintings and digital artwork but music, videos, virtual estate and so much more. There are companies who store certain goods, like expensive whiskey bottles, and provide NFTs as a token for them, which the holders could exchange for the actual product should they decide to. <\/p>\n\n\n\n

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The creation process is fairly simple starting with the creation of the art. Then it is secured on a blockchain. Blockchains are decentralized public ledgers where all transactions and records can be seen and proven and it is secure without any alteration chances. Once that step is done, the artwork receives certificates and data attached to it and is now a proper NFT which can then be sold on a market. Another thing that NFTs are very good for nowadays is boosting your brand\u2019s awareness<\/strong>. <\/p>\n\n\n\n

Top Ways Branded NFTs Can Boost Your Brand Image<\/h2>\n\n\n\n

In the attempt to boost your brand\u2019s image, you should always look for what is available nowadays. Although old-school ways to run your business are proven to work, the world is moving rapidly along with technology and that shouldn\u2019t be overlooked<\/strong>. Adapting and showing progressive mindset are something that can inspire your customers to believe in your brand. NFTs are an ever-advancing technology as well and one such that can not only boost your brand awareness, but also act as a strengthener for your overall brand identity. The following ways will show you how branded NFTs can boost your brand\u2019s image successfully. <\/p>\n\n\n\n

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5 Ways Branded NFTs Can Boost Your Brand\u2019s Image<\/figcaption><\/figure>\n<\/div>\n\n\n\n
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\"Five
5 Ways Branded NFTs Can Boost Your Brand\u2019s Image<\/figcaption><\/figure>\n<\/div>\n\n\n\n

If your strategy focuses on making sure all of these ways to boost your brand\u2019s image are completed, then you\u2019re doing all the right things already. Let\u2019s expand these five examples and delve deeper into the whole picture. <\/p>\n\n\n\n

Enhanced Brand Visibility<\/h3>\n\n\n\n

There are researches that show that as of 2021, approximately 2% of Americans owned an NFT at some point. This number doubled to 4% in 2022, and although it might seem like a very low number, it equals to 9.3 million Americans<\/strong>. That speaks only about Americans though, but as we know, technology is a worldwide phenomenon that many people are using on a daily basis. Especially with NFTs, one of the biggest advantages is, that people from any point in the world, as long as they have internet access, can tap into the industry. These numbers are showing a promising development and will surely multiply in times with the coming years.  <\/p>\n\n\n\n

If your brand creates NFTs and expects exposure through them, then that\u2019s exactly what branded NFTs are going to offer you. If we grab our imaginary brand again, Dancing Frog on a Rock<\/em>, and say it\u2019s based in the USA, this doesn\u2019t mean that our investors, or NFT buyers, are to be only from the USA. A brand in itself can expand through several markets worldwide and attract loyal customers<\/strong>. But if this brand launches an online initiative like a brand NFT strategy, then more of these people can come together to support it. Your online presence is very important for this to work and can secure a wider audience resulting in a bigger revenue. <\/p>\n\n\n\n

Unique Brand Experience<\/h3>\n\n\n\n

There are people who would buy a product to support the brand or of similar interest that doesn\u2019t directly benefit them. But the traditional customer will always reach for a product that they either personally want or need<\/strong>. To push this further, loyal customers believe in this product and the name behind it. People like to be involved in the things they believe in. So, your brand could only benefit from inviting your customers to be part of it, one way or another. This can be easily done through NFT branding. <\/p>\n\n\n\n

There are many NFT collections which do this exact thing to give an incentive to buyers and to draw them in. Many of those collections offer exclusive merch, NFT-holder-only parties, community benefits like Discord chat rooms<\/strong> and many more various benefits. If there is a person interested in your branded NFTs, one sure way to assure of their purchase is to provide benefits with that brand NFT. In that case, they wouldn\u2019t only be owning something but also receiving something in return. This way, your business can engage with its audience, it can provide a better and more interactive approach that will be appreciated by your customers. <\/p>\n\n\n\n

Additional Revenue Streams<\/h3>\n\n\n\n

NFTs are a great way to generate additional revenue for your brand<\/strong>. When creating NFT collections, you are more likely to be creating at least hundreds, if not thousands, of NFTs, each selling for a set amount. Some NFT collections have been sold for millions, each NFT costing at least a couple thousands of dollars. This is a perfect way for your brand to generate additional income while boosting its brand visibility.  <\/p>\n\n\n\n

Branded NFTs also provide an additional revenue stream through NFT royalties. This method is most likely to benefit artists and content creators, but nevertheless, it\u2019s always a good option to have in mind. NFT royalties are essentially royalties paid to the NFT creator from every secondary sale<\/strong>. The creator sets the percentage of royalties themselves and can set a different value for each different NFT. For example, we are branding an NFT collection for our brand Dancing Frog on a Rock. We sell our NFTs for 10 ETH (\u224819,000 USD) each and set the royalty at 10% which equals 1 ETH (\u22481,900 USD). Every time our NFTs are resold, we would be gaining 1 ETH in royalties as the creators, which is an amazing additional revenue stream from branding NFTs. <\/p>\n\n\n\n

Authenticity and Ownership<\/h3>\n\n\n\n

NFTs are a very secure way to confirm ownership. This is because they are based on blockchain technologies which are decentralized and transparent<\/strong>. This gives the opportunity for any ownership, transaction and metadata attached to the NFT to be viewed by the public and easily authenticated. Additionally, NFTs are created with smart contracts which have a very secure and legitimate mechanism behind them. NFTs are also associated with only one wallet address at a time which too is very secure by having its own key address attached to it. By simply offering NFTs to a brand\u2019s customer base, the brand is also offering pure transparency and authenticity, especially if offering luxury, limited edition or collectible goods. <\/p>\n\n\n\n

Brand Loyalty and Engagement<\/h3>\n\n\n\n

NFTs are not only a way to generate additional revenues for your brand, nor are they specifically useful for expanding your brand awareness. NFTs can have a wide range of benefits for your business<\/a>. By offering an NFT collection of your brand, you can also establish further customer engagement and secure their loyalty to your brand<\/strong>. This is achievable by offering exclusive content, benefits and even merch to your customers who are also your brand NFT holders. Once people see result from their participation, they can be provided with yet another incentive to invest more in your company, be it through purchasing your products, recommending the brand or even buying more NFTs. <\/p>\n\n\n\n

A Guide for Successful Brand NFT<\/h2>\n\n\n\n

The thought of creating your own branded NFT collection might seem very exciting so far. And it certainly is also a very rewarding experience at the end.<\/strong> It\u2019s a niche revenue model and can be sometimes very tricky to successfully manage. Without the proper equipment and people behind the project, it could quickly be an unsuccessful attempt to increase your revenue streams. Therefore, it\u2019s always best to have a guide to show you how to make this unique way in boosting brand awareness and increasing revenue to your own advantage. <\/p>\n\n\n\n

Partner with an NFT Agency<\/h3>\n\n\n\n

Working by yourself on a project that you\u2019re not fully confident in can become very hard on both yourself and the project. Why challenge yourself through a lengthy trial and error process, when you can reach out to an NFT agency for help? One such agency will be your friend and support from the beginning to the completion of your dream NFT project. NFT agencies have the expertise and experience over any type of NFT projects and have the skills required for a successful campaign<\/strong>. From research, design, behind-the-scenes tasks and delivery of the project, they are more than capable to be your best shot at this quest. Here\u2019s what a dedicated NFT agency, like Digital Artists, can provide for your NFT campaign: <\/p>\n\n\n\n