As the market for digital collectibles continues to expand, brands need an omnichannel approach that brings together digital and physical touchpoints. By leveraging marketing strategies between streaming services, gaming platforms and brick & mortar stores, a cohesive branded experience can be shared with consumers across all channels.
Let’s explore how successful brands have been able to capitalize on this expanding landscape of opportunities while providing customers access in one streamlined journey.
A digital collectible is not synonymous to NFT, rather, it refers to the actual digital asset itself. Audio files, video clips, or JPEG images can all be considered digital collectibles with their own unique NFTs as proof of ownership.
The global collectibles market is on the rise and heading towards further growth based on Decipher Market Insights' report. According to their findings, the estimated size of this sector was $412 billion in 2021 with a projected increase to reach an astounding $692.4 billion by 2032.
NFTs, or Non-Fungible Tokens, are a revolutionary way of asserting ownership over digital assets. With their unique ID numbers registered on Ethereum's blockchain as an unchangeable public ledger tracking all transactions that take place involving these tokens. Minting them through smart contracts ensures authenticity is maintained throughout their history.
These tokens can represent not only video games and artworks but also deeds to cars, tickets for real world events, tokenized invoices and legal documents - the opportunities for creative expression with NFTs know no bounds.
Today, NFTs are revolutionizing the eCommerce space, enabling retailers to leverage new opportunities for generating revenue. With these changes in tow, it's no wonder why so many businesses are now leveraging this innovative technology.
Here are some examples of how brands have incorporated NFT’s into their marketing strategies:
Retailers are boldly pushing the boundaries of fashion and tech, creating "wearable" NFTs that truly take art to a new level. They're taking this concept even further by building virtual outlets for digital worlds also known as the Metaverse.
Walmart is leveraging the potential of metaverses with the launch of two new experiences on the Roblox platform: Walmart Land and Walmart Universe of Play.
Walmart Land immerses guests in a unique shopping experience, giving them the chance to explore an interactive virtual store of merchandise for avatars and take a spin on the exciting Ferris Wheel to get an overview glance of Walmart Land. Customers can take their avatar to join in various games and competitions to unlock special rewards.
Universe of Play is a captivating toy world for visitors to explore, where they can use e-mobility items such as hoverboards and drones from Sharper Image to traverse around the virtual environment.
Participants will have five opportunities to engage with games related to popular characters like L.O.L Surprise!, Jurassic World, Paw Patrol, Magic Mixies., and Razor Scooters while earning coins redeemable toward avatar merch along their journey - all culminating in building personal trophy cases! A Walmart blimp frequently dropping toys adds an extra layer of fun throughout the experience
Louis Vuitton is using blockchain technology to create an exciting engagement experience for its younger fans. In Louis the Game, players follow protagonist "Vivienne" on a journey through six different immersive worlds in celebration of the luxury brand's birthday. As they explore each realm - with features like running and jumping enabled- gamers can customize their character while gathering collectibles that commemorate LV's illustrious past.
Additionally, 30 Non Fungible Tokens (NFTs) are hidden throughout the game as exclusive digital assets waiting to be found and can’t be sold.
Utilizing this innovative approach has enabled them to surpass 2 million downloads and successfully drive sales above market expectations amid increasing demand for goods spurred by their active marketing initiatives.
H&M is revolutionizing fashion with an innovative virtual experience called Looptopia. Their latest undertaking was made possible through Roblox and features vivid realms like Rainbow Fields, Neon Studio, and Fabric Forest where users can construct their own clothing pairings accompanied by up-beat music tracks.
Players are able to swap styles amongst themselves or snap pictures of each other's creations. Moreover, by recycling used clothing items players unlock rare elements within Looptopia.
Gap launched a collection of NFTs based on Gap’s signature hoodie designed with art themes around positivity and equality. The NFTs come in four tiers based on pricing and availability: common, rare, epic, and one-of-a-kind. When acquiring common and rare tokens, holders get the chance to win epic-level NFTs and a physical Gap x Frank Ape hoodie.
As retailers explore the creative possibilities of NFTs to transform the customer experience, eCommerce platforms are seizing the opportunity to revolutionize shopping. With NFTs, they are introducing novel ways for consumers to purchase items and build their collections, ushering in a new era of unparalleled shopping experiences.
To illustrate how forward-thinking companies have applied this innovation, here’s an overview of some notable examples.
Shopify and Doodles recently collaborated to introduce a groundbreaking NFT-activated shopping experience at SXSW. By leveraging Shopify PoS, fans with RFID-embedded NFT passports had access to exclusive limited edition merchandise like vinyl figurines and an exclusive tshirt inside the gated shop Doodlespace while online shoppers were able to connect their digital wallet for tokengating which allows them not only access special items but also build up powerful relationships of loyalty between creators and customers alike.
eBay has made 2021 a landmark year for digital collectors and currency enthusiasts with the introduction of their NFT marketplace. Now, taking it one step further, eBay is partnering up with Sports Illustrated and the NHL to bring fans an exclusive collectible set featuring 3D animated renderings of Gretzky as a digital action figure.
The 13 unique pieces range in value from $10 up to $1,500 for diamond tier offerings - giving everyone something special to add to their collection.
Key Takeaways
The digital collectibles market is experiencing exponential growth and presenting an array of possibilities for businesses in the retail sector.
As eCommerce platforms increasingly explore leveraging non-fungible tokens (NFTs) and gamification to enhance customer experiences, the traditional focus on product-based offerings is shifting towards immersive, experiential experiences.
This trend is transforming the brand-customer relationship and providing innovative solutions to improve online shopping. With this flourishing sector poised for continued growth, it presents a unique opportunity for businesses to remain competitive in the market by staying ahead of the curve and exploring the possibilities offered by digital collectibles.
With the digital collectible market booming, now is your chance to stay ahead of the game with a solid strategy. Let’s explore together on how your business can adopt this trend and bolster your marketing strategy.
