In the past few months, we’ve seen a significant rise in the use of non-fungible tokens (NFTs) in the blockchain community. Although the NFT news market is still in its infancy, we already see some of the most popular tickets leveraged for their intrinsic value. This blog outlines some of the most popular NFTs and how they can benefit your business.
Since they are established on a blockchain that can always be traced back to the original owner or creator, non-fungible tokens (NFTs) are digital assets that represent a variety of real-world and virtual objects. NFT tracking cannot be replaced or exchanged with counterfeit versions. NFTs include original works of art, pictures, audio, video, collectibles, artifacts, coupons, certificates of authenticity, ID data, medical information, and more.
All of this shows there may be a chance for small firms to profit from the current NFT craze. These are five ways that NFT technology might help you expand your company and keep clients.
- Issuance of one-time use promotional items such as coupons, discounts, tickets to events, BOGO offers, etc., that are counterfeit-proof. Uncopyable, tamper-proof access/discount assets with various use cases are blockchain codes or QR codes.
- Create a digital NFT portfolio tracker loyalty card while starting a customer loyalty program. Customers download it on their mobile devices after signing up for it. They scan the loyalty NFT code each time they come into your store to get loyalty points. You may push prizes, discounts, or blockchain tokens for usage in stores when specified criteria are reached.
- Cause-related marketing and charitable giving: With the recent U.S. departure, NFTs were utilized to gather funds to empower Afghan women. A similar scheme might be implemented in a neighborhood, town, city, or state to promote local charities or geographic-affinity marketing.
- Securing funds for expansion: If your company is considering expanding or creating a new location, an NFT campaign may be a more affordable funding option than a standard bank loan. Consider it a scam-proof method. Kickstarter: A crowdfunding campaign where contributors may track their donations, which are only released if certain milestones are met following smart contracts set up at the beginning of the campaign.
- Sweepstakes or gamification-based promotions may be expensive and often only make sense for huge businesses, like Publishers Clearing House, which still utilizes sweepstakes marketing, or McDonald’s franchisees that use Monopoly game pieces. NFTs provide small companies the option of very engaging gamification marketing with a little imagination. To encourage customers to each site, for instance, a Chamber of Commerce may start a digital NFT scavenger hunt with dozens of locally owned companies. The only constraint is your creativity.
You may learn how to DIY your NFTs utilizing internet resources like free publications and videos if you’re Internet-savvy or have access to a college intern. You may choose one of the solutions mentioned earlier—or come up with your own—and employ a freelancer to handle the full job if you don’t have the time, patience, or desire for all that.
Whatever your starting point, you should give NFTs a go. As NFT’s popularity grows, your small business may benefit significantly from it with little to lose.