Not nuggets, but NFTs are the currency of the new virtual world. The latest craze comes from Adidas and Prada: 3,000 users and their images become part of such a digital object, known as a “non-fungible token”. Everyone who registers on the waiting list before 14.00 today, Tuesday 25 January, has at least a small chance to participate. Guest author Bernhard Haas, CEO of the Bitfuel agency, explains why Adidas and Prada are pushing forward and what retailers and manufacturers need to know about the new kind of customer journey.
Early users in online marketing will know NFTs and may have created them themselves or bought them at auction: The non-fungible tokens are digital, non-duplicate individual pieces that are currently making inroads into pop culture – and more or less through gangs into the real world of trade. Especially in marketing, one spectacular NFT drop is chasing the other, ie the launch of a new, independent collection of NFTs.
A few international brands stand out in particular. They rely on an innovative brand experience and new user experiences. The use of non-fungible tokens is particularly interesting for online trading when they act as tickets for very exclusive customer journeys.
For the leap into the meta-verse, Adidas has, among other things, entered into partnerships with the NFT cartoon Punks Comic.
To understand and benefit from this approach, the following six insights are valuable. They come from Adidas’ NFT drop “Into The Metaverse” – only about a month ago, but already a milestone in terms of innovative digital customer loyalty and activation.
First insight: NFT as an “entrance ticket”
The sportswear manufacturer deliberately did not release an NFT at the end of 2021 that you can own as such. Instead, it is an NFT badge, a kind of ticket or ID card, which in this case entitles you to participate in a loyalty trip in the adidas brand universe. In 2022, holders of the emblem or token will have a total of four exclusive opportunities to participate in an online product sale.
“Sale” is the wrong word here, as the virtual and non-virtual “goods” are actually being given away or exchanged. This NFT bag was originally launched at a price of 0.2 Ethereums (ETH), but is now traded at around 1.1 ETH, so it has more than quintupled in less than six weeks. In turn, 1 ETH, the most important cryptocurrency after Bitcoin, currently costs around $ 2,000. For those interested: “The Cryptos” can be relatively easily bought on exchanges such as Justtrade or Binance, NFT after the initial fall usually on special secondary marketplaces, in the case of “Into the Metaverse” on Opensea.io.
© B. Haas
Etailment.de guest author Bernhard Haas is an expert in digital branding experiences and CEO of the Bitfuel agency. He has been advising companies on digital marketing for more than ten years and has previously worked for the agency networks WPP Group and Publicis Group.
Other Insight: Crypto-wallet for verification
From a user perspective, the way to receive the products will be through the use of a crypto wallet, a form of electronic wallet. With the wallet, you will be able to register as a user on the Adidas website and verify yourself as a token holder. NFT “Into The Metaverse” is recognized as a symbol of the website and access to the product and the ordering process is provided. The token network is limited to 30,000 pieces. So 30,000 NFT owners worldwide will enter their shipping data for a severely restricted Adidas product.
third Insight: Product drop as a journey
Adidas is expected to launch four physical products via the NFT journey in 2022. According to fashion magazine GQ, there will be a Firebird tracksuit, track top and training pants from Indigo Herz and Courtney, a graphic hoodie and one of GMoney’s classic orange beanies. From the customer’s point of view, they are highly sought after goods, strictly limited and with high potential for value growth.
Fourth Insight: Metaverse as a travel extension
WAGMI … “We all have to make it,” tweeted Adidas, alluding to the fact that the Into The Metaverse token will also provide access to adidas’ “mysterious plot of land” on Sandbox. So the possibility, adidas in Metaverse, as Sandbox is a popular game to earn online games that are discovered by brands and celebrities to interact with users in the digital space.
Currently, the game Sandbox is not “playable” and is in the development phase. The alpha phase of the game was a resounding success and was only available to an exclusive audience for a short time. The beta phase is about to start and it is possible that Into The Metaverse NFT on your wallet will then give you exclusive access to the game Sandbox.
Fifth Insight: Twitter and Discord for Travel Control
From a branding point of view, the use of NFTs in marketing does not end with the dispatch of a product. Instead, it is about sending users on a unique and exclusive journey. NFTs in marketing thus enable the design of a whole new brand experience that integrates and involves users and activates them again and again.
© Adidas + Prada
Adidas and Prada jointly issue an NFT.
Discord and Twitter are usually used as control tools from the broadcaster’s perspective. Discord is a messenger and community service that is especially popular with gamers. Among other things, Adidas uses him to inform the token holders about the upcoming product drops and other benefits offered to token holders. Questions are answered and turnout is encouraged through the community.
Sixth insight: Infinite travel and timeliness
The customer journey through Metaverse must not end: The next NFT collaboration is already here, this time between Adidas and Prada. The two brands, together with digital artist Zach Lieberman, publish an NFT in which users participate in token design.
The brand name “Re-source” is based on the existing Adidas x Prada clothing line called “Re-Nylon”. The special thing is that the 3,000 participants can upload a picture and thus contribute part of the NFT. As co-owners of the token, they will also participate in the share proceeds from the NFT sale on the Superrare.com marketplace. This results in user integration and participation at the highest level, all the way down to rights ownership and revenue sharing.
You can theoretically be put on a waiting list at www.adidas.com/prada-nft until Tuesday (January 25, 2022) at. 14.00. Highlight: 1,000 of the coveted seats were reserved for owners of NFT “Into The Metaverse”. The auction of the co-created NFT will take place on 26 January.
What do we learn from these insights? Being actively involved can be worthwhile as a user, both from a creative and also from a financial point of view. But just observing the current NFT hype makes sense for marketers and sales specialists. Because the modern marketing principles “play-to-earn” or “engage-to-earn” are implemented in NFT-based travel in an exciting and often successful way. All promoted using an innovative technology. But designed by creative people.
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