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Automakers believe NFTs are the key to engaging the next generation

Automakers globally are beginning to realize the potential of NFTs and Web3 technology to engage the next generation of car owners.

Gen Z: A generation unlike any other

In recent years, companies have been trying to better understand and make sense of members of GenZ (Gen Z generally includes people born in the late 1990s and 2000s.) 

Selling and engaging members of Gen Z is like walking a tight rope; one wrong move, and you’re done. 

Fortunately for brands and individuals interested in engaging the next generation of consumers, NFTs and the Web3 community have emerged as one of the most reliable tools they have to get young and tech-savvy users interested in their products and brand.

There have been many mentions of Gen Z in this piece, but Millenials are not left behind as the majority are also relatively young and tech-savvy.

With that in mind, automotive companies have realized that in order to sustain growth and maintain relevance into the future, they need to properly engage the young generation now before they have the income to invest in vehicles.

Engaging the next generation motivates brand loyalty, and automakers from Hyundai to BMW and everyone in between are interested in furthering their activities in the Web3 sphere.

Hyundai as a case study

Hyundai is one of the premier automotive brands globally, and the automaker has termed Millenials and Gen Z potential customers the “MZ Generation.” To better engage and interact with the MZ Generation, Hyundai decided to enter the NFT space.

Hyundai launched its NFT Discord channel, and corresponding Twitter handle on April 15, and there are plans to debut Hyundai NFTs’ website during the month of May. Users can enjoy the recently released NFT short film by Hyundai Motors. The highlight of the short film is the introduction of the company’s NFT universe accompanied by 30 limited-edition NFTs.

Speaking on the NFT project, Thomas Schemera, Hyundai Motor’s global chief marketing officer and customer experience division head, shared the following in a statement announcing the NFT project. “The Hyundai NFT universe will extend the Hyundai brand experience, especially with MZ generation, in a completely new way, further reinforcing our commitment to innovation in both the real world and in the metaverse.”

Everyone wants to launch an NFT project

These days, it seems like any auto manufacturer without plans to implement an NFT strategy is unserious, and when we take a deep look at the NFT space, it doesn’t take much effort for a big brand to launch an NFT project.

An automotive brand not having NFTs in its plan is not a good idea because the upsides are immense and the downsides limited. Over the next few months, we can expect more auto manufacturers to enter the NFT space.

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Musa
Musa is a content creator, student, and founder of Equatif.com He is interested in the creation of thought-provoking pieces about digital technology. When he’s not working on Equatif, he’s volunteering across West Africa to bring about social change. He’s most passionate about SDG 4.

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