NFT For Business — Unlimited possibilities in a brave, new world.
NFTs introduced themselves to the world with a unique proposition — anybody could claim their right to a creation (art, music, song, tweet, even a text) and own it. Not just that, NFTs bridged the much-needed gap between the creator and the right of ownership. By its very nature (being non-fungible) there was a way to create a unique signature to data, a “form of decentralized certification” as it were.
From here, NFTs caught the imagination of people — today historic moments in sports and entertainment, art, or even a fraction of the art can be owned and sold with the creator having an equal stake in the earnings. Some metaverses offer digital pieces of NFT real estate as “land” which players can buy with ETH and populate with games and assets!
NFTs and business — A winning duo?
In this scenario should business be far behind? We definitely do not think so. In the chimeric NFT universe anything is possible. Businesses today are looking for ways and means to optimize sales while trying to wriggle out of the tightening noose of escalating costs of infrastructure and operations. NFTs are not just whims to own pieces of creation. They are perfectly designed to benefit businesses as well.
The fact that NFTs origins are inextricably linked to the blockchain, makes them the ideal fit for business. Let’s take a look at the NFT attributes:
1. Digital permanence: NFTs will exist as long as the blockchain they are built on, and that’s a pretty long time!
2. Counterfeit-proof: NFTs cannot be replicated. Anybody can confirm its authenticity by checking the blockchain
3. Provable ownership: If the NFT is programmed for resale, the ownership can be transferred
The story is already unfolding
Now let’s look at how businesses can leverage NFTs to their advantage. Businesses can utilize NFTs to create their own new paradigm for branding, bringing consumers the biggest and most sustainable opportunities for engagement. This revolutionary development brings with it advantages that not only expand on current marketing efforts but go beyond them.
When digital platforms are more saturated than ever, the accessibility of NFTs offers a unique monetization opportunity on top of collectibles and memorabilia through creation, collection, and trading.
Brands may be using non-fungible tokens for a range of revenue opportunities. The first step is finding the right way to use them, which could help bring in millions of dollars in both initial and potential revenue streams. With the right use of NFTs in marketing, an important objective is being achieved for your brand. Not only are you receiving revenue from the first deal, but royalties from future trading can also bring in millions.
Brands are looking to become successful with NFTs that need to use intelligent, prompt timing and a plan. Some top-line brands are already into the game. Recently, Taco Bell released GIFs in support of the Live Más Scholarship and timed the photos with an interesting social initiative. Nike just bought a virtual shoe company — RTFKT Studios — which makes “virtual shoes” and sneakers for the metaverse!! Similarly, Adidas “Into the Metaverses” is a collaborative NFT project between Adidas Originals and NFT pioneers gmoney, Bored Ape Yacht Club, and PUNKS comics. The project has generated 11,391 Ether (ETH), worth over $43 million*, on OpeanSea. (Source: CoinTelegraph)
With the growing popularity of NFT’s, businesses should start embracing this disruptive technology to their marketing advantage. Using digital content leveraged with NFTs can help brands not only strengthen relationships with current customers but also provide them with new opportunities to expand their business. The initiatives by leading brands to leverage NFTs for fuelling market opportunity may have just begun, but forward-thinking businesses inherently know and recognize the fact that driving value for customers is only the tip of the iceberg. NFTs in the near future will play a significant role as part of a larger business mandate.
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