LINE introduces NFT marketing solutions
Academy aims to leverage hot trend
LINE messaging application has launched a range of marketing solutions linked to non-fungible tokens (NFTs) to enable businesses to capitalise on digital assets.
The solutions enable brands to create their own NFTs to support their marketing campaigns.
The firm also established its NFT academy to educate LINE creators about NFT creation for marketing campaigns and prepare them to work for brands.
Srisupark Areevanichkul, corporate business director at LINE Thailand, said NFTs are a hot trend among marketers and many leading brands have incorporated them in their marketing campaigns, finding it works well in attracting and engaging customers.
The trade value of NFTs has reached US$1 billion globally on a daily basis since early this year.
Thailand has the highest number of registered NFT users in the world at 5.65 million, according to data from the "Statistical Digital Economy Compass 2022".
Thai marketers and brands should pay attention and be prepared to leverage this opportunity, she said.
"The explosion of digital technology over the past four to five years has accelerated the growth of cryptocurrencies and the virtual world, or metaverse, as a whole," said Ms Srisupark.
"NFTs are part of this and have become highly favoured in many sectors, especially gaming, fashion, sports and the arts."
NFTs have been developed for many applications, such as for privileges, collectibles and tokens of appreciation for investments or donations. They can also be used as avatars in the metaverse, she said.
In gaming, they can be accumulated as rare, collectible items.
In terms of marketing, NFTs must have some specific characteristics, namely authenticity, exclusivity and community, Ms Srisupark said.
She said there are three approaches for NFTs to be used for marketing: to add value to existing products; to create engagement between brands and customers; and to promote corporate social responsibility activities.
LINE provides three main services for businesses: free training to identify business opportunities in relation to NFTs, NFT production by professional creators, and platform privileges in support of platform connections and joint promotional campaigns.
Brands can choose their preferred NFT formats, whether for gaming, arts or sports.
Brands can also opt to create NFTs as metaverse items.
Thammaradee Praipiroonroj, head of consumer business at Line Thailand, said the app has more than 30 NFT creators, including those with experience in NFT markets and new rising stars in the field.
Choosing the right creators is crucial in building a successful NFT marketing campaign, she said.
LINE Thailand hosted an online seminar on Thursday on the use of NFTs for business.
The event drew more than 100,000 participants.