Even if you’re not an active investor in the market, chances are you know about Bitcoin (BTC) and you might know about a couple of other cryptocurrencies. But you might not know that cryptocurrencies are not the only digital assets you can own on the blockchain, which is a database record of all digital transactions. In addition to cryptocurrencies, there are non-fungible tokens (NFTs) that you can collect, hold and sell. Before you explore and invest in crypto, you need to understand these unique assets and why they’re gaining popularity among investors.
Diving into NFTs?
Think of NFTs as the modern-day mint condition rookie baseball card. The unique token is a code that serves as a certificate of authenticity representing a piece of art. It can be art, music, video clips, memes or anything else that’s one of a kind. For instance, a clip of LeBron James dunking a basketball sold for over $200,000 as an NFT last year.
But this digital asset doesn’t have to represent a famous painting or a historic Lakers dunk — anyone can make and sell an NFT on the blockchain. In fact, the asset is gaining popularity in the fashion, gaming and entertainment industries as well. Businesses can produce and use NFTs to build a brand and advertise to potential customers, creating a buzz for their products and generate new revenue streams. Knowing how to create an NFT, developing a marketing plan and understanding how brands can best leverage this new business opportunity requires a well designed strategy and plan.
NFTs and the Troika Team
Businesses today need to connect with customers in a highly competitive and often global market, so it’s important to stand out among the pack. One way to do that is to enlist the help of a company that understands emerging technology and knows how to use creativity to engage with clients. Troika Media Group (TMG) is a complete brand solutions company that helps bring brand equity to such clients as Apple (NASDAQ:AAPL), Hulu, CNN, Tiffany & Co (NYSE:TIF), Netflix (NASDAQ:NFLX) and Coca-Cola (NYSE:KO).
Troika worked with Dole (NYSE:DOLE) to launch an NFT to bring awareness to world hunger. The initiative not only put a spotlight on an important global issue, but the NFT helped to build brand awareness for Dole. With this experience, Troika has a new medium to serve businesses and tell their stories to encourage audience interaction and interest for different brands and products.TMG made two strategic moves recently to support its vision of utilizing transformative technology to create additional revenue opportunities and position the Company as a go-to expert in the NFT and crypto space, particularly in its sports, gaming, and entertainment business, where they plan to provide brands new opportunities to foster fandom through NFT integration.
TMG created Troika Labs, led by Gregg Lester, a marketing innovations group that leverages the power of data, merging technology with engaging content and compelling experiences to reach consumers, audiences and fans.
In May, TMG acquired Redeem, a fintech platform that empowers businesses to digitize any asset and build their own blockchain-based payment solutions. Redeeem is led by founder and CEO Kyle Hill who brings 5+ years of experience in blockchain and 15+ years of experience in tech startups.
Building on Redeeem’s digital blockchain capabilities, TMG intends to integrate their products across its media services and will work with new and existing brands to offer NFT capabilities, crypto payment APIs, mobile payment expertise, and other revenue-generating products capable of deploying digital tokens throughout TMG’s expansive network of brands.
How NFTs can Help Your Brand
Imagine delivering a unique experience for your customers through an innovative NFT that draws attention to your company. It’s a great way to create an enthusiastic buzz around products and events beforehand, so your audience is excited about your launch.
If you could support your favorite cause while bringing in loyal customers or tell your unique story through a collectible asset, it could do wonders for your marketing program. Plus, your NFTs can earn money themselves as their values increase and trade over time. Adding a digital edge to your brand building might be just the thing your company needs to shine.