The world of cryptocurrency has exploded in recent times, with terms like bitcoin and blockchain becoming mainstream buzzwords seemingly overnight.
The last couple of years has seen crypto assets like bitcoin skyrocket in value and popularity, with both retail and institutional investors flocking to find out how they can use this ground-breaking technology to their advantage.
However, there has been one digital asset that has experienced a more dramatic rise than any other – the NFT, or non-fungible token. In what seemed like months, this relatively small asset class went from being a novelty for tech enthusiasts to a global industry that has drawn interest from the largest and most influential brands on earth.
Naturally, with topics as complex as cryptography and finance, trying to understand what NFTs are requires a little more time.
As a busy business owner, you probably don’t have time to research the fundamentals of NFT technology or financial philosophy, so it is best instead to garner surface-level knowledge that will help you ascertain whether NFTs can be useful for your organization. You should consult an attorney before committing to any NFT project. This is how your business could use NFTs:
You could create collectable items that reflect your brand identity
There are a tremendous number of ways that your business could use NFTs, but arguably the most compelling use case is for brand storytelling.
It is no secret that corporate marketing is moving further towards a three-dimensional approach that essentially sells your brand as a franchise – complete with your own backstory, values, narrative and characters (just look at the success of prominent entrepreneurs for evidence of these commercial ‘characters’).
NFTs represent the next stage of this process. By selling uniquely branded property (whether it is digital art, clothes or a metaverse concert ticket) your most fanatic fans can purchase more than just your products. They can literally buy into your brand.
If this sounds fanciful, then just look at the continued success of merchandise in almost every mainstream industry.
However, NFTs take this a step further because each one is completely unique, giving each owner the sense that they have a special connection with your brand. This deepens the relationship between you and your customer base, generating a more powerful brand image as a result.
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You can use them to develop a community more quickly
Businesses are nothing without an audience. If you don’t have at least a small group of passionate followers, then you will find it difficult to market your brand with any consistency, resulting in patchy cash flow.
Therefore, you should focus your efforts on cultivating an online community using NFTs. Presently, many businesses have websites, forums and social media accounts which act as the hub of their audience.
Now, with the help of NFTs, you can turn your audience members into active participants – able to buy exclusive merchandise, own a fraction of your intellectual property rights, or help make decisions on your brand’s direction.
NFTs can be used as advertising in the metaverse
As the metaverse evolves, marketing inside it will become paramount to businesses. By creating your own NFTs, you essentially produce digital real estate which can be implemented into the metaverse, giving you a strong presence and establishing your brand during a time of immense online change.