Key Takeaways:
- Check out why non-fungible tokens (NFTs) have become a pivotal part of the digital-first global economy.
- Discover how you can use NFTs in your business to ensure you stay on top of the digital-first market.
- Explore how people’s lives could improve for the better when NFTs take part in their daily lives.
The world went digital-first in the 2020s, primarily powered by large-scale lockdowns enforced due to the COVID-19 pandemic. Non-fungible tokens (NFTs) have garnered a large portion of their popularity in this decade, with 2020-21 being their golden era so far. As the crypto market is on the verge of another bull run, experts predict a matured NFT space will take off alongside it. In fact, many businesses and brands have implemented NFTs in their operations, reaping considerable success in the short run. This blog focuses on how you can use NFTs in your business and why NFT development could be a crucial aspect of projects in the future.
Why have NFTs Become Crucial Today?
With a market cap exceeding $5 billion and monthly sales volume in the vicinity of $1.1 billion, the NFT space has become an unavoidable facet of the digital economy. The presence of a plethora of use cases and the excitement among brands, businesses, and creators to bring them into their workflow fuels the chances for NFTs this bull run.
- NFTs present the world with a vital solution for several use cases that have traditionally been plagued by issues surrounding counterfeiting and value reduction. With NFT-based records on the blockchain, there is an immutable solution for the provenance of the ownership of a particular digital asset.
- Non-fungible tokens open a new world of opportunities for digital-first creators and businesses that have struggled with maintaining copyrights and duplication, which has damaged their sales and reputation. NFT-based solutions can reassure holders that what they have in hand are authentic assets that come from genuine creators and projects.
- Although the NFT boom in 2021 showcased a lot of use cases for digital assets, a deeper look says that it was indeed a teaser of what will come in the future. Despite sluggish market conditions, the NFT space has continued being innovative, unveiling newer possibilities whose impact could be seen in the future.
How Can You Use NFTs in Your Business?
If you have been wondering how you can use NFTs in your business, this section is for you. With their versatile and digital nature, NFTs can be easily leveraged in almost any industry, ramping up operational efficiency levels to new heights. Advancements in blockchain technology also help NFTs be created for sophisticated, real-world-based applications.
- Advertising: Perhaps the first-ever use case of NFT development, advertising campaigns from global brands across industries have tapped into digital assets. Companies like Coca-Cola, McDonald’s, Adidas, Nike, Gucci, and Louis Vuitton have executed NFT-based promotional campaigns aiming at the new-generation consumers consisting of millennials and Gen-Zs.
- Loyalty Programs: Loyalty programs from global ventures such as Starbucks and Lufthansa have tapped into NFTs, opening channels for people to experience membership perks in new forms. Such projects can offer a combination of virtual and real-world benefits to holders, reinstating a brand’s stature in the global market among the competition.
- Fundraising: While ICOs, IEOs, and IDOs focus on providing fungible crypto tokens, projects can consider INOs (Initial NFT Offerings) and IGOs (Initial Game Offerings) if they want to present NFT assets in exchange for investments. This tactic has worked out successfully for several projects, making it a highly sought-after crypto crowdfunding strategy.
- Copyrights: NFTs representing intellectual property (IP) assets like copyrights, trademarks, and patents have become a hot commodity in the market due to their immutable presence on the blockchain alongside their publicly verifiable nature. Using NFTs in such instances quickens the processes for IP documentation offices and businesses while ensuring transparency all around.
- Licenses: Licenses, certificates, and registrations across industries can be digitalized on the blockchain via NFTs. This forms a completely transparent channel for various stakeholders, such as holders, verifiers, and government agencies, who might find it hard to distinguish between original and fake documentation, given the scale of technological advancements over the years.
- Ticketing: Ticketing NFTs have garnered immense popularity in recent times as many performing artists and sports clubs use them to admit fans to events. Not only that, but they create NFTs backed by unique benefits that holders can enjoy before, during, and after the event. NFT ticketing mainly aids event organizers in controlling the secondary market, which has gone haywire at times.
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Will NFT Development Improve People’s Lives in Any Way?
In a broad sense, NFT development could have a huge role in positively impacting people’s lives. While we might not see how they might be useful currently, their potential, alongside adoption by government agencies across the globe, can lead to new levels of living experiences.
- Using NFTs for diplomas, real estate documentation, legal documents, and business registrations can relieve people of unnecessary stress induced by misplaced, lost, or stolen documents or counterfeiting. Doing so can also facilitate seamless operations for government agencies, increasing transparency and operational efficiency.
- NFTs in membership, subscriptions, and ticketing can aid brands, creators, and artists in engaging with their users and fans better. They can also gain oversight over the secondary market, legalizing possibilities such as sharing streaming accounts through rental agreements. Such opportunities open up new revenue streams for projects, making them gain further while providing high levels of user satisfaction.
- As the world becomes more inclined toward digitalization, NFT-based communities could play a central role in determining how people can tap into opportunities. Groups for professional talent pools, gamers, sportspersons, writers, artists, and more could become more organized and efficient, widening the scope for niche-based groups.
How Much Will It Cost to Develop NFTs for Business?
While we cannot outline the exact cost of developing business-worthy NFTs, we can say it ranges anywhere from a few thousand to millions of dollars, depending on the project’s nature and target market. The overall cost depends on factors like technologies used, business niche, target audience, marketing efforts, and listing costs.
A lot also depends on the way you choose to develop NFTs for business, as they can be executed by an in-house team or outsourced to an experienced service provider who can also aid with promotions. Choosing one based on your resource constraints and project nature is necessary for optimal results.
Conclusion
Therefore, we have seen how you can use NFTs in your business. With a lot of options available, you can tap into the advantages of blockchain technology through NFTs. If you want to create NFTs for your project, you can easily begin by working with our expert NFT development team at Blockchain App Factory. Our professionals can seamlessly create NFT-based assets catering to any niche on any layer-1 or layer-2 blockchain based on your preferences. Connect with one of us today to start crafting your dream NFT venture!
