For now, the NFT industry is still mostly associated with digital art and GameFi. In 2021, the hype around NFT-art sales has overshadowed the use of real-world assets in the real-estate sector and service industries. So how traditional businesses can use NFT technology to their advantage? NFT as a certificate of authenticity NFT technology can be described as a blockchain-based certification system. But it can be applied not only to the virtual sphere. It can be applied to tagging real assets and to tokenizing real services like digital concert tickets, club passes, or anti-cafes. For a business model to function, there needs to be a system that can secure the ownership of a product or the right to use a service. In the physical world, these procedures happen all the time, but without excessive formalism, like granting rights to use a movie theater seat for a single session. In the digital realm, confirming ownership and therefore establishing the buying and selling process is more challenging. The nature of digital assets allows countless copies to be made. These copies are considered replaceable (identical). The original cannot be distinguished from the copy. Hence the value of non-fungible tokens. They allow ownership of digital assets to be established and streamline sales of unique goods and services. Nowadays, even for traditional businesses, representation on various platforms (social networks, marketplaces, blogs, etc) is important. This is why the digitization of economic relationships is so important. NFT as a way to broaden the audience Blockchain enthusiasts hold a significant portion of their assets in cryptocurrency and NFT. Moreover, this audience is not only looking for how to buy a valuable digital asset or how to spend cryptocurrency but also understands that it is in their interest to support any project that wants to get into the NFT industry. The more companies start using NFTs, the easier it will be to promote a favorable legal framework for the crypto market. This means that your NFTs will be bought not only for speculative or aesthetic reasons but also to promote the industry as a whole. It is a kind of economic activism. Some companies come up with unusual solutions in order to attract an audience with cryptocurrency. Since cryptocurrency is still not a legitimate means of payment in many jurisdictions, they have to go for tricks. For example, they place coupons and certificates on the crypto marketplaces. But creating NFTs will be more effective in terms of attracting people. So creating your own NFTs can help build your brand awareness among the crypto audience. NFT as airdrops Savvy cryptocurrency and NFT enthusiasts are constantly on the lookout for airdrops to acquire free assets. Often, blockchain companies use cryptocurrency and NFT giveaways to reward their community for active participation. Essentially, an airdrop is a transaction in which a company sends tokens from its portfolio to a portfolio of users. Airdrops can be used by traditional businesses. Moreover, such NFTs can be made unique and exclusive. This will make an airdrop more attractive for people and therefore more successful. Conclusion You can use NFTs almost in any traditional business. For example, you hold a club or an anti-café. You can reward your users for regular visits, for winning contests and tournaments, or just as a regular promotion. Such an NFT could be a daily, weekly, or even monthly subscription to a club.

What are Quantum-Resistant Blockchains?

Sex in the Meta-universe: Realities and Ethics

Nominated for 2022 - HackerNoon Contributor of the Year - Pc Gaming

Nominated for 2022 - Gaming Guru of the Year

NFT and Offline Businesses

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

10 Films About the War in Ukraine

100% On-Chain Games are Not the Best Way Forward

10 Best Wii Games of All Time Ranked by Metascore

10 Best Steam Games of All Time Ranked by Sales

3 Fan Engagement Platforms to Keep an Eye on

10 Films About the War in Ukraine

100% On-Chain Games are Not the Best Way Forward

10 Best Wii Games of All Time Ranked by Metascore

10 Best Steam Games of All Time Ranked by Sales

3 Fan Engagement Platforms to Keep an Eye on

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps