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How NFT Can Revolutionize CRMs?

NFT CRM can offer businesses an authentic possibility in addition to hype and speculation. They introduce a new, authorized, fictitious technique that allows brands to communicate with customers. They fulfill customers’ desire for engaging advertisements to appear on their mobile devices without making them feel as though their identities are too exposed to the advertisers. CRM systems, or customer relationship management systems, are a traditional approach for managing your customers’ identities, and a good CRM should include four essential features: handling contacts, engagement monitoring, immediate interaction, and automated workflows. 

A non-fungible token, or NFT, is a valuable asset on a blockchain with distinctive identifiers and metadata that distinguish it from all others. NFT CRM functions as receipts, storing who purchased, received, or interacted with what and when in a permanent record committed to the blockchain. This record of two parties’ interactions forms the basis for NFTs to function as CRMs. 

CRM Functions that NFTs Could Replace 

  1. Contact Management

One of the objectives of blockchain transactions is transparency. As these transactions are stored publicly, the holders of NFTs are essentially visible to the brand. Currently, these owners are only identifiable by their wallet, which is a collection of random numbers and letters that may not provide much utility for connecting to a real-world identity. However, all of the wallet’s additional transactions are visible, which can provide a variety of facts that build out the owner’s identities and preferences. 

As the industry evolves, new technologies will combine these identities to provide marketers with a more complete picture of their consumers and prospects. And since people are explicitly purchasing or getting open NFTs, there may be a hidden solution to privacy concerns, although this will likely be a subject of debate in marketing.

  1. Communication in Real-Time

This real-time communication made possible by NFTs enables brands to interact with consumers in a timely and personalized manner. Brands can use this information to deliver specific offers, updates, or exclusive content directly to NFT holders, thereby establishing an open and engaging interaction channel that strengthens consumer engagement and loyalty. All of this enhances consumer data and enables marketers to develop a more comprehensive view of their customers, resulting in more successful and relevant advertising campaigns. Once a customer’s wallet is linked, the potential for immediate interaction with NFTs is limitless. Marketers can use the wallets of their customers as a mailbox to distribute timely information, deals, and exclusive benefits directly to the customers.  

  1. Process Automation

An NFT is fundamentally a digital receipt representing a set of smart contracts. These smart contracts are inherently automated because they hold modifiable code that can be performed on a blockchain. The smart contract terms and conditions are immediately enforced, without any requirement for middlemen or human intervention. The automation feature of NFTs enables a variety of functionalities. For example, when an NFT is offered for sale or transferred to a new proprietor, payments of royalties to artists or creators can be triggered automatically. Additionally, they can automate verification of ownership, provenance monitoring, and various other digital asset administration processes. The use of smart contracts in non-fiat currencies offers an excellent level of accountability, safety, and efficiency. 

The potential of NFT CRM 

Advertisers utilizing NFTs to provide something that consumers cannot find in either world are advised to take an integrated approach that encompasses both digital and “real-world” experiences. In addition, there is an opportunity to investigate methods for providing an organization’s promise in the metaverse via NFTs that deliver predictable and meaningful interactions. 

NFT wallets also offer a safe and confidential method of storing user information. This helps businesses establish customer trust and enhance the user experience. Businesses can also utilize the valuable data provided by Wallet for marketing purposes. This allows these businesses to better comprehend their clients and optimize their communications. Thus, NFTs and wallets can assist companies in the Web3 era in establishing stronger, more profitable customer relationships.

Final Thoughts 

Although NFTs might not entirely replace conventional customer relationship management methods, they’re currently prepared to grow into a valuable marketing component.

With their unique tracking, communication, automation, and consumer engagement capabilities, NFTs offer an emerging medium that may improve marketing strategies and maximize creative ways for brands to connect with their audience. As the NFT space keeps growing, marketers should consider adding NFT CRM to their marketing resources to maximize the potential of this emergent technology.

20230615 LCX Future of CRM Blog Post
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