It's official, doubts are fading: NFTs are in high demand. The volume of NFT transactions surged by 38% between December 2022 and January 2023, reaching a staggering $946 million. However, there is a catch: this boom is mainly observed in the B2C space.
Is there a viable link between NFTs and the B2B sector? What are the possible use cases, challenges, and opportunities to explore? Could NFTs be seen as the future of B2B marketing?
To shed light on these questions, we had the opportunity to interview Séraphie de Tracy, CEO and co-founder of Cohort. This B2B SaaS platform utilizes NFTs to redefine the customer relationship. Join us as we delve into this exciting topic!
What is an NFT?
In recent years, the term NFT has been a topic of numerous discussions. But do you truly grasp its definition?
Similar to a masterpiece in a renowned gallery, an NFT is inherently unique. Each NFT is assigned a distinct identification code that represents an immutable digital ownership title, ensuring authenticity for buyers. Whether it's a photograph, a video, or any other digital asset, this cryptographic token is securely stored within the blockchain and cannot be used for regular transactions, unlike cryptocurrencies.
While the first NFT emerged in 2014, its substantial growth materialized with the advent of Web 3 in 2017. NFTs have found significant utility in various B2C sectors. Here are a few notable use cases:
- Art and music: Artists can digitally sell their unique creations through blockchain platforms.
- Gaming and metaverse: Players can acquire exclusive accessories or skins for their virtual characters.
- Retail: Brands can utilize NFTs to reward and incentivize their loyal customer base, granting them access to exclusive privileges.
But what about the potential development of NFTs within the realm of B2B?
NFT and B2B Marketing: Use Cases
According to Séraphie de Tracy, CEO and co-founder of Cohort:
Let's consider a B2B SaaS solution like Salesforce or HubSpot. To bolster marketing strategies, a relevant use case would involve a two-step approach:
1- Utilizing NFTs to engage and educate the internal employee community about this new concept. Badges could be awarded as recognition for employees' achievements.
2- Extending the use of NFTs externally to foster customer loyalty and enhance customer relationships. NFT-based certification badges could be awarded to customers who act as brand ambassadors. These unique rewards wouldn't just be collectables, but could also provide personalized benefits.
For B2B companies, NFTs also offer a powerful tool for community management. This asset enables more precise segmentation of engagement programs and more effective community animation for customer communities.
Navigating Challenges and Opportunities: Key Considerations for NFTs in B2B
As you've grasped, integrating NFTs into the B2B landscape offers advantages like enhanced engagement, increased customer loyalty, and vibrant community development. It also presents a competitive edge, allowing businesses to drive innovation in the market.
However, despite the numerous benefits, there are still hurdles to overcome. Séraphie de Tracy highlights two key barriers that need to be addressed to accelerate the widespread adoption of NFTs in B2B:
Nevertheless, these current obstacles should not hinder future aspirations. NFTs undeniably have a significant role to play within B2B marketing strategies, particularly when integrated with complementary approaches like community marketing strategies.
NFTs and Community-led Strategy: A Perfect Combination?
Communities and NFTs are a natural fit, as highlighted by Benoît Chatelier, CEO of MeltingSpot:
To foster the simultaneous growth of NFTs and communities in the B2B realm, Séraphie de Tracy shares valuable advice:
1- Technology infrastructure is crucial. Choosing a community platform that seamlessly incorporates NFTs into its core functionalities is essential for effective day-to-day management, community integration, and optimizing both strategies. However, it's important to select a "future-proof technology and protocol." Avoid adopting complex tools that may be challenging for internal use or for the user community.
2- NFTs are undoubtedly a topic of the future, but waiting indefinitely to capitalize on their potential would be a mistake. The future is now. To successfully embrace NFT adoption, B2B companies should initiate projects this year. Starting with internal deployment to engage a community of employees, leveraging technologies like Cohort can be a valuable approach.
3- Finally, it is crucial not to underestimate the significance of other pillars in your B2B marketing strategy. The future of marketing isn't solely reliant on NFTs, but rather the coexistence of various actions such as inbound marketing, community engagement, peer-to-peer marketing, and more. The use of NFTs should not replace existing strategies entirely, but rather complement and enhance their effectiveness for long-term success.
B2B Marketing and NFTs: It's Your Play!
Whether you're in the realm of SaaS solutions, industrial enterprises, or investment funds, NFTs present an exciting opportunity for your B2B company. To dive into action and seamlessly integrate them into your marketing strategy, start by surrounding yourself with the right support. Consider these valuable resources:
- Cohort, the platform that simplifies the integration of Web 3 assets, including NFTs, into your existing marketing tools.
- MeltingSpot, the comprehensive platform that empowers you to create, engage, and manage all your communities, whether they embrace NFTs or not.
By collaborating with these platforms and harnessing the power of NFTs, you can unlock a world of new possibilities for your B2B marketing endeavors. It's time to seize the opportunity and explore the immense potential that NFTs bring to driving growth and fostering engagement within your industry.
