With the wild spread explosion of blockchain news, many of us are wondering “What is going on here, and what is this new million-making NFT?” To start, NFT stands for Non-fungible token. But we suspect this probably didn’t make it any clearer…
Let’s start again.
So,“Non-fungible” actually refers to it being unique and that it can’t be replaced with anything else. If we take bitcoin, for example, this will represent a fungible unit – you can trade one to another and have the exact same thing in the end. With NFT, you can trade them, but just like with trading cards, if you trade one for another, you will have a different card in the end.
NFT can be anything digital, art, drawing or music. Like fine art collecting, just with digital art.
While many may still see investing in a digital as something that may sound strange,NFTs are on a wild trajectory heading "to the moon."
There are multiple opportunities for brands and marketers to benefit from implementing NFT into their marketing and brand strategy. From engagement with customers to increase revenue, big brands are investing in NFTs because of the digital world in the future.
Brands look to NFTs as a new way to connect with consumers and generate revenue. It’s trendy and it’s a cutting-edge technology with the potential to redefine the way brands do business and engage with their consumers.
Exclusive brands like Louis Vuitton thrive on scarcity and are exploring LV-branded NFTs for the Metaverse. NFTs can be used to reward and incentivize consumers through innovative gifts or exclusive access.
With modern consumers and Generation Z, we already have large amounts of people who spend several hours in virtual worlds daily. This is ultimately why brands seethe benefits of marketing in the Metaverse and have already done so.
So, is your brand ready for the digital transformation?