Many people (and companies) want to learn how to mint NFTs to make money. These digital assets were first presented in 2012 with Vitalik Buterin's Colored Coins initiative, and their popularity has recently exploded. Greater interest was sparked once CryptoKitties was released in 2017. The NFT utility use-cases are now exploring uncharted territories.
One NFT was sold for a staggering $69.3 million, but this is possibly just the beginning. With use cases for NFTs growing and changing, utility NFT projects have quickly overtaken JPEGS, GIFs, and memes as the "next big thing”.
Blockchain technology offers an unchangeable record that is always available to the public.
Smart contracts, which stipulate requirements to be satisfied before transactions can be completed, power NFT utility initiatives. This makes trusted third parties unnecessary and permits trustless transactions.
How NFTs are taking brand engagement to a whole new level
Why not create content that can make only the most loyal of your fanbase feel special; that can make them feel like they’re a part of your brand’s journey?
The Walking Dead, a popular zombie show from AMC, has used NFTs to create a collection of unique immersive experiences and digital collectibles, providing their greatest fans with a piece of The Walking Dead’s legacy. With exclusive videos, the NFT holders get a chance to feel what it’s like to be a part of the popular zombie series.
A means to vote
Sometimes a brand needs its own fans to make decisions for them because sometimes the fans know what's best for the brand. Opening up the floodgates, though, could lead to chaos. So, why not keep the votes exclusive to NFT holders?
NYC entertainment business, Launch Inc, kicked off W3BSTOCK in June, the first real-world music event powered by blockchain technology and owned and produced by NFT holders. Lifetime benefits of NFT ownership include free admission, complimentary goods, and preferred and VIP accommodations. Even more intriguingly, owners get to decide when and who plays at the event.
Proof of ownership
The use of an NFT as proof of ownership for something other than a collectible can be done both online and offline (IRL). NFTs, for instance, may serve as evidence of ownership for in-game objects and plots of virtual land, as well as a status symbol for its devoted owners.
NFTs are gradually emerging as essential tools for displaying ownership of tangible goods on top of blockchain networks. NFTs can therefore be a means of facilitating the selling and purchase of real estate properties. For instance, the real estate development company Prometheus successfully sold two opulent properties in Portugal using cryptocurrency. The company also used NFTs to guarantee ownership availability.
Customer Loyalty Programs
NFTs have the potential to supplement or possibly take the place of established loyalty-reward schemes. Businesses can use the power of NFTs to increase engagement with customers rather than merely offering them the chance to receive future rewards. The NFT, if considered a loyalty card, turns into an asset that the customer may sell for a profit, adding value to their purchase.
To increase customer loyalty and engagement, NFTs can also be used to provide customers with exclusive incentives and vouchers. Digital advertising tools like discount codes are hackable. In contrast, corporations can create blockchain QR codes for particular discount assets using NFTs.
Businesses with specific objectives and funding requirements could conduct NFT-based campaigns to raise the required funds. Business owners can collaborate with artists or other companies to produce NFT drops, for instance, and then monetize them by telling their audiences about the objective to be achieved and the mission. To collect more than $33,000 for a charitable foundation, US actress Ellen DeGeneres hosted her series of NFT auctions in April 2021.
NFTs can be used as tokenized event tickets with special features built into them, such as VIP backstage tours or complimentary beverages, similar to loyalty cards. The owner can sell the NFT tickets to other fans as collectibles.
Without social media, NFTs would not be the same! The sale of NFTs would not be technically hampered even if social media platforms were to completely vanish. Several online platforms and marketplaces, like SuperRare, MakersPlace, and WazirX in the US, were created to support the sale of NFTs. But would it remain the same if there were no social media sites?
Digital art has grown and prospered on social media, some artists have a big or at least notable following on social media. In the same way that social media platforms link a customer to a brand, they serve as a common ground between a buyer, seller, or middleman in the selling of NFTs.
In an interview with Bloomberg, David Markus, the head of F2, or Facebook Financial, said that while the firm is considering the prospect of developing goods and services connected to NFTs, it has reservations about using bitcoin for transactions. Markus made no further mention of the NFT goods that Facebook might develop. He claims that support for these assets would soon be included in the Novi digital wallet. Markus mentioned that users must produce, store, rent, and sell tokens relating to specified functions. Therefore, it is more likely that such features will be added to Facebook in the future.
PFP NFTs seem like a mouthful, but no, that alphabet soup has a purpose—it refers to profile picture (PFP) non-fungible tokens (NFT). The acronym alludes to how frequently these NFTs are used as literal profile images on social media platforms like Twitter. Perhaps you've seen famous people use their Bored Ape Yacht Club NFT as their profile photo. However, social media profile pictures are only a small component of a wider ecosystem built on NFTs that use digital images.
When Twitter began to offer to check if users held the NFTs connected with their profile images, the relationship between digital image NFTs and social media profile photographs became clearer. By the end of 2022, you will be able to set your Twitter profile picture to a CryptoPunk or other NFT and receive a unique hexagonal border to indicate its validity. Even if someone else wants to copy and paste the image, they would lose the border. You might find this only available to Twitter Blue subscribers though.
While still in its early days, the NFT craze might be just the right choice your brand makes right now. Relite aims to empower businesses via NFTs, a $300B market, by opening the funnel for NFT mainstream adoption. We help retail brands like yours implement a custom-tailored NFT strategy that will keep you on the edge of the competition.
Want to sell NFTs on your website? The Relite creative team is here to assist! If you are not sure where to start but you want to innovate, contact us today to discuss the best NFT strategy, specially tailored for you.