NFTs aren't just valuable economically. They're also revolutionary when it comes to branding. Projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), Koala Intelligence Agency, Art Blocks, CyberKongzand many more are changing brand-building approaches.The days of physical brand building, which has helped companies such as Nike, Gucci, etc., create their followings, is being replaced by a digital metaverse with a cult following.
CryptoPunks and BAYC NFTs (both of which I own at least one of) have created communities of core enthusiasts that are rarely seen with mainstream brands. For instance, it's rare to find someone changing their profile picture to a new Nike kicks or Patek watch, no matter how valuable those assets are. But on Twitter, you can find many peoplechanging their profile picturesto avatars of their favorite NFT project.
These vibrant communities help in increasing the value of NFTs. Today, the most popular NFTs are worth more than a small house in some parts of America. For instance, CryptoPunks tokens, pixelated humanoid characters that weregiven away for free back in 2017, were worth a minimum of about $400,000 when I wrote this.
As a consultant with my own agency, I see a lot of projects early on. Every successful NFT project adopts different but similar brand-building strategies. These strategies have helped create a vibrant community for them, which means more awareness and mainstream interest. But despite the current popularity and value of the NFT sector, I think there's still plenty of room for improvement in approach and technology.
Access And Utility
NFTs as access passes are a growing theme. This is when owning an NFT gives the holder access to certain benefits. Such benefits range from being part of an exclusive club to real-life benefits such as having access to certain works or events and even access to stories are part of it for some. One interesting case is VeeFriends. (I own a VeeFriend as well.) Gary Vaynerchuk created the collection of 10,255 tokens, and holders will be able toattend VeeConfor the next three years.