How to effectively use NFTs as purchase incentives
This, right here, is a great case study of how to effectively use NFTs as purchase incentives.
There's the carrot (limited edition NFTs) and the stick (Bose products).
Here's what we're on about:
Warner Records UK have teamed up with Bose and the producer duo 'Stickmen' to release 5,000 limited edition NFTs...
'Ok, cool...and?'
Fair point! Corporate NFT collections are a dime-a-dozen these days.
...the exciting part of this release, lies in its mechanics.
Here's an overview of how it works:
The NFTs are only redeemable through the purchase of a select few Bose products (headphones and speakers).
(This is a great blueprint of 'incentive and reward,' that smaller brands can use to turn their audience into a community).
Holders will have FULL commercial rights over the NFT's imagery.
(If you've spent any time in the music industry, you'll know that a record label giving away full commercial rights to anything, is unheard of).
Each NFT comes with its own uniquely assembled track, made up of Stickmen audio samples.
(Not a hard selling point, but an appreciated point of difference).
The ownership of a Stickmen NFT will grant the holder access to an exclusive line-up of live events, streetwear and physical collectibles.
Alright, so...let's really drive this point home.
Web2 purchase incentives:
'Buy today and get a $10 gift card to spend at our store.
(P.S. We don't sell anything under $50, so you'll still be out of pocket - but ignore that for now).'
Web3 purchase incentives:
'Buy today and get a limited edition NFT, that has the potential to appreciate in value.
(Hell, it might even make this transaction profitable for you).
You'll have full commercial ownership over the featured imagery and we'll throw some exclusive parties in honor of your purchase.
Oh - and merch. You want some exclusive merch? Have some exclusive merch.'
If this all feels a little out of reach for most brands, remember - Shopify now lets merchants create hidden product collections, that can only be accessed by NFT holders.
And they're currently beta testing a feature that allows brands to sell NFTs directly on their site (no third party marketplace required).
Exciting. Very exciting.