When you think of NFTs, you probably think of digital art. And you’re not wrong — they’ve revolutionised how artists can monetise their work, and how collectors can prove they own originals in the age of the one-click screenshot.
But NFTs are growing up… Or rather, our understanding of their use cases is maturing. Did you know you could use NFTs for your business?
Here’s an easy way to understand how they’re working in everything from gaming to brand promotional campaigns — and hot ideas on how you could use them to your own business advantage.
From Fortnite character outfits to mounts, pets and gear in World of Warcraft, the concept of purchasing items to augment your online gaming experience is old news. But NFTs are drastically switching up the model.
Previously, these items were controlled by the centralised game server. If the NFT-driven model takes hold, players could earn NFT items that have value outside of this space — and be sold on marketplaces at a profit.
While the gaming world is divided between major publishers like Ubisoft and EA, who are committed to exploring how to use NFTs in their business model, and platforms like Steam who have banned blockchain and NFT-based games, one thing is clear — everyone is taking it seriously.
NFTs in Ecommerce
NFT use cases in e-commerce are fast-growing beyond variations on a marketplace in which users trade themed NFTs. While platforms like NBA Topshot are novel in the way they’ve turned real-life sporting highlights into NFT collectibles, the idea of collecting digital assets as NFTs isn’t exactly fresh — it’s the NBA’s variation on a known theme that turns heads in this case.
Selling NFTs is an obvious e-commerce use case. But there's a new idea on the block: that NFTs could allow you to protect shoppers against fraud and to expand your market to include those who may usually not be able to afford branded content.
Luxury labels, for instance, could trade in NFT-versions of their physical ranges that tap into the aspirational nature of their brands — allowing collectors to own a form of what they desire, which could also increase in value over time and open up access to its real world counterpart.
But more than the mere capitalist drive to sell people more stuff they don’t need and can’t afford, building an NFT-strategy into your ecommerce strategy has the potential to lower the risk of fraud as each transaction is indelibly coded into the blockchain. For example, if each physical asset you sell is accompanied by an NFT, it authenticates each purchase and offers proof of ownership when you’re faced with returns and other claims. It’s also an efficient way to prevent a counterfeit market of your products taking root.
Related: Aside from making Beeple a kajillion dollars, NFTs offer many ways to improve our lives and make business fairer. Dive into the details with Nathan, our Head of Creative, in How NFT Technology Can Change The Future of Business.
NFTs Can Help You Track Or Sell Physical Assets
Trustless property sales are the future. Yup, you heard right — NFT transactions on the blockchain make it possible to buy real estate.
Propy, a company specialising in automated real estate transactions, have been fearlessly exploring this NFT use case for business since 2017. When conducting a crypto-powered real estate sale, they connect each bundle of ownership paperwork to an NFT. In oversimplified terms, you buy the NFT → you own the paperwork → you get the house.
With some business-savvy, NFTs can be tied to pretty much any kind of physical asset. Companies like Provenance have been applying NFT and blockchain technology to supply chains: ensuring transparency and brand accountability every step of the way.
Imagine being able to claim, and indisputably prove, that every product you offer consumers is proudly Fairtrade and slavery-free? That’s brand value that’s hard to beat!
Unlock Futuristic Promotional Campaigns With NFTs
Marketers are hard at work finding innovative ways to tie NFTs to their promotional campaigns. While many, like Budweiser’s successful first NFT campaign, focus on the digital art slant, companies like Adidas are taking it one step further — linking their NFT campaign to establishing brand presence and community in the Metaverse.
Their Proof of Attendance Protocol (POAP) NFTs are designed to help fans track attendance in real and digital events — particularly in the Metaverse —and give them access to limited product drops via their Confirmed App. Where this will lead is anyone’s guess (and we’ll keep you posted), but we think the way they’re using NFTs to bridge between the physical and digital world is really neat.
Could You Use NFTs To Grow Your Business?
We believe you can — all it takes is a little creativity coupled with a solid understanding of what NFTs are and how they work.
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