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How NFTs Can Be Used In Business – How To Add Utility And Its Benefits

September 1, 2022

NFTs have been around for a while and made a wider impact with NFT art auctions in 2021. A number of businesses have also entered the realm of the Metaverse as they seek innovative revenue streams as Web3 expands.

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Brands can use utility NFTs as a new revenue stream and an innovative way to connect with consumers. There are several ways for brands and businesses to take advantage of NFTs, let’s explore some options below.

Who’s already using Utility 

  • Gaming platforms – these are the most common sector where NFTs are already in use and can represent in-game resources, weapons, or virtual goods that players can buy and use in the game. 
  • Musicians – from concert tickets to adding NFT utility to a new album launch. There have already been adding utility for example with an album release as an NFT and special digital artwork or digital download of the music and NFT holders were able to redeem it as a physical limited edition of the album.
  • Big brands – Coca-Cola, Nike, Louis Vuitton, McDonalds, Lamborghini are just some of the businesses that have diversified into this new revenue stream; from special NFT collections, brands rewarding customers for repeat purchases, holding fundraisers. There are  

How you can add utility

  • Bring attention to your brand - Got a shop? You could offer the first X clients that buy an NFT during your opening or event you’re hosting a special giveaway for 6 months. This helps with brand promotion as well as drawing in new customers and increases brand identity and loyalty. 
  • Building a community- this is a vital part when considering doing business on the blockchain. NFTs offer people to buy their way into a community. As a business you can then grant your community access to an event, special offers, early access to special promotions, opportunity to join a course, etc. 
  • Authenticity – this is a very useful component especially for businesses that deal with supply chain and logistics as it can track assets using CRM systems and the fact that as an NFT the digital certificates are stored on the blockchain. The token enables to have all the steps of production stored from manufacturing until sold. Luxury brands are going in that direction as they fight off counterfeit products.
  • Raising Funds for your Business – Fundraisers and charities are also a space where utility NFTs have good usage. This allows non-profits to diversify from their usual channels and have access to new funding sources.

Conclusion

NFTs can, are and should be used in businesses, no matter if big or small, a growing brand or a reputable one. It is a growing market and if it fits your marketing plan then there are endless opportunities of how to gain and build a loyal community of clients. Certhis platform offers a great way for businesses to enter their business into the NFT realm as well as add utility features completely free. You can find ways to Airdrop,  a transaction in which you send an NFT from your wallet to someone else’s or the use of the NFT scanner, which enables exclusive access to a private physical event you're hosting for your community.  

FAQ’s

How can businesses benefit from NFTs?

No matter the size of your business you can benefit from an additional revenue stream in an emerging market space. The fact that customers can have the ability to possess unique content from the companies and having the ability to link one’s offerings to reach more customers. 

How does NFT affect business?

At the rate of Web3’s evolution, NFTs will most likely be integrated into many parts of our lives. In return, NFTs are going to provide businesses with added security and benefits.

Can NFTs be used for commercial use?

Yes, generating income from digital assets is indeed something which can and is being done. There are some intellectual and property rights that need to be taken into account though, despite the ownership being facilitated completely by the Smart Contract.