Why do brands need NFT?
The ability to represent digital items such as art, audio, and video is one of the key reasons NFTs are significant to businesses and brands. They’re so adaptable that they may be utilized to represent a variety of different types of creative work, including virtual real estate, virtual worlds, fashion, and much more.
What can NFTs do for the brands?
Bringing the brands into the Metaverse
For luxury brands, we’re creating an NFT marketplace.
- It generates additional revenue for brands at a minimal cost of production.
- Brands can get automated resale royalties on secondary market transactions.
- Brands will be able to connect with a younger, digitally engaged audience.
- Brands may engage with this segment by inviting them to events and providing them with exclusive merchandise.
What is NFT?
A non-fungible token is a cryptographic asset built on the blockchain.
NFTs differ from cryptocurrencies in that they feature unique identifying codes and information that distinguish one NFT from another. Cryptocurrencies are fungible tokens since they are all similar.
Because each NFT is one-of-a-kind, it cannot be swapped or exchanged for a similar NFT. As a result, each NFT is a digital collectible, a one-of-a-kind, non-replicable item.
Is it possible for anything to be an NFT?
In a nutshell, the answer is « kind of. »
NFTs are still in their early stages of development. While digital art is the most common type of NFT, the possibilities are nearly endless, and NFTs today include tweets, memes, music videos, innovation patents among other things.
NFTs for all
A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. Initial NFT Offering applies to many areas of interest. Almost any domain can create its own NFT and obviously set up an INO.
Here are some examples of areas of interest that can easily be part of the big NFT world and improve their engagement with their community.
Art
Music
Influencers
Sport
Luxury brands
Play to earn
They love NFTs
“NFTs are about building communities. The ones that will succeed get people that care.”
Mike Novogratz - Founder and CEO of Galaxy Digital
"Oh my God, this is crystal clear; this is a technology that will forever change the way people interact."
Gary Vaynerchuk, aka Garyvee - CEO of Vaynermedia
"I think that in the context of the games we create and the live services that we offer, collectible digital content is going to play a meaningful part in our future."
Andrew Wilson - CEO of EA
“NFT is not an object, it’s an access point. […] NFT is the starting point of the conversation.”
Jehan Chu -Co-founder of Kenetic Capital
"It's the biggest thing I've ever seen, we all know how big crypto is, but within crypto, community tokens are going to change all business models."