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What is NFT?
An NFT is a non-fungible token, a kind of digital bearer asset that represents ownership of a unique item or property, NFTs are designed to be distinguishable from each other so that no two tokens are the same, making them IDEAL for representing collectibles. The unique nature of the token offers the opportunity for your business to stand out and engage in a unique way with your audience. In turn, this will boost engagement and growth of your business.
How can NFTs
Benefit your brand?
The value of NFTs for your business lie in the fact it can be tokenised and is one-of-kind. This offers your business the opportunity to create a unique experience for your customers and engage with them in a futuristic way.
NFTs can almost act as a USP for your business because while there may be copies of any one asset made, NFTs ensure that only one person is able to own the original asset in question. The unique aspect of NFTs ensures that your audiences cannot get the same experience at another business as a result if its individuality.
NFTs have made on the social media and digital world. Given this, investing in NFTs for your business could set you apart from competitors in years ahead as their popularity is predicted to surge.
Key Features of NFTs
NFTs are used to represent real objects of art, intellectual property, digital property, financial instruments, etc. Here are some key aspects that define NFTs:
One NFT is not equal to another, and they cannot be traded for one another at parity.
NFT must have an owner and the ownership should be possible to verify.
Each NFT is unique, and it contains its own set of metadata.
You cannot divide NFTs into parts like you can with cryptos.
NFTs exist in a blockchain, and they can create new markets and forms of investment.
How are big brands using NFTs?
Fashion brands are using NFTs to appeal to a broader audience. For instance, people are keen to invest in fashion to demonstrate status or to make a statement.
Many of these high-end, limited fashion items are expensive and therefore, NFTs provide consumers with an alternative to express their individuality through the brands.
Brands can create digital copies and exclusive models of their items that customers are able to purchase. This benefits both the producer and the consumer. The brand attracts more custom to their business by creating an exclusive community and product, which the consumer can purchase and subscribe which normally is not the case.
Using Nike as an example, when a consumer buys a genuine pair of shoes a digital representation of a show may be generated, linked with the consumer, and assigned a cryptographic token, where the digital shoe and cryptographic token collectively represent a ‘CryptoKick.’ read more here.
5 ways to use NFTs in your business
Use GIFs to stand out from your competition which cannot be copied.
Limited Time Only
The exclusivity of NFTs, for example only allowing them to be purchased within a specific time frame, enables a community to be created surrounding the business.
Charity / Competitions
Auction NFTs for charity / create competitions with NFTs as prizes: this generates incentive for people to buy your NFT. This creates awareness for the charity you’re supporting and raises the profile of your business.
Entry Level Customers
Engage a larger audience: for instance, people may be able to buy NFT versions of your products in place of the more expensive physical items. This enables your customer base to grow and your business to expand.
Your audience may see the NFTs you have created and be keener to interact with them. This will again generate more attention and engagement for your business.
To get involved in the world of NFTs, then there are some things you and your audience will need:
- A digital wallet to store your NFTs and cryptocurrency.
- Crypto currency in order to purchase the NFTs.
- Find an NFT marketplace in order to purchase one such as OpenSea.
We are partnered with a UK based NFT marketplace developers to Non-fungible tokens help acquire and give rightful ownership of digital objects