Influencer marketing has become a driving force in the industry. An industry report by Partipost and Quest Ventures found that the number of brands in Southeast Asia spending more than 30% of their total marketing budget on influencer marketing has increased to 25.4% in 2022, up from 21.4% last year. Meanwhile, 69.4% of brands are spending 1% to 30% of their total marketing budget on influencer marketing.
While influencer marketing has become popular among brands, another up-and-coming engagement strategy is NFTs, which has seen more brands jump on board the trend. Metaverse-linked NFTs, for example, will be the fastest-growing NFT segment over the next five years, according to Juniper Research, increasing from 600,000 transactions in 2022 to 9.8 million by 2027.
That said, all is not rosy for the NFT scene as sales dipped sharply during the third quarter of the year, Reuters said quoting blockchain tracker DappRadar. In fact, the period recorded US$3.4 billion in NFT sales, a dip from US$8.4 billion compared to the previous quarter and US$12.5 billion at the market's peak in the first quarter of 2022, Reuters said.
Nonetheless, NFTs can still be seen as a game changer for creators, allowing them to now reach out directly to their loyal fans as well as a wider global audience. In this latest podcast episode, MARKETING-INTERACTIVE spoke to Jeffrey Hau (pictured left), co-founder and director of PRIZM Group Hong Kong; Avery Akkineni (pictured second from left), president of Vayner3; Shannon Dix (pictured second from right), CMO of Virtually Human; and Robby Yung (pictured right), CEO of Animoca Brands on how NFTs will change the influencer marketing game for creators.
MARKETING-INTERACTIVE: How will NFT transform the creator and influencer marketing landscape?
Hau: We need the influencers to be involved in the project early on, even at the planning stage. A lot of charities come to us and say "Hey, I should partner with an artist and I want to launch an NFT project on Open Sea. Can you guys market it for us?" But when they come to us, they have already worked with the artist or the collaborator, and the series is already on Open Sea.
The marketing strategy with influencers for NFTs starts from day zero, unlike other campaigns.
There's a habit of brands developing their products before going to agencies and asking for marketing plans. For NFT, it starts much earlier...
Published by Marketing Interactive on 5 October 2022