You’ve probably been hearing the word NFT a lot in the news, podcasts, and social media these days. And if you’re like many, you’re probably still scratching your head and asking yourself, “Uh, what the heck is that?” While they are absolutely just as confusing as any other new technology or advancement in the digital world, we think they’re far more powerful in terms of the future of events. So, today we’re going to share first what the heck they are and second, how you can leverage NFTs for event sponsorship and engagement. Ready to take some notes to help you reach six-figure event status?
What is an NFT?
So, before we really dive in to how you can use NFTs for your virtual or hybrid events, let’s talk about what they are. An NFT, or a non-fungible token, are as Forbes explains them, “… a digital asset that represents real-world objects like art, music, in-game items and videos.”
They’re created and live on a blockchain platform, like those that power popular cryptocurrencies like Bitcoin. But what’s different between an NFT and a cryptocurrency is that an NFT can only have one singular owner, it is traded and can’t be duplicated, unlike other forms of currency. Its exclusive value is assigned to the owner and them alone, which is what makes them so incredibly valuable. In fact, the most profitable NFT to date was sold by an artist for $60.3 million USD.
What many don’t realize is these tokens have been around since 2014. But because they didn’t really gain popularity until the rise of cryptocurrencies in the past few years, they’re just now really gaining traction and attention.
So, how can you become a trendsetter and adopt an NFT strategy for your next event? Let’s take a peek at some ideas.
3 Ways to Leverage NFTs for Event Sponsorship, Engagement, & Attendance
VIP Ticket Sales
Whether you’re struggling with pre-order ticket sales or want to elevate the value of your VIP packages, NFTs can be great leverage. For example, The Preakness Stakes added digital souvenir NFTs for those who purchased VIP access to the races. They included things like race videos and a digital sketch of the prized trophy.
Gamification for Engagement
You want your sponsor booths to get as much traffic as humanly possible from your attendees so that their lead generation efforts are worth their investment. Similarly, if you’ve asked a big-name client to speak, you want to make sure their session room is full. One way you can gamify NFTs to boost sponsorship and speaker value is to offer NFTs to the top three booth visitors at the conference or an opportunity to unlock an NFT if they attend specific breakout sessions. Rather than just a booth passport with a fun prize from a sponsor or a badge scan for a session, give a unique and proprietary NFT that will add exclusivity and value to the attendees and get them moving around. In turn, providing greater ROI for sponsors and speakers!
Uplevel Your Swag Bags
We won’t lie; we’ve seen some pretty weak swag bags in days past. Attendees don’t want free pens or a t-shirt anymore. To get higher overall event registrations, provide proprietary NFTs to each person as a part of their event swag bag. They should embrace iconic moments from your event like a limited-edition product release, a celebration of an industry leader, a lively evening event with a local band, and the list goes on. By adding these, your attendees are able to “own” a part of your event, which is pretty darn special, don’t you think?
This is just the beginning, though. You can do so much more to monetize NFTs for profitable events!
Want Help Implementing a Strategy That Embraces NFTs for Event Sponsorship & Engagement? We’re Ready to Help.
We understand that some of this may still sound like total gibberish to you. Believe us. We get it. But, if you want your events to truly be industry trendsetters, you need to be on the cutting edge of technology and the digital world. Gone are the days when you can throw up slides on a screen and hope that your attendees will pay to come. You need to get creative, take risks, and with that, you’ll gain big rewards. So, want to talk NFT strategy for your next event with people that know how to generate profitable event strategies with new technologies? Let’s talk and get you some serious event results!