NFT for Businesses is one of the hottest topics in the space. As Web3 technology grows quickly, nonfungible tokens, or NFTs, continue to catch the attention of people all over the world.
Moreover, a lot of companies, from mass-market players to luxury brands, have been releasing NFT collections rapidly throughout the past year.
Sure, the majority of average consumers still don’t fully grasp the NFT world of BAYC and CryptoPunks from last year. And blockchain technology is currently not particularly user-friendly.
Yet, you shouldn’t dismiss NFTs as a transitory fad. Even though crypto-millionaires, Discord-obsessed millennials, and Gen Z are fueling the NFT hype cycle, it could very well be the Web 3 killer app.
NFTs could be the way that most people and businesses start exploring Web 3. After all, NFTs’ intriguing quality lies in the technology that drives them.
This points to their increased potential as a tool for brands to break free of Web 2’s platform-centered marketing environment. It can also help companies regain control of their online relationships with customers.
NFT For Businesses
NFTs give global industries the chance to change how they interact with their customers, improve the value of their existing products, enter new markets, and come up with new ways to run their businesses.
Besides that, NFTs will also play a big part in the metaverse. Yes, the same metaverse that Meta (previously known as Facebook) and other big players have been obsessing over for the past year.
We’ve seen a glimpse of its potential with play-to-earn (P2E) games like Axie Infinity in 2021. We all saw how P2E changed the way millions of people view and monetize gaming.
Moreover, NFTs have endless potential, not just in gaming but for businesses as well.
How are NFTs changing the way people do business?
Imagine a bridal shop that uses blockchain technology, which is the technology behind NFTs, to offer a virtual fitting room.
The wedding dresses that you can try on are NFTs with metadata and different properties. The metadata includes the material used, design, production time, cost, etc.
You can customize these wedding dresses by selecting different properties to match your taste and budget.
Besides that, you can do that all virtually, and you’ll get to see how it’ll look instantly without having to wait months after the dress sample is made.
You can then go ahead and purchase the said NFT. Track the production process and have the physical dress delivered to your doorstep.
After that, you can then put your NFT wedding dress design in the virtual bridal shop, and whenever someone wants to use the design, you’d be able to get royalties from it.
If you no longer want to earn royalties, you can put the NFT up for sale.
How can this benefit the customer and business?
We all know how stressful it is to plan a wedding, and this feature of a virtual fitting room would be a game changer.
It will save you a lot of time and money spent scouring every bridal shop in your area to find your perfect wedding dress. You would also have an ongoing passive income from it.
I see people collecting and passing down wedding gowns from generation to generation.
This would make it more meaningful because they would not only be able to pass down a beautiful wedding gown to the next generation, but they would also be able to profit from it.
For The Business
The bridal shop, on the other hand, would get to offer this new and convenient experience to their customers, making them stand out from their competition.
This would also cut down on their production costs and time. Not only that, but it would also help with their ESG efforts.
They would make less waste than they would with a traditional way of doing business since everything can be done virtually and they only have to deliver one dress to one customer.
Both the customer and the shop would be happy, gain some profit, and contribute to the betterment of the environment. Who wouldn’t want that?
This is just the tip of the iceberg. The example above is just one way to use NFT for your business. There are multiple ways to do it for different businesses, ranging in cost from thousands to zero.
If you want a real-world use case of NFTs, you can just take a look at how Reddit and Gucci utilized NFTs last year.
The big players are already betting on this new technology; if that isn’t a sign of something big for you, I don’t know what is.
Don’t let your business fall behind; get started by educating yourself about NFTs. Read our guide or join our community.