What is NFT?
Non-fungible tokens (NFTs) represent real-world objects like music, avatars, games, and videos.
They can be bought and sold online on the available NFT marketplaces with the help of cryptos. Fiat and cryptocurrencies are fungible i.e they can be exchanged or traded for one another. But the NFTs cannot be replaced or interchanged for one another.
The amazing difference between NFTs and cryptocurrencies is, today the value of the first minted Bitcoin and the last minted Bitcoin is the same they are always equal, But each and every NFT is unique from one another. NFTs are deployed on blockchain and mostly held on Ethereum but other blockchains support them as well.
NFTs in Business
NFTS is not only about buying and selling images and gifs; NFT is dragging the attention of all scales of businesses creating new opportunities for them to grow.
NFTs can help businesses to drive people’s attention to their brand, bring transparency to the product lifecycle, Gain additional revenues by selling NFTs, Secures data and transactions, and attract new investors.
Use cases of NFTs within different industries
Restaurants and Food chain :Restaurants and food chain businesses can use NFTs to reward their customers as a loyalty program.
Starbucks announced a customer loyalty platform called “Starbucks Odyssey” on the public blockchain Polygon. Limited-edition NFTs will be available for the customers to purchase in the Starbucks Odyessy web app.
A New York-based roastery Coffee Bros. launched a profile-picture (PFP) NFT collection named Crypto Baristas, the project supports the World’s First NFT Funded Cafe and future coffee projects. Crypto Barista holders dictate the project’s future, including café space decisions, Season 2 direction, new character concepts, and usage of 15% funds.
Tom N Toms Coffee, a chain coffeehouse based in South Korea with over 500 shops internationally, announced its own NFT market called TOMS NFT It also issued its own utility token, TomTom Coin (TOMS).
Gaming: NFTs are more famous in the gaming industry.
Huge gaming companies can launch their character’s NFT which they can purchase or earn after completion of a particular level.They can use these NFTs for trade or purchase virtual items like suits and skins
Sports: Having a huge fan base around the world, sport clubs teams, and leagues can launch their NFTs to engage their fans more in the game.
Rare and collectible NFTs can be launched which can be owned by the sports lover around the world and help the leagues and teams in making a good profit. Popular football clubs like Manchester and Liverpool have already launched their exclusive NFTs
Fashion and Film industry: They say there is no craze like that of collecting some exclusive pair of Jordans. This craze and collectors open the way for the NFT business in the fashion industry, where huge brands can launch their limited edition NFTs. A brand like Balenciaga launch their trash bags which were sold for $ 1790 and turns out to be the most expensive trash bag ever sold. The love and craze of people for brands like these open a huge market for NFTs in the fashion industry.
The film industry can launch the NFTs of the movies and characters. Companies like Marvel and DC receive so much love for their comics, movies, and legendary superhero characters. Indian cinema has given some iconic movies to the world like Bahubali, DDLJ, etc for which the fans and collectors can buy and collect NFTs at any cost.
Film star Amitabh Bachhan has already launched his NFT back in 2020.
There are many use cases of NFTs in different industries and sectors like Healthcare, Real Estate, Automotives, etc.
Keeping up with new technologies like Cryptos and NFTs is a must for all scales of business to grow and improve their services.