Over the last few weeks, NFTs have invaded the world, opening doors to a new way of collecting and trading digital materials, especially artistic manifestations. Non-fungible tokens work like a digital certificate, established via blockchain, which defines the originality and exclusivity of digital goods, and have attracted attention after millionaire sums were used to buy this type of asset on the Internet.
This new type of business has boosted the art market, allowing digital artists to publicize and monetize their works. The movement expanded to other products, such as memes (the famous Disaster Girl meme, the one of the little girl smiling sarcastically with a house on fire in the background, sold for USD 500,000) and other collectibles, such as the first tweet for USD 3 million.
It didn't take long for brands to enter the NFT market too. The NBA launched Top Shot, selling shots and games through Non-fungible Tokens. Pizza Hut, in Canada, used NFTs to sell virtual slices of four new flavors that would be launched in physical stores. Luxury brands such as Prada have already signaled that they will soon be launching clothes through this new modality to wear avatars of their buyers. And the very Brazilian Havaianas inaugurated the market in the country, announcing an auction of pieces designed by the brand's former designer, with part of the proceeds being donated to an art gallery in a community in São Paulo.
In addition to the novelty in the market, the NFTs highlight the potential of the virtual universe for brands. Are Gucci sneakers too expensive? How about buying a virtual model for R$50 and wearing it via augmented reality? Or dressing up your Sims and Pokemon avatar in clothes from the famous fashion house? Moves like this represent a statement for the brand and reinforce the dialog with its consumers and its presence in their lives, generating more and more brand lovers.
This new dynamic also allows consumers to interact more with their favorite brands. In a survey carried out by Deloitte (Global Marketing Trends Participation Survey), 56% of the people surveyed said that they interact with brands online through social media, reviews, tutorials and other means. Of this total, 15% have already directly influenced the creation of a product or service.
What consumer wouldn't feel proud to participate in the creation of a new clothing collection? In Brazil, a country which, according to research by Deloitte, has 67% of consumers interacting with brands virtually, several brands are riding this wave. Amaro, through its avatar Mara, entered the Animal Crossing game to observe the most interesting looks and use them in a capsule collection for the brand. In 2020, C&A also launched a collection of pieces co-created through the C&A&VC relationship program, which has 11 million registered users.
Amaro's example brings us to another trend in the digital universe: gamification, which is growing due to people staying at home more because of social isolation, and are now looking for new forms of indoor entertainment. And it also goes hand in hand with the tendency for brands to participate more and more in their consumers' lives instead of interrupting them with ads and commercial interactions (who likes pop-ups, for example?).
The gaming market generated USD 178 Mn in 2020, according to the International Data Corporation. In Brazil, financial transactions made in the main games grew 140% in 2020 vs. 2019, according to a study carried out by Visa, and 74% of Brazilians play some kind of game, according to the Game Brasil survey. Such a growing market is fertile ground for brands to be present and also generate revenue. Several brands have created their own virtual spaces in games, such as Boticário, which launched a virtual store in Avakin Life with the presence of a virtual consultant giving beauty tips, missions to complete, the purchase of items and a pool party at the end of the season. And Havaianas, in addition to the NFT, also launched a double experience with Fortnite: an island in the game with missions and challenges, and a line of flip-flops with prints from the game to be sold in the physical universe.
Whether through NFTs, games, avatars, or more "traditional" mechanisms such as social networks, the opportunities for brands to engage with their consumers in the online universe are very broad, with growth potential associated with the emergence of new trends and tools. Of course, physical presence is and always will be important, but exploring new horizons is a path that is here to stay. It's a path that goes beyond the relationship based on consumption of the brand's core product or service, which generates dialog with people, including those who are not your consumers.
