The Bear Market: Brands and NFTS

The NFT explosion was fast and so was the market crash that followed.

With independent creators and big brands trying to make sense of the market, and drive interest from the audience, it was an interesting time for NFT adoption.

So what changed? And what lies ahead?

We already understand that NFTs as a part of web3 have use cases that range across ownership, community building, etc

What’s interesting is the way that brands across fashion, sports, and also music utilize these to create unique experiences for their audience.

From NBA top shot to Snoop Dog, brands and celebrities bought into NFTs as a way to foster a sense of community with Loyal fans.

However while some brands utilized NFTs to build their community, others were just looking for a quick buck.

Luckily with the market downturn, those shams have fizzled out so what’s next for them?

Key industry insiders like Avery Akinneni, Vogue business, and other top NFT marketing advisors suggest the following:

Focus on Utility

Unlike tokens and meme coins which can be acquired and held for a long time before being valuable, brands should go about NFTS differently by offering immediate value to their audience.

This can be achieved via a range of utilities for community-based NFTS.

Ticket sales, Loyalty Tokens, Exclusive Access, and Customer Membership programs, all of these are meaningful ways brands can utilize NFTs for their audience.

Build the community

While the market is cold and little competition abounds, now is the time to strategize and figure out a way to reconnect with the audience. If NFTs can serve a purpose in that regard, then great.

The bear market can be painful for brand growth but it is necessary to clear the fog and focus on adding as much value to the audience.

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