Staying on the cutting edge of technology is something most business owners are passionate about. Successful entrepreneurs realize that keeping their audience engaged is much easier when using modern technology. Over the past few years, non-fungible tokens (NFTs) have become part of the worldwide lexicon.
Before we cover how to use these digital assets for your business, we will cover a bit of NFT 101. In short, an NFT is a digital code that is representative of a particular digital item. This code is completely unique and is stored and secured on a blockchain. In the past, NFTs were created to represent digital music or art, but the possibilities of how this technology can be used is virtually endless.
Read below to find out more about unique ways business owners can use NFTs to grow their brands and keep consumers engaged.
The popularity of NFTs has exploded in the past year. Globally, the NFT market is worth over $22 billion and analysts believe this upward trend will only continue in the future. The overwhelming popularity of NFTs has led to major brands like Twitter, Nike and Taco Bell using these digital assets in their marketing campaigns.
Many popular brands are using NFTs to create digital wearables that can be used in the metaverse and as exclusive content drops for a select group of customers. The great thing about using NFTs in your marketing campaign is that you don’t have to reinvent the wheel.
Ideally, you want to create NFTs that are brand-specific and that offer consumers a glimpse into what your business does. Many brands are using airdrops of NFTs to promote new products/services. The consumers that receive these airdropped NFTs are usually able to unlock special perks at a later date.
Most consumers love feeling like they are in a special club. If you want to give your audience this intoxicating feeling, there is no better way than by creating NFTs. Releasing a limited number of NFTs that feature exclusive content is a wise move.
This exclusive content should include things like:
- Mentorship lessons
- Behind the scenes video clips
- Podcast sound bites
Offering this exclusive content in the form of NFTs is crucial when trying to retain the interest of your target audience.
When trying to expand your business, you will need access to plenty of working capital. If you want to avoid getting this working capital with a traditional bank loan, then you need to think about selling NFTs. For years, business owners have hosted fundraisers. Generally, these fundraisers would provide consumers with a t-shirt or other promotional product in exchange for their donation.
If you want to modernize your fundraising efforts, then utilizing the power of NFTs is vital. Auctioning off NFTs that feature exclusive content, digital art or music can be quite lucrative. The rarer the contents of the NFT are, the more money you will be able to ask for it.
Reaching out to famous artists in the NFT space is a smart move. While you might have to give them some of the proceeds from the sale of their digital art, you can attract more attention from consumers if you are offering a highly sought-after NFT creation.
As you can see, there are many ways you can use NFTs in the world of business. By embracing NFTs now, you can show your audience that staying on the cutting edge of technology is something your business values.