NFT a marketing opportunity for businesses

They came to stay and generate a great movement that grows every day and is recognized around the world. This is the NFT, a product of Blockchain technology, the same that brought us cryptocurrencies.

It has been the artists and game developers who have benefited most from NFTs to sell their art and other digital content, But it actually promises to be a safe way for businesses to make a profit too, and here’s how to take it.

But first, what exactly is an NFT?

This is a non-expendable token (Non-Fungible Token). To better understand this term, we must remember that a non-expendable good is one that cannot be replaced by another even if they have the same characteristics and quality.

This means that a non-expendable token is unique, irreplaceable and not copyable, that in the physical world could be compared with unique and original works of art, a suit made to measure, a building with architecture unique in the world as the Cathedral of Notre Dame.

To better understand how it works in the blockchain world, let’s look at how the first NFT ever works, and it was called CryptoPunks that launched in 2017 on the blockchain of the famous cryptocurrency Ethereum.

The CryptoPunks look practically like icons or 8-bit characters quite simple and not interesting, but their value lies in that they have been generated by an algorithm in such a way that of the 10,000 characters released, all are unique and unrepeatable.

As a pilot project they were launched for free, but only one person with an Ethereum portfolio could purchase it and no one else. Currently the art sold as NFT can be auctioned or sold to the highest bidder, guaranteeing him to own a unique and unrepeatable token like an original painting by Van Gogh.

How to leverage NFT technology in your business to generate revenue

NFTs have already generated huge profits for many companies ranging from creating unique digital content and opening an investment opportunity in future value growth. But to give us a broader idea of how you could use it in your company, let’s look at some examples:

UNICEF: For its anniversary it prepared a collection of NFT that was released on the Ethereum network, it is said that so far it has been able to raise $700,000 to build low-income schools with internet access.

Nike: With the arrival of the metaverse, Nike made its first NFT shoes called RTFKT x Nike Dunk Genesis CryptoKicks that users can use within the digital world. They were sold between $7,500 and $9,000 each.

The world of finance also already runs NFTs as digital assets where the same dynamics of commodities or tangible goods as gold are practiced where a rise in value is expected over time.

Some companies have already opted for digital goods based on fashion and beauty whose value is high in the digital world, and which over time could increase their value significantly.