The Technology Express Magazine | Edition: June 2022

MARKETING TECH
NFTS: NEW
MARKETING
TOOL FOR
INDIAN
BRANDS
Marketers have witnessed
sweeping changes,
encountered new ideas,
and changed in response
to different trends,
technological developments, and
global shifts. We are also witnessing
the birth of another marketing trend,
which is likely to become a revolution
in the next few years. The keyword is
‘NFTs’ which is a fascination not just
among those in the financial field but
also among the general public.
NFTs, or Non-Fungible Tokens,
are a type of asset that may be sold
and exchanged on the blockchain.
They contain distinct identifying
codes and metadata that allow
them to be distinguished. The Non-
Fungible Token (NFT) is a digital
asset that, like cryptocurrencies,
may be exchanged, but with a catch.
Unlike cryptocurrencies like Bitcoin,
which may be exchanged for another
Bitcoin at the same value, NFT cannot
be exchanged at the same value.
Each NFT features a digital proof of
ownership, making it one-of-a-kind.
NFT is a market that has
provided enormous opportunities for
businesses, investors, consumers,
and regular individuals. The NFT
became a new reality in India in
2022 when not only startups and big
brands from all sectors participated
in the NFT marketplace, but also
more Indian dignitaries, such as
actors, sportspersons, performers,
and others, kept blowing minds with
such a digital token to launch their
NFT collection.
Virender Sehwag, Rishabh Pant,
Zaheer Khan, and Samriti Mandhana,
as well as Bollywood stars Amitabh
Bachchan, Salman Khan, and Sunny
Leone, have launched their own
NFTs. In India, the fast development
of startups into enterprise-level
firms has resulted in a high need
for NFT developers. According to
numerous studies, India might be the
world’s largest market for NFTs.
Big brands ranging from Mahindra
& Mahindra (M&M), Ceat & MG
Motor in the automobile space to
Makemytrip.com, and Tanishq are
all in the new NFT ballgame to give
the consumers a new taste of their
brands. Media and entertainment
brands like T-series, Viacom 18,
and The Hindustan Times are also
checking their luck in the NFT
marketplace.
With this, does one question come to
your mind?
Why are brands entering the NFT
world?
NFTs have the potential to
revolutionize the marketing world
because-
They can aid brands to acquire
interest and participation from their
customers;
They can promote greater
engagement with their customers;
They can help to improve the user
experience and market presence;
They can also satisfy their social
responsibilities and strengthen their
position in the eyes of the world by
supporting charitable causes with
NFT income and assisting struggling
artists by requesting them to create
art and donate it.
When it comes to achieving
success, NFTs, like bitcoin, show no
signs of decline. Marketing teams
and owners believe that these
tokens must surpass the aesthetic
proposition before they can be
utilized as instruments to promote
brand engagement. However, there
are certain challenges to overcome
before taking this game to the next
level. For instance, the 2022 annual
budget acknowledged the legitimacy
of digital assets while still subjecting
them to severe taxation.
With the expanding trend, it
appears that NFT is here to stay, and
it will only be a matter of time until
all major companies begin to explore
this sector.
-feature@thetechnologyexpress.com
www.thetechnologyexpress.com JUNE 2022 / 11