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.
Key Themes Behind This Trend
- 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.
- 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.
- 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.
Where This Applies
- 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.
- 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.
- 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.
