Interest in NFTs is exploding among collectors—and brands are attempting to cash in on the craze
State Farm Mutual Automobile Insurance Co. rolled out an augmented-reality treasure hunt last week targeting football fans, the latest company to use nonfungible tokens as a way to reach potential customers with a new medium.
Clinique plans to continue investing in the area, Ms. Iyer added. “All of the things that we are able to work with the consumer on in the physical world is something that we are thinking about potentially in the digital world as well,” she said. NFTs have also been called a fad, and, as marketers have moved in, the value of owning a brand’s virtual slice of pizza or virtual football may not be obvious to many consumers, despite a certificate of authenticity.
Brands also are exploring linking NFTs to the real world. Clinique’s NFT sweepstakes, for instance, promised winners a selection of the beauty brand’s physical products for the next decade. American Eagle’s NFTs come with woven patches with a corresponding image and a gift card. “I do think that the collectible market is a niche use case for NFTs. It’s one that is resonating right now, and I think will continue to resonate,” Ms. Akkineni said. “But it’s not ultimately a game-changing opportunity.”
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