Why are NFTs beneficial for business?
Engage with your consumers and create a unique experience for them
The importance of the one-of-a-kind aspect ensures that audiences cannot get the same experience at another business as a result of the NFT and its individuality. This could almost act as a USP for your business because whilst there may be copies of any one asset made, NFTs ensure that only one person is able to own the original asset in question.
NFTs could play a significant role in the digital scene in future
This belief stems from the headway that 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.
How are big brands using NFTs?
NFTs For Fashion Brands
Fashion brands are using NFTs to appeal to a broader audience. For instance, people are keen to invest in fashion in order 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.
NFTs mean that 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 producer / brand attracts more custom to their business and the consumer is able to purchase an item from a brand which ordinarily they may not usually be able to. To use Net-A-Porter as an example, an NFT digital copy would be significantly cheaper and more accessible than a luxury handbag for instance.
NFTs For Food Brands
Fashion brands and other businesses also use NFTs to create desirable goods that can then be auctioned for charity. For example, Taco Bell designed and auctioned unique NFT GIFs with the profit going to the Live Más Scholarship. Some of these GIFs raised thousands of dollars in minutes. In this instance, Taco Bell was raising their profile whilst simultaneously supporting a cause that they genuinely care about. To build on this, other businesses may create competitions with NFTs as the prize incentive.
NFTs For Music
The exclusivity of NFTs encourages intrigue and generates incentive to purchase from businesses. The concept of exclusivity drove Kings of Leon to release their album ‘When You See Yourself’ in NFT form. The NFT album was only available for purchase for two weeks. This made their album truly a collectors’ item and therefore developed a loyal community and following for the band.
5 ways to use NFTs in your business
Some ideas on how to use NFTs in your business:
Create GIFs – 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.
Drive Engagement – 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.