NFT has ushered in a new era of digital sneaker marketing for Under Armour
Sports brand Under Armour has partnered with NBA legend Stephen Curry to launch an NFT series called “Genesis Curry Flow,” celebrating his three-point shooting record in his basketball career. Starting from June 2022, they plan to release 20,000 basketball NFTs to commemorate every three-pointer made by NBA basketball player Stephen Curry in the ongoing playoffs.
The scarcity, artistic value, and financial attributes brought by“Genesis Curry Flow”have triggered my FOMO (Fear of Missing Out）.
As a devoted fan of Stephen Curry, I was completely exhilarated when he made his 2974th three-point shot in the NBA season, breaking a historic record. Each one of us wanted to capture that moment, and Under Armour turned Curry’s basketball sneakers worn during the record-breaking feat into an NFT, releasing it in limited edition. It made me eager to own this NFT and have a personalized signature that belonged to me. This is undoubtedly a tremendous honor for me.
The design and creation of this NFT using dynamic elements, unique lighting, and backgrounds enhance its creative and aesthetic value. Compared to traditional sneakers, it possesses higher collectible value. This NFT represents the convergence of sports brands, athletic achievements, and blockchain technology. By leveraging these innovative elements, the NFT encapsulates the spirit of Stephen Curry’s historic moment and offers a novel way to appreciate and commemorate it. The dynamic nature of the NFT adds an extra layer of creativity, making it a captivating and unique digital artwork. It’s fusion of sports, fashion, and blockchain technology reflects the evolving landscape of digital collectibles and the possibilities for creative expression in the digital era.
At the time, “Genesis Curry Flow” was constantly breaking transaction records in the NFT market. Initially, the NFT was sold at a fixed price of $333. With Stephen Curry’s global influence and the scarcity of NFTs, the lowest rarity NFT in this series changed hands for nearly $2,000, while the highest rarity NFT sold for $70,000. This continuously challenged my perception of NFT prices and confirmed the high collectible value of digital assets. Everyone became caught up in the frenzy of using scarcity to drive up NFT prices.
The success of NFTs has elevated Under Armour’s brand awareness, customer engagement, and innovative image.
Under Armour has successfully achieved innovation in its digital marketing through the utilization of blockchain technology. By issuing this NFT, Under Armour has entered a completely new market and reached a fresh audience. According to user analysis of the mainstream NFT trading market, NFT users are predominantly young males under the age of 34, who possess higher purchasing power and are enthusiastic about emerging cultures. Through the combination of sneakers, athletic achievements, and NFT digital technology, Under Armour has showcased a new and innovative image, making the brand more youthful. Furthermore, by capitalizing on the popularity of NFT trading, Under Armour has gained significant attention and sparked discussions on “Genesis Curry Flow” across various social media platforms. This has greatly enhanced the brand’s awareness and customer engagement rate.
Using NFTs for digital marketing is a double-edged sword, but this trend is expected to continue.
While brands have leveraged NFTs to achieve new forms of digital marketing and drive user growth, it is important to note that NFTs come with high financial attributes. People often focus on their prices, and due to the inherent price volatility and uncertainty, they can be greatly influenced by policies and financial liquidity. Many users have experienced significant financial losses in NFT investments, which can severely impact their loyalty towards brands. This situation can lead to negative repercussions and adversely affect brand perception.
Based on the chart above, we can observe that the NFT market experienced significant impact following the Fed’s interest rate hikes in 2022. Market share and transaction volume drastically reduced, and the price of regular NFTs in the Genesis Curry Flow series decreased from the previous level of around $20,000 to $40. However, all markets exhibit cyclical patterns. With the explosive growth of the NFT market in 2021, more and more people are entering this market, confirming the necessity and feasibility of its existence. This presents a new opportunity and avenue for digital marketing. I believe that with the future economic recovery and further innovations in the application of NFTs, the NFT market will continue to unleash high potential and vitality.
