Today, Brands Need to be Mission-Driven: Here are 5 Examples Why NFTs are the Way
By Margot Pessy
NFTs are becoming a household name as more and more are minted and put out in the marketplace. The hype is growing, and more brands are joining the Metaverse with their own. But many are doing so just for the sake of novelty and FOMO.
Wouldn’t it be better to create experiences authentic to your business that level up your reputation through social impact? Growing your reach and being ethically responsible? (Yes, GIMME!)
Now, why the need to be mission-driven, you might ask? Consumers, including tech-savvy millennial and Gen Z buyers, are four to six times more likely to purchase from purpose-driven brands. Before you get stressed about making significant dramatic shifts in your business, just read on a bit more. You’ll see how straightforward it can be to take a stand.
Here are five examples of NFT projects that were successful AND created a positive social impact.
1. Taco Bell “Transformative Tacos” NFT drop
Today’s brands are competing in a post-pandemic world of digital consumerism filled with virtual events and experiences. Companies can leverage this surge of virtual behavior to raise proceeds from NFT sales and donate or sponsor charities that are important or associated with the business mission.
Not only is this an excellent way for brands to improve visibility as active, valuable contributors in their community, but it’s also becoming an essential strategy for attracting today’s consumers.
Taco Bell’s “Transformative Tacos” is a prime example. The brand made a series of NFTs to commemorate the iconic dish via the NFT marketplace Rarible and sold out in half an hour.
Taco Bell put the collectibles on sale for only 0.001 ETH — just $1.79. As of today, some collectors are asking for close to $200,000 on the resale market.
The company receives 0.01% of future sales, going to the Taco Bell Foundation and Live Más Scholarship, which supports young people’s education and career readiness.
2. Coca Cola NFT Loot Box
The inaugural collection of Coca-Cola NFTs reimagined some of the brand’s iconic assets for the metaverse — with dynamic motion, movement, and multi-sensorial elements. This is a way for Coca-Cola to share its values and history through a new way of storytelling while making it a unique experience for fans and customers.
Coca-Cola’s foray into the fast-growing metaverse was a big hit with fans and the crypto community, with the brand’s first-ever NFT collectibles garnering a winning bid of more than half a million dollars in an online auction.
Auctioned over 72 hours (started July 30th, 2021) as a single “loot box,” the four multi-sensory, friendship-inspired NFTs put a virtual-world spin on iconic Coca-Cola assets. All the proceeds from the NFT auction went to Special Olympics International. And now, the Coca-Cola loot box, which has been split into individual NFTs up for secondary sale, ranks among the top five NFTs ever sold on OpenSea.
On top of all profits going to charity, this NFT project creates brand awareness and shares the core mission and values of the brands participating in the Metaverse. Coca-Cola Global Senior Brand Director, Oana Vlad, added on NFTs: “They helped create a strong buzz both in the crypto community and with business, lifestyle and tech media, and also helped bring new, young audiences to our Coke Trademark social media channels.”
3. Rebecca Minkoff NFT collection for NYFW
Rebecca Minkoff went all-digital for New York Fashion Week, becoming the first female American designer to create NFTs for her collection. The images showcase models wearing styles from the new collection and are accompanied by special QR codes. When scanned by a smart device, those lead viewers to an augmented reality experience where they can bid on the images and select styles from the line. Minkoff’s NFT images were auctioned via OpenSea starting Sept. 10. All proceeds from the NFTs are used to fund a grant for the Female Founders Collective to support female-owned businesses adversely impacted by the pandemic. In addition to bidding on the images, customers can shop the digital collection at The Dematerialised — an experiential marketplace for virtual fashion — that started Sept. 12. The collection includes four complete looks, jewelry, and custom handbags, including a refreshed take on the Morning After Bag, which first immortalized the brand.
Minkoff did not hesitate in creating NFTs, saying, “I’m excited about the potential of collectibles, the transactions that take place, and how we as designers can benefit from what’s happening in the Metaverse and in the blockchain to find new and creative ways to do business.”
She is one of the first but not the last in the fashion and beauty industry to understand that NFTs for businesses are digital ownership, collective ownership of digital assets, and a creator economy based on sovereignty, cooperation, and community.
4. SuperWorld social impact NFT missions
A growing number of charities and organizations are also using blockchain and NFTs to accomplish their social mission. SuperWorld, a virtual world in Augmented Reality (AR), demonstrates this with their NFT social impact partnership with Disaster Fighters, a campaign helping Caribbean natural disasters and supported by the World Bank.
Superworld issued a series of collectible NFT cards representing every Caribbean nation available for purchase on the SuperWorld NFT Salon, a marketplace for art, collectibles, and digital assets. Donors are thrilled that the blockchain technology creates total transparency that all NFT sales can be traced from the buyer to the country that benefits. Superworld CEO, Hrish Lotlikar, said, “Supporting communities in times of crisis aligns perfectly with our mission to build a better world, and we hope that the NFT drop will help raise both funds and awareness to help mitigate the effects of the hurricane season in the Caribbean.”
5. Beeple’s Digital NFT Collection auctions
There is a rise of NFT projects with a mission to make a difference and create social impact. Charitable organizations are waking up to the possibility of NFT donations as the world embraces crypto.
And if we want to talk about the impressive use of NFTs for good, we HAVE to mention digital artist, Beeple.
His collection that launched this past March saw 5000 original works compiled in a single JPEG image fetch an astounding $69 million during an auction hosted by Christie’s. 100% of the auction’s proceeds were donated to Open Earth Foundation, a non-profit blockchain initiative developing open-source technologies designed to address the environment’s most pressing issues and account for human impact. Now THAT’S impact!
Key takeaways on why brands Leverage NFTs for Social Impact:
- Companies can combine physical gifts with digital artwork to delight consumers. Link your NFTs with a social cause to raise funds in a new, engaging way. It creates brand awareness and creates social impact.
- NFTs are part of the new Creative Economy. It is becoming the best way to be mission-driven and raises money altogether.
- NFTs give brands a new channel to create digital brand extensions to reach younger audiences while maintaining their core community and values.
