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How Small Businesses Can Profit Off Non-Fungible Tokens (NFTs)

By November 16, 2021No Comments

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The NFT Craze

NFTs have been a hot topic in marketing lately. All types of businesses, from local shops to larger companies, are attempting to make a profit off of non-fungible tokens. But well-known brands aren’t the only ones reaping the benefits from this new type of investment. NFTs are perfectly designed to work for small businesses too.

Before adding them to your next marketing campaign, first understand the basics. Once you know what a blockchain is, how smart contracts work, and how NFTs are stored on different exchanges and wallets, you can then determine if they could benefit you and your company.

Versatile Use

It is important to note that NFTs can be used to represent anything. Many popular tokens are used to display art, but they can be used for a variety of things. Businesses can decide what type of item would best support their goals and then create an NFT to support that.

The token is the certificate of authenticity for the person buying the experience, ticket, music, etc. Whether they’re being used as a ticket into an event, a piece of art, or access to digital content like an album, NFTs can act as anything that helps support the business. There is no limit to how they can be used.

The key point to understanding the value of NFTs is that people ascribe meaning to them. People’s interest and perceived rarity determine the value of each NFT.

Small Business Application

Here are a few examples of small business owners taking advantage of NFTs:

18 year old Victor L, otherwise known as @fewocious on Twitter, started an online bidding war over his newly minted NFTs called “Afraid to be Myself” and “Over-Analyzing Again.” In the span of 24 hours, Victor earned $90,000 from the sale of these two tokens.

Victor is one of many artists who are seeing an increase in sales and attention. Numerous artists are considering NFTs as a new way to take back ownership of their creations. This has been an issue within the art community, especially as more and more of our world goes digital. Until now, there has been no way to 1000% track where a piece of art comes from once it goes digital. As our world goes more and more online, artists have struggled with having their work stolen and duplicated. Through the use of blockchain technology, artists now have an easier way to keep records of their digital work.

Another example is Cath Simard, a Canadian photographer who created NFTs using pictures of landscapes she has photographed. Her one series titled Le Depart includes photos of Spirit Island, a tiny island in Maligne Lake located in Alberta, Canada. When a user purchases one of these NFTs, they not only purchase the image but they also get a personalized 5 day trip at the location courtesy of Simard. She also offers them the opportunity to learn about photography from her while she walks them through the space where the image was taken. As a result of this concept, NFTs become not just a digital collectible, but also something people can experience in the real world.

Getting Started

The rise of the NFT has businesses owners racing to figure out how to use them in their marketing plans. By understanding the nature of how they work, small businesses can use their own tokens to create a new way for their customers to engage with their brand. Each NFT can provide new and returning audiences alike the chance to purchase goods and services in a unique and timely way. Ultimately, these tokens are proving to be an exciting opportunity for business owners that seems unlikely to disappear any time soon.

You can get started with using NFTs today by implementing the following steps:

  • Create a digital wallet to store your NFTs and cryptocurrency
  • Purchase cryptocurrency to manage your NFTs
  • Find an NFT marketplace you want to list your NFTs on, such as OpenSea or Rarible

NFTs are worth trying no matter how you get started. Small businesses may gain significantly from NFT as its popularity shows no signs of slowing down.

Need assistance creating an NFT marketing campaign? We can help! Contact Sweet Rose Studios today.