The Rise of NFTs
As cryptocurrency and NFTs become more mainstream, they are slowly making their way into business models around the world. Their popularity makes it important for large and small business owners alike to pay attention to this trend.
Since these emerging technologies are still relatively new, there is a lot of room for experimentation in terms of how they can be used in businesses.
A recent example comes from a group of American investors who announced their plans to purchase an English soccer team. Their goal is to create a new model of sports team ownership by using NFTs as the primary funding source for the team. This is believed to be the first of its kind, making it a modern approach to financing compared to things like stock shares from other sports teams.
Despite the uncertain future of this model, it does raise an intriguing concept regarding the use of NFTs in business. Upward trends and growing interest in non-fungible tokens suggest that a model like this could become the norm in the future.
While the basics behind NFTs are available practically anywhere, the real value behind them can be found in the unique ways businesses are using them to engage their fans. Keeping up with these trends can give small businesses a better idea of how they might one day leverage these tokens.
Memories Built To Last
Soccer isn’t the only sports industry that’s seeing a spike in NFT usage. The NFL recently announced that they’re going to compile video highlight clips into NFTs. These digital collectibles will be sold to fans as a way for them to own their favorite game highlights for a lifetime.
The drama. The moments. The stories.
Join the waitlist: https://t.co/jqZ8SWal7H pic.twitter.com/Ra39eGItXm
— NFL ALL DAY (@NFLALLDAY) November 24, 2021
In addition to this, the NFL also partnered with Ticketmaster to make NFTs that serve as tickets into select sporting events. After attending the game, each fan is emailed their token. This is not only a great opportunity to provide them with an in-person experience but also a virtual commemorative ticket after the fact.
It is possible that these NFTs could eventually be included in the same category as other game-day memorabilia, such as ticket stubs or signed jerseys. This could become an effective way to honor specific events in sports history.
The Small Business Perspective
NFTs are giving businesses more opportunities like these than ever before. Your small business can get in on the action, but only if you learn as much as you can about this new technology. That way, you can prepare yourself and your business for what the future holds.
Business owners should take the time to identify their goals and then figure out how NFTs can be used to support them. Whether your market is in selling artwork, real estate, or hospitality, NFTs can be designed to support any marketing campaign or sales strategy.
The Future of NFTs
For small business owners especially, it’s important that you stay up to date on the latest trends in order to stay in line with the competition. As new NFT and cryptocurrency business models like this arise, it’s crucial to keep them in mind as NFTs are versatile in the value they can add.
Our job at Sweet Rose Studios is to keep an eye on trends in the industry and predict what’s next so we can better serve small businesses as they adapt to change. If you’re interested in improving your current marketing strategy, contact our experts today for a free evaluation!