Why beverage brands struggle with NFT?
NFTs are out for some years now. The truth is, many beverage players in the industry are struggling to make an actual use case for consumers to use it on a regular basis.
At WisePass we have spent some time to look at that technology and we’ve clearly identified 3 reasons that should unlock a trillion dollar business.
One of the main players in the NFT space is OpenSea and is now struggling with waning sales
Making or Saving Money
We’ve taken the first step to analyze the consumer behavior and most of the people will be driven to adopt a new service, product if it helps them to cut costs or because it will yield some future income.
At the moment, there’s no NFTs or collectibles from beverage brands allowing consumers to make or save money yet. In other words, beverage brands need to come up with a compelling value proposition where they can make consumers save or make money.
Real World Use Case
With the biggest NFTS collections like BAYC, there’s no clear benefits users can rely on. Hopefully some startups can come with real use case at a global scale.
Blockbar is selling on behalf of some brands expensive whisky or cognac bottles online but the use of NFTs is really unclear why it is even necessary as the focus is authenticity but the process to redeem the bottle is heavily reliant on human intervention.
If NFT can create a real world use case for consumers to connect with the beverage brands through some trials, events, promotions or even rewards, that may lead to a large user adoption.
Innovation versus Gimmicks
Currently, NFTs are being used by some brands as some experiments. The truth is, it doesn’t really meaningfully change production, distribution or promotion yet.
At WisePass, we believe that the minute a brand can incorporate NFTs and significantly cut costs, improve operational efficiency or drive sales more cost effectively, a trillion dollar market will get unlocked. We believe that it may be in the promotion box.
The perspective should be seen from a digital transformation and NFT should be a piece of the puzzle to solve the business problem from the industry instead of starting from the technology itself.
Too many times, we see that people start with NFT and figure things out. We believe we should start from the beverage brand problems and see if NFT could be a solution to grow sales, build a user base they can leverage or drive traffic to some outlets.
