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What Small Business Owners Need to Know About NFT

Business Development

NFTs are an excellent digital marketing tool that can boost your business in Miami. You can use them as a way to reward your most loyal customers, generate additional income, or even as an extension of your core product offering!

What Are NFTs or Non-Fungible Tokens?

NFTs are unique digital assets stored on blockchain technology. This technological system allows these digital assets to be verifiable, protected, and documented in the public record.

As a result, they cannot be replicated or interchanged. Think about NFTs as some sort of digital certificate of authenticity or proof of ownership.  

For years, certificates of authenticity and proof of ownership were used to prove that you own luxury goods, collectibles, and artworks. Today, NFT is giving new meaning to digital commodities and new value to almost everything, from artwork to digital apparel to virtual real estate.

Why Are NFTs Valuable?

users playing NFT games.

Behind an NFT’s digital asset (e.g., artwork, video, or a tweet), there’s a non-interchangeable unit of data. This is what makes NFTs desirable and valuable.  

Along with bragging rights, people want to own one-of-a-kind pieces of cultural significance because there’s nothing like it in the world. Moreover, these assets can appreciate in value.

Think about the Mona Lisa art hanging in the Louvre. There are countless printed images of the Mona Lisa everywhere across the world, but they're not as valuable as the original.  

How Do NFTs Work?

Instead of getting an actual piece of property or oil painting to hang in their living room, NFT buyers get a digital file instead.  

What's amazing about NFTs is that the proof of ownership is securely stored in blockchain technology, which means it's impossible to tamper and there can only be one owner at a time.  

NFTs can be bought and sold online and their price is highly dependent on market demand, which changes how we see digital commodities.  

This provides artists, creators, investors, and business owners like you with the opportunity to sell digital assets, prove ownership, and create scarcity.  

What Counts as an NFT?

The possibilities of what can be considered an NFT are limitless. NFTs now include music, videos, memes, tweets, selfies, invention patents, and games.  

6 Promising NFT Trends of 2022

Small business thinking about incorporating NFTs into their digital marketing strategy in Miami.
  • NFT Loans – Defi or decentralized finance platforms support NFTs being used as collateral for loans. As a result, more and more investors are using NFTs and NFT collections to get loans for potential investments.  
  • Big Brands Are Using NFTs to Build Brand Value – Big brands, such as Taco Bell, Pringles, Gucci, Louis Vuitton, and Nike, have been devising innovative strategies on how to use NFTs as a method to build brand value. Many brands are venturing towards NFTs and using them to generate new income streams, boost brand loyalty, increase social media engagement, and raise money for charity.  
  • NFT TV and Film Projects – Some of the major players in the film industry have started releasing NFT TV series and films, which can only be accessed by buying an NFT.
  • NFT Real Estate – Land-based NFT games are changing the real estate market. You can now buy an entire property online. This allows you to stroll around, build residences, and gain social experiences.  
  • Fashion NFT – Gucci partnered with Superplastic to launch a collection of digital and physical collectibles called the SuperGucci NFT. This could open doors for fashion and retail companies to expand to NFT and offer fashion-related collections in the NFT world.  

Creative Ways to Use NFT for Your Business

Close up of an NFT art that a creator sold.

There are many ways business owners like you can use NFTs to engage customers, create new revenue streams, and build communities. Here are just a few of the possibilities:

  • Release counterfeit-proof limited edition items, anniversary release items, and other branded collectibles.  
  • Create NFT loyalty programs where each customer gets an NFT loyalty point every time they buy something from you. They can use these points to pay for items or collect them to redeem other prizes.  
  • Raise funds via NFT to support local charities. In fact, an NFT company partnered with an organization to raise money and help women in Afghanistan have access to education. You can urge your local NFT community to support your cause and help those in need.  
  • Use NFTs as a low-cost funding alternative to traditional loans. Instead of taking a loan from the bank or pitching your idea on Kickstarter, start a scam-free, NFT crowdfunding campaign where donors can track their money, which is only given if certain milestones are fulfilled.  
  • Partner with NFT influencers to tap into their loyal audiences and sponsor something they can give away to their followers.  
  • Get involved with the NFT community to widen your reach and expand your audience.  
  • Use NFTs to provide a unique digital experience to your customers. Aside from physical products, offer a digital NFT alternative for those who are interested.  
  • NFT gamification promotion can drive traffic to locally owned businesses. This can be expensive so you could collaborate with a bunch of other businesses in your area and maybe even partner with the Chamber of Commerce to launch a digital NFT scavenger hunt and promote the event through digital marketing in Miami.  

Different Ways Brands Are Using NFTs

More and more businesses are hiring NFT experts to help them expand their offering to digital assets and jump on the NFT bandwagon.

Here’s how some brands are using NFT to boost their respective businesses:

  • Adidas released 30,000 Into the Metaverse NFTs, which offer exclusive access to streetwear merch. This generated $22 million in revenue.  
  • The NBA Top Shot, which is a compilation of reels of dunks, swishes, and assists of famous NBA players, generated over $700 million in sales within a year.  
  • The virtual sneaker brand RTFKT Studios sold over 600 pairs of virtual sneakers, reaching a total of $3.1 million in revenue. Before the drop, they allowed interested buyers to “try on” the sneakers on Instagram, which helped them rake in engagement. This can be a great use of digital marketing in Miami to build hype and generate buzz for your drop.  
  • Disney released an NFT collection called Pixar Pals NFT and they made over $3.3 million in sales within 24 hours.  

Are You Interested in Using NFTs to Boost Your Business?

There are many ways you can use NFTs to boost your small business. You can use it to build brand value, boost social media engagement, grow your community, and as a way to expand your core product offerings.  

It’s one of many digital marketing tactics in Miami that you can use. At Digital Resource, our team of digital marketing specialists in Miami will work with you to help you determine how you can use NFT to take your business to the next level.  

Contact us today for a free consultation!  

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