NFT’s are non-fungible tokens that have been the talk of the town for a couple of years. Global brands like Nike, Adidas, Coca Cola to Gucci have joined the NFT craze and built their own digital assets. The art world has been a pioneer to make use of this technology and build amazing capabilities and scope for NFTs. Selling their pixelated images for thousands of dollars and building a chain of earnings as royalties has sparked the imagination of the people.
NFT’s are not simply digital images – they are powerful and help to boost businesses of any size.
Also interesting to read: 5 women tech start-ups you must follow
NFTs are tokens that help represent ownership of unique items – mostly digital pieces of art but the idea behind NFT is that they can be used to tokenize anything from videos, music, collectibles, IDs, certificates of authenticity, health records, physical items, votes and much more. What makes NFTs unique is:
– Nature of being immutable
Ownership of NFTs is unique. There can only be one unique owner at a time, and this helps to identify the current owner of the asset.
– Power of not being able to be counterfeited
Since the information is stored via use of blockchain and their information is available on immutable ledger. The ownership history is clear – and cannot be counterfeited.
– No middlemen involved
With use of blockchain – the whole concept of middlemen gets eliminated. The technology itself helps to move assets so time and money can be saved.
– Easy to invest in
NFTs are tokens, and tokenized assets provide greater liquidity. They offer the possibility of fractional ownerships.
– Offer you direct royalties
Each time the owner sells their owned NFT – the original owner of the token receives royalties from that token – thanks to the smart contract concept within them.
Also interesting to read: GenZ and technology – the new power couple
Here is how brands can make the most of NFTs:
Way to secure funds
Are you thinking of expanding your business but lack funds?
NFTs have made it easy for brands to raise money in an easy way. A collection of NFTs can help you build your own digital assets to sell them to your customers and help them funnel all the profits back to the business.
Consider it this way, when your customer buys an NFT from you, they are not simply buying another product or an asset but are reflecting their trust on your brand.
While it may be a way for your brand to secure more funds, it’s also a great way of self-expression for people by owning original artwork, images, songs or virtual clothing/ real estate that cannot be reproduced.
You know the traditional difference between a loyalty card and an NFT is that the latter can have unique features – as well as – a simple fact that a loyalty card cannot be sold for a profit. NFT makes for a unique loyalty card system that on one hand represents customers’ trust and loyalty and on the other hand a way to capture unique customers who will help you to build a word-of-mouth for your brand.
Brands should consider a digital NFT loyalty card as part of their core strategy when they are establishing a client loyalty program. They can scan the loyalty NFT card code each time they visit the brands business to earn loyalty points and push ahead for prizes, discounts, blockchain tokens to be used in stores whenever specific thresholds are met.
Also interesting to read: Amazon and Etsy’s content strategy: Does SEO work?
Metaverse is the new (digital) world that we are all moving towards. It is a space you could enter via VR – virtual reality. Brands should take NFT’s more seriously today with Metaverse becoming bigger and deeper than ever. NFTs are a crucial part of Metaverse – since they can be used for anything on Metaverse – from virtual clothing for your avatars, real estate, virtual events and more.
Small brands in the digital business world can build their presence in metaverse and sell NFTs that represent virtual real estate, digital art, clothing to much more and start promoting themselves in places like Decentraland.
Key part to remember for brands is that Metaverse is run by NFTs.
CNBC reported that 12% of the people buying tickets online became victims of fraud – ticket fraud. As a brand when you use NFT technology to sell tickets for your events – you can make sure your customers never go through fraud related to your brand. Brands like Yellow Heart – are known to be selling NFT tickets.
NFT makes sure to prevent scalpers from buying out the tickets and reselling them for higher prices later. NFT tickets can build in unique features written into them – like discounts for events, food and drinks, premium features, meet and greet with artists.
Once the event is over, the ticket becomes a collectible that the owner can resell to other fans.
We live in a world where giving back to society is equally important and in many ways – legal requirement. If your brand is more of a charity organization – you can embrace NFTs to raise funds. One fine example is BookBlocks.io – which raised 2,200 NFTs – all to support Afghan women education after the Taliban took over the country.
In this way to help encourage geographic-affinity marketing as well as supporting local charities to raise money from your own brand to support a cause – your brand can take the lead here via selling NFTs.
Also interesting to read: 5 digital business models you must know
Here are few ways to leverage NFT technology that will help your company to expand and retain customers:
–NFTs can be used as promotional tools. They are counterfeit-proof and the blockchain codes – often known as QR codes, are uncopiable, tamper-proof access that offer a wide range of applications.
-Brands can offer NFTs as limited time only opportunities for their customers to buy – within a limited time frame and enable a sense of urgency for them to buy.
-Brands can use this to build brand awareness and consumer loyalty – specially with limited edition NFTs
-Engage in gamification marketing
-Tokenize physical items
While it’s still early stage for the technology and the market is still not mature enough yet- many experts have predicted that NFT projects will need overhauling to survive in the long term. If your business is digital, NFTs will become a key part of your strategy soon enough, why not get started on this early and reap more benefits?
Also interesting to read: Is digital optimization the new digital transformation?
Admissions are open
You can download the application form with this form