The NFT industry has developed beyond just digital artwork and collectibles. In recent times, we have seen different real-life use cases for these tokens including using them as a representation of ownership of assets and properties in the real world. So, how can businesses take advantage of this emerging technology? NFTs will provide an avenue for businesses to connect with and serve clients in brand new ways. Many businesses and big brands already realized its potential and are exploring different means to make the best out of it.
How Are NFTs Impacting Businesses?
Below are some current use cases for NFTs in different industries:
NFTs have greatly disrupted the gaming industry and it has been a win-win for both game development companies and their users. With the emergence of NFTs, gaming projects like Axie Infinity, Decentraland, Sorare, Gods Unchained have been able to adopt a play-to-earn model which incentivizes users while also generating revenues for these companies. Furthermore, the use of blockchain technology has provided these businesses with an added layer of security and provides transparency to all stakeholders involved. It has also provided game developers with an avenue to attract venture capital to their projects.
Blockchain technology in the fashion has already played a major role in terms of supply chain management. Fashion brands have been able to reduce the risk of purchasing counterfeit items by allowing customers to digitally verify the authenticity of certain fashion accessories and items. Users can scan these items and get all the necessary information that they need to know such as when the item was created and possible past ownership of these items.
The use cases in the fashion industry are diverse and new ideas keep emerging daily. Last year, Zara partnered with South Korean label Ader Error to launch its first NFT collection which gives customers a feel of the metaverse. Customers who purchased items from their AZ collection had the chance to get their own virtual avatar in the metaverse, while putting on the exact clothing they purchased. Fashion brands have thrived on exclusivity to generate more revenue for their brands and that is exactly why NFTs are bound to prove valuable to these brands. Exclusivity and Non-Fungibility are two ideas that go hand in hand.
Sporting and Musical Events
NFTs have played a significant role in curbing counterfeit issues. A report in 2018 revealed that around 12% of all concert-goers have been scammed by purchasing counterfeit tickets. That is why event organizers and ticketing companies have adopted NFTs and blockchain technology to ensure that customers can verify and purchase only legitimate tickets. Even better, ownership of these tickets can be verified on the blockchain, so that can also curb ticket theft or anything of sort.
Licenses and Certifications
Businesses and organizations can verify licenses and certifications with NFTs. For example, Universities and firms can tokenize references, student transcripts and other essential documents. That takes away the burden of verification record-checking and companies that require these documents can easily access them.
We recently shared a story on how a Real Estate platform is revolutionizing the industry with NFTs. That is one of the numerous use cases of NFTs in the real estate business. NFTs provide more liquidity and security for the industry. Disputes about ownership of a particular asset or property can be easily resolved by verifying ownership on the blockchain.
We have explored various use cases of NFTs and one thing that applies to all industries is how NFTs can be used to create exclusivity around the goods and services that these brands provide. This exclusivity is a great marketing strategy which brands can employ to further drive traffic and generate revenues for their business. For instance, brands can decide to create special offerings that are only available to NFT holders.
Building A Strong Community With NFTs
Last month, there was a report on how a San Diego car wash was using NFTs to drive up demand for its services by including collectibles as part of its membership benefits. That story exemplifies the power of NFTs as a marketing strategy. Through such efforts, the company is able to build a strong web 3 community which can help spread the word about its web 3 initiative which in turn, could attract more web 3 enthusiasts to patronize them. Brilliant!
Contrary to public opinion that it is the big brands that have much to gain with NFTs, smaller organizations and businesses are more likely to benefit more from adopting NFTs in their business models. They just need to put in the time and energy to understand how the technology works. These businesses that do not have a large marketing budget can use NFTs to target web 3 consumers and invite them into their community. In fact, this community could end up becoming the company’s greatest asset as they help spread the word. Word of mouth and referrals remains the greatest marketing strategy by the way.
How Businesses Can Adopt The Perfect NFT Strategy
Adopting NFTs into a business model can be really tricky as putting the wrong foot into the metaverse can be bad for business. So, what is the best way for a business with no prior NFT experience to implement an NFT strategy? Simple. That is where TrustSwap’s Swappable services comes into play. TrustSwap prides itself as the NFT solutions provider and has helped to onboard organizations to the world of NFTs through blockchain technology services.
Powered by TrustSwap, Swappable provides full-suite consultancy and tech services to organizations and brands that are looking to do amazing things in the metaverse. They particularly help these businesses to launch amazing NFT drops that can help them engage with customers and build a strong Web3 following. Swappable has a proven track record as it has helped leading organizations develop and execute their NFT strategy. Its deep NFT expertise is what makes the company stand out and it can use this expertise to help your business stand out in the metaverse.
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