NFTs are the biggest topic in the tech industry right now, as we discussed in Part 1 of our Ultimate Guide to NFTs series. In Part 2, we'll go over some of the primary benefits and potential downsides of NFTs, as well as some opportunities for your small business to utilise them.
Individuals may be able to obtain NFT copies of your products instead of the more expensive physical versions. This allows your customer base to grow and your business to expand. This could be useful when the digital ‘Metaverse’ becomes more prominent and companies look to transition their business to digital platforms.
To encourage consumers to participate with your brand, hold competitions with NFTs as prizes. This raises your company's profile while also increasing interaction with the brand.
If this is relevant to your business’ consumer base, creating your own gifs can be a great way to gain traction to your business. Not only are they unique to your business, if they were popular then there would be an opportunity to sell them as collectibles. It is important to understand that this may not be a suitable option for a lot of businesses as it does not appeal to their target market and would be an inefficient use of capital and time.
While it may look like NFTs have no relevance to your business right now, the digital world is changing and it seems like NFTs are one of these aspects of said digital world that are here to stay for the foreseeable future. If the virtual reality that some of the biggest companies in the world are developing becomes the new internet, then making sure your business is adaptable to the digital world could be pivotal in survival.
You don't have to act right now and start investing in or creating your own NFTs, but making sure you have a clear understanding about them and identify avenues where you could potentially incorporate them into your business could bode well for the future.
Tags: Startup funding, venture capital, scaleups, fundraising, nfts, crypto, blockchain
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