Non Fungible Tokens (NFTs) are one of the trendiest blockchain products in the market today. After several high success stories of NFTs selling at record prices, most people want in on the share of the NFT cake. Celebrities and athletes are among the top categories of people earning large from the creation and sale of NFTs.
Some of the most profitable NFT items have been digital art, collectibles, sports merchandise, and even real estate that you can own as fractional NFTs. But they are not the only ways to get into NFTs. You can also use it in various ways to boost your brand and grow your profits. This article shares several ways you can achieve that and enjoy the benefits of blockchain technology through NFTs.
How NFTs work
An NFT is a unique code that helps you prove a digital or physical asset’s uniqueness, authenticity, and originality. This includes things like artwork, music, patents, and videos that you can find in a video NFT marketplace. Because you create NFTs on blockchain technology, they become challenging to hack, steal, manipulate, or counterfeit. Similarly, they’re easy to monetize.
In addition, blockchain avails all the information about a particular NFT, including its origin, previous owners, the price it sold at, and the current owner. That’s why they are excellent tools for protecting copyright and proving the authenticity of assets. Here are ways to use them in your business regardless of your industry or niche.
Marketing and advertising
One of the best areas to apply NFTs in growing your business is advertising and marketing. NFTs are an excellent way to attract the public’s attention to one or more of your products. A business at any scale can use NFTs to advertise its brands and offerings.
The best way to do this is by creating promotional tools for your brand awareness strategy in your business. You can create single-use tools such as event tickets or coupons protected by blockchain codes to avoid tampering or theft by unauthorized persons. Having a limited edition of such promotional tools can create a sense of urgency and make a great advertising avenue that can potentially increase brand awareness and sales.
Creating loyalty programs
The loyalty programs, as customers have known and used them previously, have very little room for movement regarding what you can or can’t do with them to benefit. They are quite limited as the only way to utilize them is if you redeem the points earned for specified products or services within the brand. But NFT loyalty programs bring a new perspective to the matter.
By creating NFT loyalty programs, you can attract a larger audience as the loyalty programs are more flexible. They allow your customers to earn points that they can redeem in more ways, including cryptocurrency, discounts, or rewards. Further, it’s an excellent way to boost sales as customers can’t forget them since NFTs can be downloaded in mobile wallets for use anytime they want.
Greater document security
Information is one of your business’s most important assets, and you need to ensure that it’s safe from unauthorized access, theft, or damage. This is particularly so with your sensitive company documents such as property and partnership deeds, awards, and other records. If you want to ensure that your documents are even more secure and avoid duplication or alterations, then NFTs can be beneficial.
NFTs are much more than a blockchain offering. They offer higher encryption and provenance capabilities that eliminate the risk of forgery, theft, or unauthorized access. They are also a good way to eliminate paper and their susceptibility to error, theft, and damage. Your business exchanges many digital and physical documents with customers, suppliers, and partners.
With NFTs, you can make the verification process quick, easy, and seamless. With all the signatures and information of a particular individual stored in an NFT, the process is paperless yet more secure.
Identity protection is essential in any business. The authenticity of documents is often required in various situations and must be presented for verification regularly. You can use NFTs to protect online individuals’ online identities without the need to carry physical documents.
Your customers can use NFTs to confirm your legitimacy as a professional business easily and quickly. Fortunately, anyone can verify NFTs in real-time by requesting your business and professionals show their NFTs. Look for reputable developers for NFT creation, such as PixelPlex NFT solutions, to help you create solutions fit for your business.
Enhancing the efficiency of the supply chain
NFTs’ primary role in supply chains is to authenticate and verify the quality and origin of the products they supply. Saying you sell food, your customers should and can inquire about the storage conditions and the source. By using GPS sensors to track variables like temperature and humidity, NFTs make this process much simpler.
The data from these sensors is recorded in the blockchain and then linked to the product’s NFT. Another supply chain area, where NFTs can help is the one related to luxury goods, clothing, footwear, and furniture. If you’re in a business that deals with products requiring traceability and authenticity, NFTs can benefit you significantly.
Blockchain technology and NFTs can have a steep learning curve but getting started in them is a good way to future-proof your business as you earn benefits today. If you are interested in the technology but don’t know where to begin, consult a blockchain developer specializing in NFTs to get started. Hopefully, the ways mentioned above can help you see how NFTs can be a growth and efficiency tool in your business.