How beverage brands can use NFTs in the real world?
Non-Fungible Tokens are unique digital assets that are indivisible and cannot be replicated. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs represent ownership of specific digital content, ranging from art and music to virtual real estate and in-game items.
In the past few years, several beverage brands have done some experiments like Starbucks with their Odyssey NFT program or Budweiser with their Budverse NFT collection for the World Cup 2022. The scope of work was limited and expectations were set low though.
Few or none of the beverage brands have really taken the NFT opportunity to get consumers to meaningfully interact with them in the real world on a daily basis.
This article will focus on 3 use cases we believe beverage brands can do with NFTs.
Access Events
Beverage brands usually plan budgets for some activation. The purpose of these activation is to trigger a positive emotion between the brand with consumers.
We believe that NFT can be used for creating private events only NFT holders can join. The way to see it would be on an app that enables NFT holders to see the event and provides instructions to the holder to join it.
By doing such things, brands can run activations and measure the engagement level with the attendance and use it to reach the users afterwards with a customized message.
Get discounts
Beverage brands have sometimes planned their year and budgeted some promotions to drive sales up at the point of sale and consumption.
We believe that NFT can be used to create promotions that only NFT holders can get. The way to get it would be to connect a wallet and then select the NFT to benefit from the promotion through an app.
By doing such things, beverage brands can run promotion and measure the sales activity with the redemptions and recoup with the purchase orders with their distributors.
Reward with some gifts
Beverage brands have usually some budgets to rewards their customers, especially the ones that drive some meaningful business.
We believe that NFT can be used to create some rewards for NFT holders that transacted significantly with the brand. The way to execute such rewards would be based on criterias like event attendance or redemptions of the NFT holders.
By doing such things, beverage brands can properly allocate their budget to their most loyal customers with a set of rewards they can determine beforehand.
Beverage brands have tried several experiments to see how NFT can benefit to their business. The adoption remains low at the moment and the main issue is to work on a great value proposition for regular consumers to go for it.
