At this point, you’ve probably seen all the buzz about NFTS. Jpegs selling for multiple six and seven figures, crazy acquisitions, and explosive gains have made NFT’s one of the most talked about digital topics of the year.

But what are NFTS? 

If you don’t know what an NFT, of non-fungible token, is then here is a quick definition:

In short, NFTs are unique pieces of transactional information on the blockchain (typically Ethereum) that cannot be replaced. Typically, NFTs are sold in jpg form, however, the image is more like a representation of the actual transaction stored on the blockchain.

So now for the real question… How can NFT’s help your e-commerce brand in 2022? 

Community building

When it comes to building a brand of any kind, having a strong, loyal community can play a major factor in long term success. Sure you can create an engaged following on social media and email, but utilizing NFTs for your ecom brand can help people feel more invested in the brand as well while helping them feel like a true VIP customer. 

Plus, now your NFT holders will have something in common with each other for further community building.

Reach a different audience

Because we are all so early in the NFT space, most brands haven’t taken advantage of the technology yet.

Why is this important?

Because at this point, just the fact that your brand is offering an NFT is a big deal. Take Adidas for example… they are one of the pioneers in branded NFTs and they made over $23m with their drop! Plus they are bringing in money every day through royalties on the secondary sales. 

Until more brands jump into the NFT space, just offering something is going to hit the radar of NFT investors around the world, many of whom probably wouldn’t have been customers otherwise.

Ok, so now we know why NFT’s are important for your brand, but how can you start implementing them and why should someone buy one (or multiple)?

Special Collections

With NFT’s you can put a whole new twist on the phrase “special edition”. Imagine this… Let’s say you’re selling canvas art like the brand Ikonik. Now imagine you release a special collection that can only be purchased upon NFT ownership verification. Your audience will want it because they already love your brand, so they will buy your NFT.

Now let’s say you only release 2000 NFTs. By truly limiting the number of buyers, you can play into the basic supply and demand law to keep resale values high. Plus, you can maintain high values with future special edition launches to keep people engaged.

Lifetime Discounts

For a lot of brands where customers purchase often (for example, a coffee or sauce brand), NFT’s can act as a membership tool.

Tons of brands offer membership programs that come with discounts on products, that’s nothing new, but when you implement NFTs, that membership is now transferable as an asset for your customers, plus you can play into the supply and demand law again, all while following along with the other reasons to release a branded NFT that are outlined above.

Viral Sharing Of Your Brand

How many people have you seen who have an NFT as their profile picture?

Probably a ton! With more people joining the NFT movement every single day, offering an NFT for your brand could act as a great way to get your name out there more than ever before.

Think about it… Do you think it would help your brand awareness if your customers changed their social media profile pictures to your logo?

Probably.

Think of your NFT as the same thing. As people get stoked on your NFT, they are going to want to share their investment with their friends and family which means your brand gets pushed to their following every day!

As of early 2022, NFTs have been one of the most talked about topics, however their mass adoption hasn’t taken effect just yet. If you want your brand to be on the forefront of technology, implementing an NFT could be a game changer.

Although the technology is new, there are great, and relatively simple, options for launching your NFT collection are becoming more available on both Webflow with a custom solution, or you can sell NFT’s on Shopify through their Beta program for US-based Shopify Plus users.