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Location-based Digital Assets for Sports and Entertainment&nbsp;It has been over two years since all sports and entertainment venues were shut down and in-person events were all cancelled due to a global pandemic. &nbsp;Several months later, people have finally started coming back to watch concerts, sports and other events. &nbsp;Now that in-person events are back, marketers are challenged on how to engage the customers during events that will reignite their passion to watch events in-person and encourage them return to the venue and incentivize them with loyalty rewards.&nbsp;The new generation of audience has elevated their expectations when it comes to fan experiences. &nbsp;They come to events not just to enjoy the event itself, but to socialize and build a community with other people of the same interest. &nbsp;They want an enhanced fan experience — one where they feel they belong, recognized, and appreciated. &nbsp;They want to be able to share their experiences through video streaming or posting photos.&nbsp;This is a generation that is incredibly technology-savvy and are constantly connected with their communities. &nbsp;They engage easily in the digital world – be it in web 2.0’s social media or web 3.0’s metaverse. &nbsp;They acquire digital assets that serve as proofs of activities they participate in, places they have been to, or rare items that have some exclusivity attached to it. &nbsp; If sports and entertainment industry is able to take advantage of innovative technologies to make it more exciting for these fans to come to their events, it is a win-win situation.&nbsp;Loyalty rewards are table stakes.&nbsp;A tried and tested strategy in marketing is the reward system. &nbsp;Most brands have implemented a reward system that will allow them to reach their loyal customers and offer discounts or exclusive access to future events. &nbsp;Small businesses had the punch cards that provide a free item on the 10th visit or purchase. &nbsp;Retailers have a reward system where customers earn cash back after reaching a purchase amount threshold. &nbsp;Airlines reward their frequent flyers with upgrades and early boarding. &nbsp;Others provide deep discounts to their most loyal customers.Now what if the sports and event venues are able to connect with their patrons while they are in the event, identify and build a community with them, enhance the fan experience during and after the event, and offer rewards for the current and future events?&nbsp;For example, at a sports event — patrons scan a QR code on their phones that takes them to a digital asset that is redeemable only while they are at the venue. &nbsp;This is possible through location-based digital assets. &nbsp;These are digital assets that are unlocked and redeemable only if the customer is within a certain radius of a tagged location.&nbsp;Right there and then, after they redeem the digital asset, they get exclusive access to an after-party with their favorite sports celebrity, or are given an exclusive merchandise of their favorite team, or are offered a discount at a food merchant in the venue. &nbsp;The possibilities are endless! &nbsp;Loyalty rewards lay the foundations for a mechanism to gain insights about their patrons, market the appropriate future events and offer rewards to their loyal fans.Digital assets can contain any type of data. Attributes like time, location and identity can be attached to it. It is a smart contract that defines what the digital asset represents, and the complete transaction history attached to it, secured and stored publicly on the blockchain. Utilizing location-based digital assets will allow sports and entertainment events to identify and reward patrons who are physically coming to their locations. &nbsp;Location based digital assets can spur loyalty – and events are best positioned to take advantage of this innovative technology as they attract the next generation of digital first audience.

Loyalty Rewards and Digital Assets for Sports and Entertainment

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Non-fungible tokens, or NFTs, are a type of cryptocurrency that allows people to claim ownership over digital assets. NFTs have been a hot topic in the news all year, with people using them to buy and sell digital art, music, and more. While the current focus of NFTs is on their ownership model, other potential uses for them are just as valuable. Enter, NFTs for Good.&nbsp;NFTs offer a unique way for people to donate to causes they care about. Because they are stored on the blockchain, donors can be confident that their donations will go where they are supposed to go. &nbsp;Additionally, because NFTs can be purchased with cryptocurrency, donors can remain anonymous if they choose to.<h3>Role Of Non-Profit Organizations</h3>Some charities, like the American Red Cross, have been <a data-mce-href="https://www.coindesk.com/markets/2014/11/26/american-red-cross-now-accepts-bitcoin-donations/" href="https://www.coindesk.com/markets/2014/11/26/american-red-cross-now-accepts-bitcoin-donations/">accepting bitcoin</a> as donations since 2014. With the recent outbreak of the COVID-19 pandemic and the consequent lockdowns, there has been an increase in interest (or at least, consideration) in donating cryptocurrency. This is because during the pandemic, in-person charity events was not possible, so this “fringe” financing method has become more appealing. Cryptocurrency donations are also flexible and borderless, making them accessible from anywhere in the world.With the rise of blockchain technology and its applications, non-profit organizations have started to use it to create a more secure and transparent system. One example of this is the non-profit organization named <a data-mce-href="https://giveth.io/" href="https://giveth.io/">Giveth</a>, which has recently conducted a campaign to bring the problem of land grabbing to light. They created a token-based charity platform that allows users to donate in cryptocurrency. The more Ether you put in, the more tokens you get. However, it is not just about token-based donations, but about transparency and accountability for both donor and recipient. One of the main issues in the charity industry is that donors don’t know where their money is going and how much of it will reach the intended recipients. Blockchain technology brings transparency to the whole system, and it can even be used to track where the money went.The funds generated from selling digital assets can provide the seller with more options, like being able to donate a portion of their earnings to a charity of their choice. This is what we call “moral investing”, where you’re not only purpose-driven but you have the potential to make a real difference with the cause you’ve chosen. Nonprofits and other organizations looking to fundraise can take advantage of this by creating digital art that aligns with their mission – like Dainty Dolphins, which showcases marine life to raise awareness for endangered species. Moreover, about one-fourth of their profits go toward charities that support and protect ocean wildlife.<h3>Keys To Success</h3>NFT markets are growing rapidly and more people are holding considerable investments in cryptocurrency. As a result, NFTs will play a bigger role in charitable contributions and fundraising. Charities that want to take advantage of this will need to establish policies to accept NFTs and cryptocurrencies. As <a data-mce-href="datacurve.io" href="datacurve.io" data-mce-selected="inline-boundary">we</a> have worked with our customers, we realize that there are many tricky issues that need to be considered by both potential donors and charities.&nbsp;Some of the issues that need to be considered include:-How will the charity value the NFT?-What if the value of the NFT goes down after it is donated?-How will the charity handle taxes on the NFT?– What if the donor wants to remain anonymous?Since there are so many potential problems that could arise, both donors and charities need to do their research and think carefully about all of the possible implications before moving forward with any NFT donations.

NFTs for Good

Non-fungible tokens or NFTs in fashion is a hot trend to watch out for. The growing use and utility of NFTs, can be observed in different aspects of life, and the fashion industry is no exception to it. With the inception of Metaverse and its associated applications, the utility of fashion goods in the form of virtual avatars has been a trendsetter and can certainly be enabled using NFTs.The aspect of using blockchain technology in NFTs help overcome privacy issues and streamline the transaction processes. There are many ways fashion brands can use blockchain technology to disrupt the industry for their benefit. For example, designers can use NFTs to create unique pieces of clothing for special events. They can also use NFTs to reward online communities for helping promote their brands. Another way NFTs can be used in the fashion industry is to create a digital marketplace where designers can sell their original fashion designs. Let’s take a look at some of the fashion brands using NFTs in their businesses.<h3>Fashion Brands Using NFTs</h3>Some companies are now working on offering more luxurious digital experiences to attract NFT-loving consumers. Australia-based start-up “Neuno” is one such digital platform where fashion fans can buy, store and digitally wear, sell, and trade designer clothes using the Flow BlockChain. The company is teaming up with high-end fashion labels to incorporate NFTs into their garments. For example, someone who buys a designer blouse will be able to use their NFT in a variety of ways, like virtually trying on the blouse or dressing their gaming avatar in the same shirt.As we are seeing a growing interest in the Metaverse (virtual environments), consumer interest in virtual fashion and demand for fun, personalized, and immersive digital experiences have not wavered in the post-lockdown landscape. The pandemic has simply highlighted what was already gaining interest digitally – from brand activations within video games to virtual dressing rooms where consumers can try out various clothes and figure out what fits their requirements.Brands are discovering the potential of NFTs and are beginning to experiment by combining them with physical goods. For example, Tiffany’s has released Cryptopunk pendants and Nike-owned RTFKT has created “Cryptokicks.” This concept of combining NFTs with physical products is appealing to consumers all over the world. In the past, a product’s digital twin can only be created after the physical model was completed. However, with NFTs, a digital twin can be created at any point in the manufacturing or sales cycle. For many brands, digital twins can help improve production decisions and choices. At The NFT Brewery, we are working with retail brands to bring fashion accessories such as sunglasses and watches to the metaverse, helping brands to play in the new digital economy.&nbsp;<h3>Keys To Success</h3>To sum it up, NFTs allow creators to generate income from their content with the help of fans and followers. As fashion brands make their way into the virtual world, this allows for more creative freedom when it comes to designing pieces without having to worry about material cost or environmental impact. &nbsp;So how will the NFT craze disrupt the fashion industry? Most luxury brands will be quick to release digital collections that can be accessed by anyone, without the need for a physical experience. The goal is not to get rid of physical stores, but to make fashion more accessible to those who want to try new brands but cannot or do not need to see the items in real life.

NFTs in Fashion

In today’s market, we’re seeing more and more brands popping up that offer excellent online experiences and have built strong, loyal relationships with their customers. However, brand loyalty is fading fast as consumers are confronted with more choice. Additionally, as purchase costs continue to rise, these brands are trying their best to explore new ways to maintain a strong relationship with their target audience. Various programs which enhance the positive connection between the brand and customers are gradually becoming significant as brands are interested in both short-term and long-term strategies to improve performance brand development. By doing this, they hope to create long-term customers and step into a new paradigm of brand loyalty.There are a few points that set successful NFTs apart from the flops in 2021. Firstly, they were consistent with the brand and easily recognizable as part of the larger brand community. Secondly, they were targeted at the brand’s existing community of consumers who were most likely to appreciate and invest in the NFT market. And lastly, they were authentic and presented truly rare items rather than simply focusing on mass production. All these factors will weigh heavily in creating brand loyalty for the next generation of consumers.&nbsp;Here’s how Nike, a renowned brand <a data-mce-href="https://www.nytimes.com/2022/05/26/style/nike-nft-sneaker.html" href="https://www.nytimes.com/2022/05/26/style/nike-nft-sneaker.html">utilized NFTs appropriately</a>:In February 2021, Nike partnered with a creator-led organization on a project called Cryptokicks which introduced a new way for fans to collect digital sneakers. The model was based on scarcity, similar to how Nike releases limited editions of real-world sneakers. What was different about this project was that NFT (non-fungible token) owners would get a specific percentage of shares from sales with Nike. This was entirely new and hadn’t been seen before in the industry. A large number of NFTs immediately sold out and therefore this project got the attention of many fans. This demonstrated a new way for brands to interact with and engage their fans, which will only become more popular in the years to come. The result: an army grown up on brand loyalty.&nbsp;By introducing NFTs as rewards for their customers, brands are providing a unique and innovative way to show appreciation for their loyalty. In October 2021, beauty brand <a data-mce-href="https://www.clinique.com/nft" href="https://www.clinique.com/nft" data-mce-selected="inline-boundary">Clinique</a> became one of the first to launch such a contest, in which participants were rewarded with a branded digital collectible NFT for sharing stories of joy and optimism. This NFT gave them access to fan-favorite out-of-stock products. With smart rewards member programs like this, brands are modernizing the way loyalty programs function. By opening up NFT access only to their loyalty program members, brands are both rewarding and incentivizing their members to join.&nbsp;NFTs (non-fungible tokens) are starting to gain more attention as organizations begin to see their potential applications. NFTs, digital assets, and new technology are beginning to be integrated into loyalty programs to encourage engagement and long-term customer loyalty. NFTs are becoming a social currency that allows people to connect with brands on a more personal level. Since NFTs offer a more creative canvas, brands can use them as a more potent touchpoint.<h3>Keys To Success</h3>There are many opportunities for businesses to integrate NFTs and loyalty programs right now. By creating a piece of brand history or rewarding certain behaviors, brands can establish themselves as relevant and engaged members of the blockchain community. However, simply executing a successful NFT project is not enough. Brands must also focus on establishing engagement and community to stay relevant in this rapidly-moving space.&nbsp;Reach out to <a data-mce-href="datacurve.io" href="datacurve.io">The NFT Brewery</a> to learn how we can empower your loyalty rewards programs with NFTs and digital assets.&nbsp;

NFTs For The Next Generation of Brand Loyalty

NFTs have a wide range of potential uses that include projects like profile pictures (PFPs) and earning from games (P2E). NFTs are also being used by the sports industry for enhancing fan experience by providing them the opportunity to interact with team players. NFTs have become increasingly famous and it is estimated that the sector will grow further in the coming years. Let’s take a look at some of the uses of NFTs aimed at enhancing the overall fan experience.<h3>Sports Leagues And Fan Experience</h3>Sports enthusiasts look for opportunities where they can interact with their national team players whether it is watching live games or attending major events. This presents a great opportunity for sports organizations to make more profit by producing an online marketplace where fans can trade digital assets. So far, sports leagues have been the biggest beneficiaries of this trend, but other businesses are starting to get in on the action as well. For example, the National Basketball Association (NBA) which is quite famous, recently launched its own digital collectibles platform called <a data-mce-href="https://nbatopshot.com/" href="https://nbatopshot.com/">NBA Top Shot</a> where fans can trade digital versions of highlights from the games. This is just one instance of how companies are trying their best to take advantage of fan involvement. As fans become more and more interested in their favorite teams, we can expect to see even more innovative ways for businesses to cash in.The NFL is beginning to make some big changes when it comes to the fan experience. They’ve only recently started to encourage advertising for sports betting, which has led to the rise of several betting companies, like FanDuel or DraftKings. These companies are now turning to NFTs to take things to a new level. In a recent press release, DraftKings announced that it has partnered with the NFL to <a data-mce-href="https://reignmakers.draftkings.com/" href="https://reignmakers.draftkings.com/">launch exclusive NFTs</a> for the 2022-2023 season. DraftKings will hold the licensing rights for NFL athletes as the NFTs will be minted to look like the player. This is a big move by the NFL and it’s sure to enhance the fan experiences even further. With DraftKings’ help, fans will be able to get even closer to their favorite players and teams.Sports organizations that use digital assets in the right way could make a big difference in how fans feel about their favorite teams. For example, it will be easier for fans to keep up with the teams and athletes they care about the most. However, the focus should be on getting fans to take part, not on trying to make quick money by selling tokens.<h3>Keys To Success </h3>The best fan engagement solutions will put the user first and focus on high engagement and retention rates. Additionally, educating people about NFTs (non-fungible tokens) will help bring the sports business into the Web3 era. There is a lot of potential for businesses in the sports industry to offer blockchain-based assets to their customers, as 76% of passionate sports fans around the world want to learn more about NFTs. NFTs can increase sports fan engagement by converting real-world things into digital assets which can be traded.&nbsp;In addition, sports teams and leagues can get ever closer to their fans by creating meaningful experiences for them. Understanding fan behavior and personalizing them in real time will create enormous value for sports franchises while adding meaningful interactivity for a large set of next generation of consumers. <a data-mce-href="datacurve.io" href="datacurve.io">The NFT Brewery</a> is working with the <a data-mce-href="https://iifx.org/" href="https://iifx.org/" data-mce-selected="inline-boundary">IIFX</a> to create a range of fan experiences that will usher in a new generation of interactivity and unlock value for fans and leagues alike.&nbsp;

How NFTs Can Enhance Fan Experience

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In our conversations in the last twelve months with several clients and potential ones, both small businesses and large enterprises, it has become apparent that there are a lot of companies and marketers questioning whether or not they should implement an NFT strategy in their brand marketing. While they may have heard about top brands utilizing NFTs in their marketing, they are unsure whether or not NFTs can deliver for their brand.&nbsp;Fashion brand Louis Vuitton launched <a data-mce-href="https://apps.apple.com/us/app/louis-the-game/id1574401807" href="https://apps.apple.com/us/app/louis-the-game/id1574401807">Louis the Game</a> and integrated NFTs to celebrate its 200th anniversary. &nbsp;Gucci went digital by auctioning an NFT that was inspired by its autumn-winter collection. &nbsp;Mc Donald’s launched its first ever NFT project with the McRib NFT available to those who engaged in their social media. &nbsp;Tag Heuer introduced an NFT viewer for its customers to showcase their digital asset collection on their Connected Calibre E4 smartwatch. &nbsp; Bentley announced the release of a limited <a data-mce-href="https://nft.bentleymotors.com/" href="https://nft.bentleymotors.com/">Genesis NFT</a> to be dropped sometime late this year which will offer unique access and exclusive reward to holders. &nbsp;State Farm Insurance launched an augmented reality treasure hunt for NFTs. &nbsp;JP Morgan Chase opened a lounge in the metaverse. &nbsp;Budweiser launched its NFT collection, the Heritage Collection and sold out in less than an hour. &nbsp;These are companies from very different industries who have experimented in various ways, to utilize NFTs. &nbsp;These use cases provide evidence that NFTs are not limited to a certain market, but spans across different industries.But why should a marketer consider implementing NFTs in their marketing strategy?First of all, marketers should not think that this is a choice between traditional marketing and a non-standard approach. &nbsp;Digital marketing is nothing new. &nbsp;Marketing through current digital channels like Facebook (now Meta), Instagram, Twitter have proven to be effective strategies because this is where the target market is. &nbsp;Back in the day, there were only 3 marketing media channels: &nbsp;tv, radio, and print. &nbsp; Marketing budgets were mostly allocated to tv ads since people were always glued to the tv. &nbsp;And then came the internet, and marketers started investing in Google ads, email marketing, and utilizing social media influencers. &nbsp;Now the market is moving towards the virtual world and blurring the lines between their real physical life and their digital life. &nbsp;The younger market, specifically the Generations X, Y (millennials), and Z continue to push the digital world forward. &nbsp;Marketers will need to move with the times and stay relevant; and find a more engaging way to communicate. &nbsp;NFTs do that.NFTs provide a unique opportunity for marketers to reach and interact with their audience. &nbsp;Remember, we now have a generation of consumers, Gen Z, who did not know a world without the internet. &nbsp;Digital natives who grew up sharing their lives on social media and going to school through online distance learning. &nbsp;If this is the brand’s target market now or will be in the future, marketers will need to find a way to keep this generation updated and interested; and provide an avenue for them to interact with their products and technologies. &nbsp; NFTs do that.But is there more to NFTs than the art and investment based tokens? &nbsp;Absolutely. &nbsp;In fact, the utility-based tokens – the ones that offer real world value, would be the most effective use of NFTs. &nbsp; While NFT collectibles have become a popular implementation of NFT projects, consumers — even the most loyal collector — will appreciate additional perks such as early access, discounts, or exclusive offers. &nbsp;NFTs can do all of that, and <a data-mce-href="datacurve.io" href="datacurve.io">The NFT Brewery</a> is creating many such use cases for marketers to easily plug and play with their workflows.&nbsp;NFTs provide a new way to share the brand’s story and a new method for fans and customers to interact with your product. &nbsp;NFTs can open up opportunities for your customers to have a unique experience of your brand. &nbsp;NFTs can elevate your brand’s image by being relevant and increase brand recognition. &nbsp;NFTs encourage interaction with your audience while creating renewed interest in your products.These are some of the reasons marketers should start looking into NFTs as part of their marketing strategies. &nbsp;If you’re still unsure about whether or not you need an NFT strategy, reach out to us at <a data-mce-href="datacurve.io" href="datacurve.io" data-mce-selected="inline-boundary">The NFT Brewery</a>. &nbsp;Let’s discuss your marketing goals and we’ll propose the right NFT strategy and solutions for your company.

Here’s why Marketers Need an NFT Strategy

DataCurve, Inc