The incredible popularity of NFTs both entertains and scares because the loudest news in the industry is associated with the purchase of strange pictures for big money. Not surprisingly, the technology has gained a reputation for being an expensive toy. But if you look deeper, you can see opportunities in NFT for real businesses and ordinary people.
What do we know about the use of NFT?
Many people think that unique tokens are short-term entertainment and that, if you’re lucky, you can make good money on them. NFT has become a way for artists to earn money or an investment tool for those who hope to resell digital art at a higher price. Many clients of crypto exchanges made money selling NFTs. Meanwhile, this trend has also reached the entertainment and iGaming industries: many platforms similar to zodiac casino canada have NFT slots and games.
According to MarketsandMarkets forecasts, the NFT market will grow to $13.6 billion by 2027. But even today, its value is at least $3 billion. Like any fast-growing area, the NFT industry receives a lot of attention. NFT is called a bubble artificially created by hype. At the same time, many large companies have announced the use of NFT, ranging from Nike, Adidas, Gucci, and ending with IT giants: TikTok, Microsoft, Alibaba, and Meta. The NBA is selling gaming highlights in the form of tokens, Coca-Cola and Pepsi are pouring virtual drinks in the metaverse, and McDonald’s in China is hosting a token raffle to mark the anniversary of a restaurant chain opening in the country.
Why do brands need NFTs?
NFT technology can be described as a blockchain-based certification system. But this can be applied not only to the virtual sphere but also for marking real assets, as well as for tokenizing real services like digital tickets for concerts or clubs. For a business model to function, a system is needed that can secure ownership of the product or the right to use the service.
Thanks to NFT technology, future real estate transactions can take place without the participation of notaries, cadastral agencies, and various bureaus, and intellectual property owners will be able to secure rights and patents for their works faster and easier. After all, the main value of NFT is not in selling pictures, but in the uniqueness of the token and the impossibility of falsifying the information recorded in it.
NFT is at the peak of popularity, and with the help of this technology, you can draw attention to your brand and earn money. So far, tokens are most popular with large brands: they integrate tokens into games and create exclusive physical collections with digital twins. Often, blockchain companies use cryptocurrency and NFT giveaways to reward their community members for active participation. An airdrop is a transaction in which a company sends tokens from its portfolio to a portfolio of users. But why cannot traditional businesses use the same tool? Moreover, such NFTs can be unique and exclusive, and bring huge profits in the long run.
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