NFTs Retail Use Case?
NFTs as a Use Case to Drive Unique Consumer Experiences and Brand Loyalty?
Since attending the Web Summit earlier in November, I seem to be hearing more and more about NFT (Non-Fungible Technology). When first stumbling across these acronyms, I initially wrongly assimilated them to Near Field Technology. NFTs are "unique" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be assimilated to certificates of ownership for virtual or physical assets.
What’s quite interesting is the use cases that have exploded onto the scene on the back on this technology. The concept of non-fungible tokens NFT are increasingly taking centre stage beyond the ownership of digital art, where the concept seems to have initially emerged.
Today various businesses and brands lean into the NFT opportunity to provide an unique model and experience to consumers by leveraging the opportunity of the latest technology. One of which being Burberry, who created an interactive NFT game back in August, Blankos Block Party, supported by a limited collection to support the game. Burberry NFT game is a multiplayer party game featuring digital vinyl toys (called Blankos) that live on a blockchain (i.e. virtual safe) and a shark figurine adorned with Burberry Summer Monogram that can be upgraded and sold in-game. Unsurprisingly (or surprisingly) the collection and accessories released to support the game sold out in 30 seconds.
Another example is Louis Vuitton’s who to celebrate their 200 anniversary released a mobile game, Louis the Game. Taking on the role of the Maison’s iconic figurine Vivienne, players make their way through different animated worlds (while collecting candles along the way) to a birthday celebration. The NFTs within the game being collectibles and cannot be sold.
What I am finding particularly interesting is that:
1. The fashion industry attempts at NFTs is producing some rather interesting use case.
2. The gamification of user’s experience is a proven way to captivate consumers and reach out to new audience.
3. Agile and latest technology are providing new use cases to drive consumers engagement, conversions and consequently driving growth.
Some interesting reading below on NFTs and retailers experiencing with this:
https://www.burberryplc.com/en/news/brand/2021/Blankos.html
Louis Vuitton Launches NFT Game 200-Year Anniversary Celebration (highsnobiety.com)
Why games became luxury fashion’s NFT on-ramp | Vogue Business
NFTs, explained: what they are, and why they’re suddenly worth millions - The Verge