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Redefine Your Expectations for Preservation

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the collectible NFTs would increase in value over time — they lacked utility, which McDougal said is crucial for mainstream adoption.

According to Maru Group, only one in four US adults said they were aware that some NFTs could provide real-world benefits, so increasing awareness about the more practical uses could encourage greater consumer interest.

“If you have a huge audience with a ton of reach and brand loyalty, collectability is a realm you might want to experiment with,” McDougal shared. “But if you are a small baker and your bandwidth is already maxed out, you don’t need to make a big gimmicky splash with NFTs or try to make a bunch of money off Web3. Instead, just start to consider how NFTs can provide value to your customers — whether that’s a loyalty program that delivers exclusives to NFT holders or access to unique events. They need to be more than just a digital token to collect.”

Some of the smaller bakery brands that were quick to explore the NFT space did include this additional layer of utility to build consumer interest

San Francisco-based Love + Chew, a plant-based superfood and protein cookie company, launched a crypto cookie NFT collection in March 2022 to honor International Women’s Day. Designed by female artist Fatemeh Monfared, the NFTs were not just collectible digital art pieces. They also unlocked access to upcoming launches, cookie subscriptions and recipes exclusive to NFT holders.

Las Vegas-based Freed’s Bakery, which was recently acquired by Cafe Valley, was among the first small bakeries to dabble in NFTs when it created the world’s first NFT wedding cake — a collectible GIF of one of its handmade cakes — in September 2021. Since then, Freed’s has expanded its NFT collection to 50 colorful cake collectibles available in its Sprinkle Iced Cake Depot on OpenSea. Each cake NFT unlocks gated content and presents exclusive offers and benefits.

No stranger to scarcity and exclusivity, in May 2022, French pastry chef Dominique Ansel celebrated nine years of the Cronut with an inaugural NFT collection consisting of 60 Cronut tokens in five former flavors voted upon by fans.

“We’ve always been excited to try new things that we thought are worthwhile, whether it’s regularly changing our menu or, in this case, developing our very first collection of NFTs,” Ansel said. “For us, it’s about creating something that builds a long-term relationship with our guests; food is perishable and can be fleeting, and once you’ve eaten it, it’s gone. With an NFT, it lives on, and we can keep building and growing that community. This will be a new way to keep in touch and give our guests that extra bit of hospitality.”

Each Cronut NFT also came with special perks, including early access to new pastry launches and a free pass to “skip the line” when visiting a Dominique Ansel Bakery.

McDougal said he sees lots of opportunities for companies to test similar NFT strategies that include exclusive access to help consumers feel a deeper bond and loyalty to a brand through unique experiences.

“Along the way, you’ll find things that might not fit what you’re trying to do long term,” he said. “But there may be ways that you can weave in something fresh and activate not only your existing audience but also maybe introduce channels for new awareness.”

One way marketers might want to consider NFTs is as a tool for deeper storytelling, whether that’s unlocking content that connects with customers who care about where their food comes from, establishing traceability through the supply chain or improving transparency around safety protocols. It’s all possible with NFTs via smart contracts, which act as the bridge between digital assets and the blockchain.

A key element of Web3 is its community lead, meaning it diversifies the pool from which stories are told. As power in advertising continues to shift toward influencers and real-life consumers, marketers can use the decentralized NFT space to think outside-the-box for new ways to connect with customers.

“Maybe you throw on a [virtual reality] headset, and suddenly you’ve stepped into a concert presented by Panera in the metaverse,” McDougal shared as a hypothetical example. “Perhaps you’re able to walk the grounds where they’re growing ingredients, and you can chat with the individual farmers and makers. Or maybe you get to interact with other Panera customers in a sort of live testimonial.”

That idea might seem far-fetched, but with the speed at which experimentation and adoption of NFTs start to take hold, marketers would be wise to start thinking about what’s next.

In one of the most recent NFT launches by a large global brand, Starbucks unveiled Starbucks Odyssey, a new blockchain-based loyalty program and NFT community. The platform, which is an extension of its successful loyalty program, allows customers to complete interactive activities called “Journeys” to earn collectible “Journey Stamps” (a less technical term for NFTs) that unlock exclusive experiences and rewards.

McDougal noted that he sees value in presenting Web3 concepts like Starbucks Odyssey in a way that doesn’t scare off the Web2 consumer. If marketers can create NFT programs that reduce some of the tech fear factor and bridge the gap between Web2 and Web3, they stand a much better chance for mainstream adoption.

The good news is that once you get past the jargon and gimmicky hoopla, the barriers for entry for NFT experimentation are quite low. If the central theme of Web3 is decentralization of the internet, that means there is as much of an opportunity for the small folks — just as much as the big players—to make an impact.

“We’re in this phase of curious exploration, and it’s a great time to lean into learning,” McDougal said. “Remember when cell phones were scary. Remember when personal computers were scary. As with anything new, it brings a fear of change. But those who embrace it and explore some of these innovations can really stand out and stay ahead of the curve.” CB