Why You Should Sell NFTs to Give Access to Physical Products
Have you heard of NFTs?
If not, you’ve either been living under a rock or haven’t been paying attention to current events. But if you’ve seen bored apes and cool cats, those are NFTs – specifically created to sell and make a profit.
But NFTs are more than this.
We’re talking about leveraging NFTs to your existing business. And if you’re a Shopify store owner looking to give value to your customers further and market your store, you should know that having a digital store is not the only way to sell NFTs and make money.
For example, tennis player Oleksandra Oliynykova auctioned off lifetime ownership of a section of her right arm as an NFT for more than $5,000.
The winner is entitled to tattoo anything they want on said section, following specific conditions.
See what she did there?
- She sold access to her arm – a physical product, not artwork, but still an NFT, and
- This NFT is guaranteed legitimate because it came from a well-known personality, meaning the buyer is also guaranteed a good experience. Statistics show that customers no longer base their loyalty on your product or pricing. But if they have a good experience with you and your store, they will stay loyal to you.
And you can do the same: sell NFTs to give access to your products (it doesn’t have to be your arm). That’s going to keep them feel exclusive, making them come back to your store, and ensuring they are loyal to you.
Ready to learn more about this? Let’s get to it!
Quick recap: What are NFTs?
NFT means “non-fungible tokens.” It’s non-fungible because there are no two NFTs that are alike.
Anything made digital can be an NFT, such as drawings, GIFs, and even in-game items. Check out Loot:
Loot NFT items don’t have any user case, but it’s not stopping people from spending their time and money. It’s all because collectors get the feeling of scarcity and intrinsic value.
Hey, someone bought this NFT for $270,000 (and yes, it’s something that looks like it was made from MSPaint).
Of course, the bad rap with NFTs is related to digital artworks. And for those who don’t understand the value of collections, Loot (and many other NFTs) is just digital stuff with no real-world value.
But as mentioned before, there are several ways you can use NFTs to market your Shopify store. And one of them is offering physical NFTs or phygital, a portmanteau of “physical” and “digital.” Going phygital means building a bridge between the digital and physical worlds, connecting your NFTs via NFT Campaigns app by Rectangle.ai and what you’re selling.m
And that brings us to the next section:
Why make and sell NFTs with your products?
You might wonder why you should go through all the trouble of making NFTs to promote your physical products. Here’s why:
You offer new experiences to your customers.
@yungwknd said it best:
An example of this is Lindsay Lohan partnering up with the Superfandom NFT to allow fans to interact with their favorite famous personalities:
Think of selling NFTs in return for access to a new customer experience and a chance to make your Shopify store memorable. If you can make your customers’ interaction with you unforgettable in a good way, you can bet that they’ll spread the word about you, keep coming back to your store, and bring their friends with them. After all, customer experience is the new marketing battlefront.
All of this means more sales for your Shopify store!
You’ll give real-life value.
Physical NFTs provide real-life value for those who still identify NFTs as simple digital items. Not everyone would be happy to spend a lot of money on a digital item that can be screenshot and replicated. But many people would be more than happy to spend money on something that will give them access to exclusive items, like Adidas’ Into the Metaverse.
People who bought NFTs from Adidas would get access to perks, such as a physical twin of a digitally-rendered tracksuit. Perfect for sneakers and streetwear enthusiasts who are always on the lookout for limited edition product drops – and those who are wary about merely purchasing digital goods.
You don’t want your business to be left behind.
Gary Vaynerchuk said this during a webinar by License Global:
“In the next two to five years, you won’t survive if you don’t have an NFT strategy. Every business will have a strategy centered on NFTs, the same way they now have social media
strategies. It’s an adjusted extension of the brand. So, everyone needs to have a strategy for the long term.”
Consider also that big brands like Louis Vuitton are spending money on NFTs:
And back in 2021, over $23 billion was spent on NFTs!
In other words, do you want your business NOT to join the NFT movement and get left behind as a result?
When should you sell an NFT?
Don’t sell physical NFTs for the sake of selling. Instead, save selling NFTs for the following.
When you want to have an event
Events are great for increasing your brand’s presence and value, generating new leads, and creating new opportunities. But don’t just hold any event – make it exclusive and accessible only for your NFT holders.
That’s what the Bored Ape Yacht Club did with their ApeFest event. They made it exclusive for people who hold Mutant and Bored Ape Yacht Club NFTs. And they even managed to make it more memorable with celebrity guests like Amy Schumer, Snoop Dog, and Eminem, who incidentally dropped his latest single there:
Wouldn’t you want to buy one of their NFTs after this?
When you’re selling limited edition items via partnerships
“No man is an island,” as the saying goes, includes Shopify store owners. Collaborations are essential if you want your store to get more marketing traction.
Let’s say your store is partnering up with a designer or an artist, like how SUPERPLASTIC collaborated with Gucci:
They limited the number of digital and physical collectibles pieces, increasing the hype and the scarcity of the NFTs. Those who missed out would chomp at the bit, waiting for another release. And even those who already got their purchase would want to collect more.
Do the same for your store – partner up, sell limited NFT items, and watch people go crazy over them.
When you have an advocacy
Is your Shopify store supporting a cause? Let your customers know that they can help by buying your NFTs.
An example of this is the Crypto Baristas:
Keep in mind that 70% of people appreciate knowing how the brands they support, address social and environmental issues. And remember, people like knowing they can help – one of the many reasons people give.
So you can bet that your customers will buy your NFTs made via the NFT Campaigns app by Rectangle.ai when you show support for a cause they believe in.
NFT add-ons you can use as giveaways
You must be thinking what kinds of NFTs are so intriguing to use as giveaways. We’ve taken care of that for you. You can choose from:
Art
Art has been one of the earliest use cases of NFTs. Even billionaires like Mark Cuban have gotten into collecting art NFTs.
Art NFTs are some of the most expensive NFTs in the market, with some breaking into rich people’s bank accounts.
Video game items
Companies are now selling in-game NFTs. Players willing to spend will get skins, characters, and other unique items! An example is the Hyperion card from the online game Gods Unchained. It’s the only card of its kind created by the game developers. It sold for 137 Ethereum or more than $60,000 at the time of sale.
With the number of video gamers rising to 3.07 billion by 2023, you can be sure more companies will release even more video game NFTs – with more players on the lookout for super rare items.
Big sports moments
Fans have always collected basketball (as well as other sports) cards. Sports NFTs are a new kind of sports collectible: digitized and moving versions. An example is the LeBron James Dunk Throwdown NFT, which sold for $387,600.
Memes
If you know the “Charlie bit my finger” meme, you might be surprised to see that it has become an NFT and was sold for a considerable amount of money. $760,999, to be exact.
Yup, people buy meme NFTs!
And in this particular meme, there’s another benefit: the highest bidder has the right to make a parody of the original video with its stars, who are now teenagers.
You can bet that many more examples, as well as others, have yet to be publicized as the NFT market grows.
5 Products that can be redeemed with NFTs
The great thing when you offer NFTs is that you can choose whatever product you want in your store that can be redeemed with the NFTs, such as:
1.Clothes
GAP launched NFT hoodies in collaboration with Frank Ape artist Brandon Sines.
But it’s not just digital art. Get the NFT for $415 and the physical Gap x Frank Ape sweatshirt with digital art by Sines if you want the physical clothing.
2. Food
Have you heard of Frens Not Food? It’s a vegan NFT from the Philippines. Buy one of their NFTs, and you get exclusive access to vegan deals for a year, such as this one.
3. Trees
Meta Trees‘ goal is to restore and regenerate the environment and farms.
They promise: “You mint the NFT, and we plant the real tree.” Their real farm is located in NSW, Australia.
4. Music albums
Kings of Leon became the first band to release an album, NFT.
Three tokens come with each album: one as a special album package, another representing front-row seats for life, and the last one containing exclusive art.
5. Tequila
Patrón teamed up with BlockBar to create an NFT which provides ownership rights to a rare physical bottle of Chairman’s Reserve.
Purchase the NFT and get the right to redeem the physical bottle.
Aren’t the possibilities of redeemable products of NFTs unique?
Spice up your products with NFTs
Ready to sell NFTs with your products and supercharge your brand’s marketing?
If yes, then the NFT Campaigns app by Rectangle.ai has you covered. Use it and get automated Shopify NFT generation with design templates that your customers will surely appreciate.
Selling NFTs has never been easier with the NFT Campaigns app by Rectangle.ai. Take your brand and customer value to higher levels in the easiest way possible – with a 14-day free trial.