Build-A-Bear is Entering Web3 with Its First NFTs
Laura McQuarrie — September 28, 2022 — Marketing
References: buildabear & prnewswire
With the aid of non-fungible token platform and marketplace Sweet, Build-a-Bear is venturing into the metaverse with a teddy bear NFT collection. There will be three phases to this launch, all of which will support the leadup to Build-a-Bear's anniversary celebration in early October.
The first drop is a Limited Edition Build-A-Bear 25th Celebration NFT Collectible Featuring Swarovski Crystals. The winning bidder of this auction will receive not only the digital asset but the physical one-of-one bear too. Additionally, the NFT holder will get a complimentary trip for two to Build-A-Bear's 25th Anniversary Gala.
While most Build-a-Bear products are geared towards young ones, this rare digital and physical collectible speaks to adults, since the NFT teddy bear will start at auction for a price of $2,500.
The first drop is a Limited Edition Build-A-Bear 25th Celebration NFT Collectible Featuring Swarovski Crystals. The winning bidder of this auction will receive not only the digital asset but the physical one-of-one bear too. Additionally, the NFT holder will get a complimentary trip for two to Build-A-Bear's 25th Anniversary Gala.
While most Build-a-Bear products are geared towards young ones, this rare digital and physical collectible speaks to adults, since the NFT teddy bear will start at auction for a price of $2,500.
Trend Themes
1. NFT Collectibles - The rise of NFTs is creating opportunities for businesses to explore the sale of digital collectibles and paired physical goods, especially for brands with nostalgic and loyal followings.
2. Metaverse Ventures - As companies partner with Web3 creators and platforms, there is room for new competitors to enter the space or established businesses to build new offerings for immersive and interactive online experiences.
3. Crypto-marketing Campaigns - The use of digital assets, blockchain, and cryptocurrency can create innovative promotional campaigns, not just for companies in the tech industry, but for companies in a variety of sectors and verticals.
Industry Implications
1. Retail - Traditional brick-and-mortar and ecommerce retailers can embrace the growing NFT and Web3 markets to offer new merchandise and enhance customer experience, particularly those with established brand recognition.
2. Entertainment - Entertainment companies can leverage NFTs and Web3 to engage fans with unique, exclusive digital content and rewards, including virtual experiences and collectibles that increase fan loyalty.
3. Hospitality - Hotels, resorts, and event spaces can integrate the use of NFTs and blockchain into promotional campaigns and loyalty programs to attract and retain customers, particularly for those in the luxury and high-end markets.
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