Non-fungible tokens (NFTs) have been rapidly growing in popularity since March 2021 when an NFT artwork sold for a whopping $69 million. The transaction caught the attention of people worldwide, which prompted an effort to want to learn as much as possible about the tokens.
Additionally, as marketing campaigns have begun focusing primarily on customer engagement and the user experience, they see the value that NFTs can bring to the table. Major companies like Clinique, Coca-Cola, and Taco Bell have taken notice of NFTs and have even begun producing their own.
From the consumer perspective, NFTs have become much more than cool-looking images; they provide an immutable way to prove ownership. Even further, the digital assets allow users to support new projects and products by providing a unique way to showcase brands.
By utilising NFTs, brands are able to provide one-of-a-kind experiences to their early supporters and communities through offerings like special perks, holder rewards, and more.
Cannabis brands are especially able to benefit from the unique relationships NFTs create. These brands can utilise their communities for product development and can even provide selective access to unique experiences directly to their most supportive community members.