Until recently, NFTs have been widely regarded as a technological novelty that has taken the world by storm, but not a market that should be taken seriously as a business venture.
From a corporate standpoint, this is somewhat understandable. The NFT market is challenging to read for anyone but seasoned experts. The technology is new, and so is the blockchain technology that forms its foundation.
This, combined with the relatively slow decision-making and conservative mindset within many of the world’s largest brands, has implemented NFTs into a conventional business model tricky.
However, the truth is that NFTs offer bountiful opportunities for businesses, both large and small. These digital tokens are much more than digital art or money-making schemes. They have the power to change the very foundations of marketing philosophy – from a business-orientated model to a community-first approach.
The benefits of using NFTs in business:
NFTs can help you to develop a loyal community
One of the most compelling benefits of using NFTs in business is that they can help you build a community of active participants in your brand marketing, rather than a passive audience you need to persuade before they even consider clicking a link.
Like the wider benefits of other crypto technology like cryptocurrencies and even blockchain, NFT communities are built on self-interest. When each member of your NFT community owns a unique token (in the form of a brand NFT), they are financially and emotionally invested in helping your brand become more valuable.
The bigger, better, and more desirable your business becomes to the general public, the higher the value of each NFT.
It goes without saying that this could be immensely powerful for your marketing.
Your community can become active participants in your marketing decisions, which is helpful for two reasons.
The first is that it helps reduce the risk of alienating your customer base with a divisive marketing decision. The second is that it rewards brand loyalists for their repeat business.
In essence, your audience becomes an extension of your brand.
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NFTs could become an additional income stream.
It is no secret that certain NFTs can be bought at sky-high prices. While this is as much about timing and press attention as value (and the most lucrative examples are typically created by famous artists with dedicated followings), there is nothing to prevent you from creating an additional income stream from NFTs.
You could, for example, team up with a notable NFT creator for a collaboration project. This is likely to draw their followers towards your business and potentially earn you more money from the NFT sales (and resales).
You can integrate more seamlessly into the Metaverse
As the metaverse draws increasingly close to everyday reality, you must start thinking about your place in this mysterious digital realm.
Given the complexity of the technology and the massive shift in consumer habits, it is best to get a head start on your rivals by developing a range of NFTs. Users can use these in the Metaverse and give your brand critical exposure at an early stage of migration.
