{"id":4373,"date":"2022-09-17T09:00:36","date_gmt":"2022-09-17T08:00:36","guid":{"rendered":"https:\/\/futuramo.com\/blog\/?p=4373"},"modified":"2024-10-22T08:02:16","modified_gmt":"2024-10-22T07:02:16","slug":"how-are-nfts-used-in-the-business-landscape","status":"publish","type":"post","link":"https:\/\/futuramo.com\/blog\/how-are-nfts-used-in-the-business-landscape\/","title":{"rendered":"How Are NFTs Used in the Business Landscape?"},"content":{"rendered":"\n

NFTs are fast becoming mainstream for personal investors, and, in this article, we\u2019ll explore the ways in which the business world is getting on board with non-fungible tokens\u2026<\/strong><\/p>\n\n\n\n

In recent years, we\u2019ve seen an increasing number of headlines concerning personal investments in non-fungible tokens (NFTs). And, so, it is perhaps inevitable that, in 2022, the business world is becoming more and more interested in this form of investment. <\/p>\n\n\n\n

That being said, it is important to do your research and even consider consulting an nft lawyer<\/a> before investing, to ensure they\u2019re right for your business.<\/p>\n\n\n\n

In the article, we\u2019re going to be talking about what NFTs are and how businesses are helping themselves a slice of this lucrative pie.<\/p>\n\n\n\n

What are NFTs?<\/h2>\n\n\n\n

Non-fungible tokens are digital representations of real-life, physical, or digital items. In their most common form, NFTs are digital items such as artwork, music, and software. These digital assets are stored on a blockchain and can be bought and sold securely. <\/p>\n\n\n\n

The rise in popularity of NFTs has been meteoric and, in April 2022, history was made when a prestigious auction house, Christie’s, sold a piece of art by Beeple, named \u2018Everydays: The First 5000 Days\u2019 for a staggering $69.3 million<\/a>. <\/p>\n\n\n\n

It\u2019s little wonder then that businesses across the world have decided that they\u2019d like a piece of the NFT action. While most businesses can\u2019t expect to earn the same kind of eye-watering figure as the Beeple piece, there is certainly a significant amount of money to be made through this new kind of investment. <\/p>\n\n\n\n

How can Businesses Use NFTs?<\/h2>\n\n\n\n
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Photo by Floriane Vita on Unsplash<\/figcaption><\/figure>\n\n\n\n

Below we\u2019re going to take a look at some of the ways in which businesses can use NFTs to their advantage. <\/p>\n\n\n\n

Investors<\/h3>\n\n\n\n

A considerable number of businesses are using NFTs to attract investors to their services in a number of ways. This includes businesses offering NFTs as an incentive for getting on board as an investor. Businesses are also presenting ongoing rewards for investors in the form of NFTs as well as shares in the business as a whole.<\/p>\n\n\n\n

This can become a lucrative proposition should the business become successful. Most new businesses struggle to gain investors and so many are looking for new and unique ways to do this – and NFTs certainly fit the bill here. <\/p>\n\n\n\n

Marketing<\/h3>\n\n\n\n

Some businesses are using NFTs as a marketing tool by offering free products or services for each purchase of an NFT. NFTs can also be in the form of tickets to a webinar or event as they have the added bonus of being easily sold if the holder finds that they are unable to attend. <\/p>\n\n\n\n

The business world is more competitive than ever before and finding new ways of reeling in customers is at the forefront of every marketer\u2019s mind. The use of NFTs can help by offering something that none of a company\u2019s competitors yet have.<\/p>\n\n\n\n

Real Estate<\/strong><\/h3>\n\n\n\n

While most NFTs represent some type of digital art, there are plenty of other applications, spanning across various industries. Origin Protocol<\/a> is an Ethereum-based NFT marketplace provider, and it helps legacy companies take the leap into web3. One of its most recent ventures was in partnership with real estate investing behemoth Roofstock, where it sold the 1st home on an NFT marketplace<\/a> in USDC. The NFT home cut out redundant intermediaries and weeks of the closing process, saving both the buyer and seller from paying high fees found in traditional real estate brokerage.<\/p>\n\n\n\n

Loyalty Programs<\/h3>\n\n\n\n

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Photo by Andrey Metelev on Unsplash<\/figcaption><\/figure>\n\n\n\n

Loyalty programs are still big news for businesses in every sector and of every size. Due to the perceived value by the customer (often coupled with the low cost of the offering), loyalty programs are far from over and NFTs can help here. Some companies are choosing to offer NFTs as a reward to their loyal customers. This not only helps to retain existing customers but is also a tool to be used to attract new ones. <\/p>\n\n\n\n

Membership Programs<\/h3>\n\n\n\n

For some time now, membership programs have been used as a way of appealing to customers by offering discounts, rewards, and exclusive offers. In fact, these are so popular that it’s a rare moment that you\u2019ll log onto a website without immediately seeing a pop-up inviting you to join the company\u2019s membership scheme. NFTs can be used here to great effect in presenting member-only offers and opportunities which can be easily traded or sold. <\/p>\n\n\n\n

Collectables<\/h3>\n\n\n\n

For companies which sell physical products, NFTs offer a golden opportunity to expand their business. An example here would be, perhaps, a bookseller who, in addition to selling books and ebooks might also offer the original manuscript of a book in NFT form. By offering NFTs as collectables, a business can quickly and easily increase its revenue by doing very little. <\/p>\n\n\n\n

How to Get Started with NFTs<\/h2>\n\n\n\n

If you\u2019re already familiar with a blockchain<\/a> and digital currencies this will help.  However, you can get started with NFTs with little to no experience and, the process is generally as follows: <\/p>\n\n\n\n