Non-fungible tokens will allow businesses to connect and serve customers in new approaches within the emerging web3 economy.
Leading brands and businesses have joined the non-fungible tokens bandwagon, including Pepsi, Taco Bell, the National Basketball Association, and Nike. However, is it because of the hype, or do NFTs create value for businesses?
With digital services becoming essential for each action in the technology industry, emerging innovations such as NFTs might be crucial for the web3 economy. Some of the ways include:
First and foremost, non-fungible tokens tokenize concepts at the tiniest level, ensuring exclusivity and rivalry around services or goods. Markets will hardly form when services and goods are non-rival. One’s consumption should be off with another.
The goods and services should be non-excludable. On the other side, NFTs leverage ‘smart’ contracts to create exclusivity and rivalry. Individuals receive non-fungible tokens in their virtual wallets after completing a purchase.
Secondly, organizations might use non-fungible tokens to engage and attract customers of different tiers. While traditional marketing comprises selling services and goods at discounted prices, probably for limited durations, NFTs enable brands to target distinct clients and reward them.
For example, fashion brands can airdrop unique offerings or discount codes to NFTs holders. Generally, that would be expensive, but non-fungible tokens have a way through.
Building Community
For now, leading brands dominate NFT applications, perhaps due to media coverage. Nevertheless, independent business owners and smaller organizations will profit from non-fungible tokens in the coming years if they take the time to understand their workings.
Moreover, smaller organizations without adequate marketing budgets to introduce large-scale discounts and campaigns can benefit from cost reductions that NFTs ensure to target customers and attract them to the community.
NFTs will make businesses forget hundreds or thousands of dollars involved in purchasing email lists, market research, conducting surveys, and creating sales funnels.
Improving B2B Services
Though it’s straightforward to notice how NFTs might improve customer experience, ranging between content creation and fashion, what of businesses selling services to different ones? The principles remain similar. For instance, an organization can bid with another consultant by purchasing its NFTs.
Meanwhile, consultant returns would vary according to market supply and demand, offering lucrative incentives for individuals to add value, making it easy for businesses to employ preferred top talents.
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