What does Ray-ban's Entry into NFTs Mean for Brands in 2022? 

Supriti Tripathy

30th Dec'21
What does Ray-ban's Entry into NFTs Mean for Brands in 2022?  | OpenGrowth

The year 2021 will be remembered as a ground-breaking year for NFTs to gain the brand's trust. Everyone from Disney to Coca-Cola to Ticketmaster to the NBA released NFTs this year. European eyewear conglomerate EssilorLuxottica, Ray-Ban's parent company, made this revolutionizing move that will further the process of popularising NFTs for conservative business people as well as artists. This year Ray-Ban and digital artist Oliver Latta (@extraweg) collaborated to create the first-ever pair of NFT Ray-Ban Aviators to raise charity funds for the Italian art trust. With Ray-Ban's entry into NFT, the future of fashion looks extraordinary while also opening doors for other brands to follow the course.

 

What is NFT?

NFT, i.e., "non-fungible token," is used to describe products or goods that are not interchangeable with others due to their distinct qualities. Dollars, for example, are fungible because you can always swap ten one-dollar bills for ten dollars. Similarly, collectibles are "non-fungible," which implies that each object has a distinct value.

NFTs have some distinctive characteristics:

1. Each non-fungible token has a unique owner who can be easily identified.

2. It cannot be manipulated in any way.

 

blockchain tech

 

In a nutshell, NFTs tap into a deep desire in humans to belong, be a part of a society and express themselves through their goods. The Ethereum blockchain has NFTs. With a market value second only to Bitcoin, Ethereum is the most commonly utilized blockchain on the planet. Ethereum accounts for the majority of the NFTs market. Although we haven't seen the full scope of what can be converted into an NFT, a few key industries are quickly adopting NFTs. 

 

All About The Collaboration

Ray-Ban's entry into NFT has opened the virtual doors to connect its customers with metaverse. Created in 1936 by Bausch & Lomb, it is famous for its Wayfarer and Aviator sunglasses lines. Oliver Latta, popularly known for his unique 3D motion designs and thoughtful artistry, is the right man to collaborate with Ray-Ban.

The proceeds from the NFT auction were intended to benefit trusts, whereas buyers who participate in the auction could use the proceeds to invest in cryptocurrency at any time. With the success of this collaboration, Depicting a perfect example of innovation that's accessible, Ray-Ban is gearing to release more NFTs in the future.

 

How Have Other Brands Adopted NFT?

Other Brands have begun to experiment with NFTs as well. To commemorate the year of its inception, 1893, Pepsi has released the Mic Drop Genesis NFT, a collection of 1,893 pieces of NFT art. Many more brands are entering the NFT market, and by 2022, there will be an explosion of brand-related NFTs.Looking into a few industries and brands that ventured into NFTs in 2021,

 

other brands with NFT

 

1. Virtual land plots - Decentraland provides virtual land plots for investors to develop. Play-to-earn NFT game concepts, such as digital horse racing, have evolved.

2. NFTs for the affluent – Gucci and Jacob & Co are among the luxury companies that have entered the NFT industry.

3. NBA Top Shot and DraftKings are both cashing in on digital sports collectibles.

 

other brands with NFT

 

4. NFTs as proof of ownership in the real world – Nike plans to build NFTs that serve as proof-of-ownership over real-world sneakers as counterfeit shoes flood the market.

5. Musicians ranging from Snoop Dogg to Kings of Leon sell NFTs of their music and art.

 

Future Of NFTs

The success and lessons learned by brands who got in early will only benefit them in the future. There are many more possible uses for the NFT collectible, which brands recognize. More firms will utilize NFTs to develop brand loyalty in 2022 by providing fans with special discounts and promotions that aren't available through standard distribution methods.

Industries that experienced revenue losses due to the pandemic (and some still do) will rely on digital opportunities such as NFTs to generate new revenue and raise brand recognition. Brands can pave the way by employing the right specialists in the industry to expand knowledge of NFTs, what they are, and how to use them so that their customers can understand. 

 

Why should Marketers be Concerned about NFT? Is it just Another Catchphrase?

Perhaps—or perhaps not.

Here's what you need to know about NTFs as a brand enthusiast, including how to use them to build your business.

1. Utilize NFTs to increase brand awareness.

Through NFTs, brands can make better interactions with customers and market their brands digitally. 

 

2. If you are interested in expanding your brand awareness initiatives into the metaverse, NFTs can assist brands in doing that.

For example, Marriott's Marriott Bonvoy travel program takes advantage of NFTs. Three artists collaborated to produce three different NFTs inspired by travel experiences.

 

future of NFT

 

3. Brands can take initiatives via NFT aimed at a younger demographic.

For example: If you want to broaden your audience and tap into new markets, lookalike audiences on Facebook aren't your only choice. Brands are targetting a younger audience who are interested in innovative technologies like NFTs.

 

4. It keeps your brand's image safe.

NFTs thrive on identity, traceability, and ownership. So combining it with the brand value is a one-of-a-kind offering and a natural progression. It opens up new possibilities and foreshadows the future of collecting, where blockchain technology will set the standard for provenance.

 

5. NFTs For a Good Cause

Consumers want to patronize businesses that give back. In fact, 84 percent of millennials say they prefer to support brands that are open about their principles and have a trustworthy culture. They aren't looking for promises; they are looking for results.

 

6. NFTs as a Marketing tool

Because NFTs are still in their early stages, now is the most significant time for marketers to get in. It's a great way to catch people's attention and build a fan base. You can make limited-edition memorabilia to remember important events and holidays and use it in your holiday marketing campaigns. You can give them out to the first X number of customers or auction them off separately.

 

What Does Advertising in the Future Look Like?

Cookies are no longer alive. In a few months, the way we advertise and the market will be irrevocably transformed. The transition to the new online era entails increased privacy and a reduced ability to reach clients in the same way we do now. Google, Facebook, Instagram, and TikTok will most likely cease to exist in their current form. It reduces our need for extensive marketing channels to attract clients, which we've relied on for years. We'll have to look for new opportunities instead. How can we do that? 

1. By creating first-party customer communities and experiences (likely inside the metaverse).

2. By identifying ad potential within games and metaverse real estate.

3. Via collaborations and partnerships with creators to utilize their audience.

This is going to be a major, massive shakeup, and it'll happen sooner than you think.

 

What is the Cost of Creating an NFT?

While you can make NFTs for free, you'll most likely need to spend money on promoting them. The price of collaborating with a well-known artist might run into the hundreds of thousands or even millions of dollars. You do not, however, have to spend so much money. Expect to pay between a few hundred and a few thousand dollars depending on the magnitude of the campaign.

To conclude, NFTs give brands a new opportunity to communicate with their customers, raise awareness, and even promote new product lines. The year is marked with innovations and collaborations. From Crocs that would introduce bio-based material croslite footwear to Ray-Ban's entry into NFT, 2021 has successfully created a buzz in the market. Are they, however, here to stay, or are they merely another marketing blip? Only time will tell!. According to what we've seen, big brands are utilizing NFTs in novel ways, so it's worth paying attention to.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

A believer of good things and pursuer of diverse avocation, she is a fiction lover and a simple writer. Supriti has a number of professions to her list and she feels challenges are the only answers to failures.

Comments

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3rd May'22 10:10:51 AM

I Got a notification that my credit score has dropped so when I checked  it ,it went from a 760 down to 617 .I was totally stunned . Nothing has changed that i'm aware of ,all my bills are paid on time and not much card debt .I was so surprised how it is possible to drop so much and have no idea why .I saw an article that says thirty days late payments will stay on your reports for two years. I now remembered I had one late payment about four years ago. It was a sad experience for me and my lovely wife .we needed an immediate solution , that was when we came across some local  community  beneficiaries reviews of NEWHORIZONCREDIT1 ,then i contacted  them at (  NEWHORIZONCREDIT1ATGMAILdotCOM ) .I was so shocked when i received an email regarding changes on my credit report .I discovered all my negative tradelines  were off  and my credit score increased from 617 -785 within five working days .

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tom cam

27th Apr'22 12:32:44 AM

My name is Tom cam!!! i am very grateful sharing this great testimonies with you all, The best thing that has ever happened in my life,  is how i won the Powerball lottery. I do believe that someday i will win the Powerball lottery. Finally my dreams came through when i contacted Dr. OSE and tell him i needed the lottery winning special numbers cause i have come a long way spending money on ticket just to make sure i win. But i never knew that winning was so easy with the help of Dr. OSE, until the day i meant the spell caster testimony online, which a lot of people has talked about that he is very powerful and has great powers in casting lottery spell, so i decided to give it a try. I emailed Dr. OSE and he did a spell and gave me the winning lottery special numbers 62, and co-incidentally I have be playing this same number for the past 23years without any winning, But believe me when I play the special number 62 this time and the draws were out i was the mega winner because the special 62 matched all five white-ball numbers as well as the Powerball, in the April 4 drawing to win the $70 million jackpot prize...… Dr. OSE, truly you are the best, with Dr. OSE you can will millions of money through lottery. i am a living testimony and so very happy i meant him, and i will forever be grateful to him...… you can Email him for your own winning special lottery numbers now oseremenspelltemple@gmail.com OR WHATSAPP him +2348136482342 www.facebook.com/Dr-odion-spell-temple-110513923938220

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lenamalone

11th Apr'22 11:08:53 AM

As a student borrower at texas university ,  about  200 point credit score dropped because of incorrect information reported by a student loan servicer, the servicer said it wasn't reporting flawed information and referred  me to the credit bureaus .The point drop in my credit score prevented me from taking steps like moving and buying a car .But no one seems to help fix it even when I tried so hard to rebuild it.Thanks to NEWHORIZONCREDIT1ATGMAILdotCOM ,Who helped improve my credit score tremendously from 650-800 within five working days,Now the rest is history .

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Nath Mary

2nd Apr'22 03:22:59 PM

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HACK VANISH RECOVERED MY LOST 19.78 BITCOIN AND AIDED ME FIX MY CREDIT REPORT In Dec, 2021, I invested the sum of 19.78 BTC with a fake blockchain impostor I met online, all the money I had saved up since 2014 got stolen just within a Month, my whole life almost crumbled, to crown it all my FICO score was so bad that I couldn't even afford securing a loan to help my kids, but everything became better after I joined a forum online where I met people testifying about HACK VANISH, a hacker who has been helping thousands of people all over the world. I decided to reach out to him via the following contact shared on the platform Text/Call/WhatsApp: + 1 (747) 293-8514, Email: hackvanish@ gmail. Com, they responded and requested for all necessary information needed to aid my JOB, to my greatest surprise my bitcoin was recovered and my credit report fixed, FICO score was boosted to 783 across all 3-credit bureau's, all negative items cleared just within 8 days. I can't stop expressing my profound gratitude to this great team of hackers, I strongly recommend them to anyone in need.

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Wagner Clerk

14th Mar'22 03:43:13 AM

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mary brown

22nd Feb'22 01:32:28 PM

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Top NFTs Dropping in 2022 on OpenSea

27th Jan'22 09:47:09 AM

Great Blog!

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Cole

11th Jan'22 01:53:51 PM

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