In 2021 we saw NFTs explode in popularity and implode in a similar fashion more recently in 2022. This left many wondering, “What was the big deal? ” and ” Will NFTs come back?”. NFTs were not a short-sighted fad but ultimately one of the greatest innovations post-blockchain.
How NFTs Are Changing The World
NFTs are shaping the future across nearly every industry around the globe through automation, authenticity and simplicity. From removing the need for trust in a transaction to simplifying supply chain management, all the way to community building and process automation, NFTs are changing the way the world operates.
Web3 and NFTs, offer many opportunities including both educational and career-based paths to choose from. Web3 has two unique opportunities within education, from decentralizing traditional education and making it much more accessible to direct Web3 education.
Direct Web3 education similarly offers unique opportunities to people around the world. In-depth Web3 knowledge is an extremely new and also in-demand skill. Without formal Web3 education being offered anywhere, very few people around the world have that deep understanding that many companies across almost all traditional industries are hiring for right now (or have expressed interest and plan too soon).
Bringing educational credentials onto the blockchain offers a genuine solution to the education crisis faced by many third-world countries. Students in African countries, for example, are often faced with western education systems not accepting transcripts or diplomas due to a high rate of fraud. Transcripts, classes and diplomas on the blockchain mean guaranteed authenticity, anywhere in the world.
An NFT project called Roo Troop, named for the Tree Kangaroo is offering Web3 education in the Kanga-Kademy. Going one step further than educating, Roo Troop is building an industry-leading job board for qualified Web3 participants to find jobs. Roo Troops job board and school, are just one of the ways entrepreneurs are making it easier to get involved with the decentralized, blockchain space.
Web3 has amazing opportunities for entrepreneurs and creators. Artists now have the ability to monetize their work forever, through NFT royalties. They can build a personal brand through the communities in Web3, increasing their revenue and taking control of their image. Entrepreneurs have the opportunity to crowd-fund new ventures and build communities around ideas much easier as well.
An NFT project taking advantage of these entrepreneurial opportunities is CCC, or Crypto Cannabis Club. The first cannabis-related NFT project raised money via the launch of the NFTs after receiving support from Snoop Dogg. CCC has a plan to build a digital “greenhouse”, where participants grow and breed digital plants for competition, allowing users to earn money passively. CCC also launched a legitimate cannabis brand out of the state of California and partners with many large cannabis businesses to offer discounts to holders.
The entire idea was funded by the original sales and royalties of NFTs and a community that believed in the vision. The power of online communities has never been stronger and the monetization aspect of NFTs has never presented a better reason to get involved.
Simplifying Business Processes
Smart contracts are instrumental to simplifying and automating businesses processes. Smart contracts remove the need for trust, or a third party, while completing transactions online. This technology can help streamline product inventories across retailers and manufacturers and even help increase brand loyalty and trust.
VeChain ($VET) is one cryptocurrency that is helping brands streamline product inventories, including Walmart of China and Louis Vuitton. VeChain assists these companies by tracking products on the blockchain for everyone to see, from manufacturer to end client, providing transparency over the entire process and transaction.
SHOPX is yet another company using smart contracts to help other businesses. Through a white-label eNFT service, brands can easily enter the Web3 space, as well as start rewarding their best customers. Products can be matched with an eNFT on the blockchain for authenticity and utilizing smart contracts makes checkout bots on limited drops, a problem of the past.
Solving real-world business problems is what blockchain is all about, and smart contracts present an excellent opportunity too solve many of the problems. Fraud with fake products and automated bots ruining drops can be solved, all while simplifying product inventories and driving customer loyalty.
A Marketing & Branding Strategy
NFTs offer a new and unique marketing strategy, with new ways to monetize and interact with customers.
Budweiser was one of the first companies to get into NFTs by purchasing two Ethereum domains, including beer.eth, and a rocket ship fashioned similar to a Budweiser can. This was ultimately a very cheap way for Budweiser to appear relevant and revolutionary, working alongside some of the newest most innovative technology. Budweiser did decide to drop their own NFTs called Budverse Cans Heritage Edition, Bud Light N3XT and Budweiser Royalty.
Tiffany & Co, Dolce & Gabanna, Tommy Hilfiger, Taco Bell, Steve Aoki, Paris Hilton, Gary Vee, Floyd Mayweather, Snoop Dogg and plenty more big names have entered the Web3 space over the past two years, with most utilizing NFTs as a way to do that. The Web3 space presents a great opportunity for community building and marketing with very little overhead coming with it.
Increased customer retention rates, higher LTV, increased revenue through royalties and much more brand authenticity/trust, all with very little additional expenses. NFTs have slowly gained popularity through both retail and corporate interest. NFTs may be a major branding advantage in a few years, but will also bring much needed utility to some more traditional companies. Companies like Visa, Mastercard, Amazon, Microsoft, the UFC, Walmart and plenty more have quietly begun working alongside these innovative companies both to stay up to date and to test the potential benefits of the technology.