Non-fungible tokens simply referred to as NFTs, are a big thing in the digital world today. Ever since pieces of artwork started selling for unimaginable amounts, the popularity of NFTs has soared. NFTs have sparked people’s imagination with individuals and businesses trying to share in the now highly lucrative industry.
However, while digital images seem to be making the lion’s share of the big sales and profits, it’s not the only way to earn from NFTs. You can also use NFTs as a business tool no matter the size due to the power within their core properties. This article will look at ways your small or medium-sized business can use NFTs to propel growth.
What are NFTs
NFTs are digital assets that no one can replicate or substitute with a forgery. These blockchain-based tokens can be traced back to their originator at any given time. There are many different types of things that are viable for creation as NFTs. These include health records, artwork, contracts, coupons, photographs, fashion items, audio and video recordings, and many other souvenirs. A reputable NFT agency can help you decide on the most viable and profitable things you can create NFTs.
Customer Loyalty Programs
You can attract a larger audience to your brand by creating NFT loyalty cards. These are digital assets that your customers can download on their devices. Every time a customer purchases from your store, they earn points that they can convert to rewards, discounts, or cryptocurrency.
This is unlike traditional loyalty programs restricted to only redeeming points in brand stores for specific rewards. NFTs loyalty programs offer more flexibility which can help cement customer loyalty and trust in your brand. Your small business can benefit significantly from this.
Reduce Products Counterfeiting
Counterfeits are a menace for many businesses that have remained a challenge for ages. However, NFTs may just be the way to turn that around and wade off counterfeit products from the market. NFTs are built and exist on the blockchain’s open, permissionless, trustless, and immutable ledger, which makes ownership verification of ownership bliss.
This can greatly benefit various industries, including retail and eCommerce. Tying an NFT to the physical products in circulation can help consumers confirm an item’s originality by simply scanning a barcode. Fashion items, electronics, and luxury goods are also among the most counterfeited products, and this is an excellent way to protect your products if you’re in the fashion industry.
Creating Hackproof Promotional Items
Similar to products, fraudsters can also hack your promotional items. You can also use NFTs to protect other business items such as licenses, certificates, tickets, or discount and promotional coupons from being counterfeited. You don’t have to worry about counting losses from brute hacks from fraudsters to your promotional codes or tickets.
Create and Sell NTFs
Technology has advanced, changing the way people interact and conduct business. For example, people in the Metaverse can buy virtual property or dress up their avatars and conduct business in a virtual environment. Businesses that know how to take advantage of virtual worlds can commission branded NFT objects and sell them for use in the virtual worlds.
Customers can purchase an NFT equivalent of a real-life product on NFT marketplaces such as Rarible, OpenSea, or others by minting the product. Indeed, one of the most potent business applications for NFTs is selling virtual products. Some shoe brands have filed patents for virtual sneakers for in-game viewers and residents of virtual worlds, going ahead of the curve.
Your small business can also consider creating NFT products for profit to sell in the virtual world. Fashion items are some of the things that make excellent and profitable NFTs. Fashion brands have taken note of this and are profiting from it. If you research, you can see the popular NFTs in fashion.
Creating Gamified Promotions
Your business can benefit from the gamification of NFTs by driving engagement to your brand. For instance, your business can develop an NFT treasure hunt game to boost engagement and sales. The treasure hunt NFT model can be beneficial considering its engagement level, which will likely attract many users to your business.
Besides, most people are familiar with the treasure hunt concept whether or not they’re familiar with the NTF technology itself. Using this approach will help you to boost your advertising and customer engagement at the same time. This can help you safely introduce the NFT concept to your audience.
Can you invest in NFTs as a small business? From the above discussion, the answer is yes. It’s a good idea if your business can learn and diversify early enough. Your NFT product developers need to think about the vast range of new business opportunities they can generate for your business. Having an experienced NFT partner will help you achieve this.