Everything about Enterprise NFT Sales Strategy

In this section, I am sharing my experience and my journey of marketing and selling NFTs for enterprise brands.

Why NFT?

Everyone now talks about enterprise brand NFTs. If you’re wondering what is enterprise NFT and how enterprise brands can utilize NFTs to engage with their customers, you’ve reached the right place. 

The “revolutionary” identity of blockchain technology is one of the foremost factors for which it draws a lot of attention. It offers an effective approach for the community to reach a consensus regarding the state of its ledger. Therefore, the mass adoption of blockchain depends considerably on identifying entities, processes, or systems which generally require high costs for reaching consensus in the real world. By mapping the entities, processes, and systems to the blockchain for creating new values, you can achieve consensus easily. So, what is all the talk about Enterprise NFT in blockchain circles recently? Does it have anything to do with the mass adoption of blockchain? Or is it just another offshoot of the recently exploding NFT phenomena? Let us find out answers to these doubts in the following enterprise NFT guide.


Even after years of introduction, blockchain is still a confusing choice for enterprises. In addition, the arrival of NFTs or non-fungible tokens could further escalate the confusion regarding blockchain use cases. Is Enterprise non-fungible token the answer to these problems? The world has witnessed a prolific growth in public awareness regarding blockchain technology with the growth of cryptocurrency markets all over the world. The efforts and vision for blockchain technology and the contribution of industry pioneers have helped blockchain gain mainstream recognition. 

Apart from cryptocurrencies, NFTs have emerged as one of the formidable use cases of blockchain technology in recent times. Most important of all, the mainstream adoption of non-fungible tokens garnered highlights with digital artwork sales fetching almost $70 million. In addition, NFTs are also becoming favorites of artists, producers, celebrities and content creators all over the world. While NFTs have formidable potential in the field of art, collectibles, and culture, they are capable of more. This is where you can find your answers to ‘What is Enterprise NFT?’ with a simple explanation. 

NFTs have the capability of inducing a positive influence on all aspects of the daily lives of people. At the same time, NFTs also have the potential for unlocking massive and sustainable value for enterprises and businesses. Such capabilities of NFTs present the possibilities for leveraging them in enterprise blockchain. 


The growth of enterprise NFT use cases depends profoundly on the NFT traits which encourage mass adoption. Non-fungible tokens or NFTs point out to the class of digital assets on the blockchain, which serve as representatives of the ownership of real-world assets. The technological foundation of NFT ensures the uniqueness of every NFT alongside limitations on exchangeability with other NFTs. The design of NFTs ensures that the community should achieve consensus regarding the issuer and owner alongside NFT transfer history. 

The interesting fact about NFTs is that the object of ownership is not limited to digital assets only. You can also have physical assets as objects of ownership. However, it is also important to note that the object of ownership could also include intangible privileges or rights in the real world. So, it is clearly evident that enterprise NFT definitely has the potential for affecting different aspects of our daily life. Now, the question arises about how NFTs can affect our daily lives. 

Building a NFT Project

Unlike cryptocurrencies, NFTs are non-fungible, meaning that they are interchangeable or divisible. In other words, one Bitcoin is the same as another Bitcoin. Also, a Bitcoin can be divided into 2x 0.5 Bitcoin without losing value. NFTs have unique properties and cannot be divisible. For example, you cannot switch a Mona Lisa with my painting. Additionally, you cannot cut the Mona Lisa by half and expect to keep the same value. 


According to Visa, NFTs can appeal to collectors, fans, teams, and they are a great way to capitalize on unique assets, engage with fans and create additional revenue. There is the breakdown of these points:


Fan engagement: NFTs can better connect brands and fans by giving them exclusive items, exclusive offers, or voting rights.
New revenue streams: well, just look at NBA top shots! NFTs enable digital scarcity, and brands can sell unique or limited editions of digital items. Additionally, NFT smart contracts allow programming the NFT to pay future royalties to the NFT creators every time the NFT is sold.


Customer relationship: one of the properties of NFTs is that they are traceable, and it’s possible to see what wallet address they belong to. This can open doors to better customer segmentation and more tailored customer engagement. Types of NFTs owned by the wallet, quantity, duration and other metrics can now be used.


Now let’s look at the 7 steps that, according to VISA, will help to integrate NFTs into your business:


Identify the NFT use case


Determine the appropriate Blockchain technology


Mint the NFTs


Decide how/where to store the digital asset in a sustainable way


Store and access NFTs securely and easily


Distribute across an applicable marketplace


Identify additional engagement opportunities

Identify the NFT use case


How do you plan to use the NFT?

 

Depending on the use case, there are different technologies, platforms and mechanisms to design an NFT. Your use case doesn't need to exactly feet the ones below but these are currently the top 3:


The 3 most prominent use cases are:


Collectibles — NFTs enable digital scarcity, which is great limit the supply of digital items. Some of the most well-known examples are Cryptokitties (some are worth close to 1 million dollars), Cryptopunks (some are worth several million dollars). More recently, the NBA Top Shots basketball cards were one of the most successful NFT platforms. I’m sure you can imagine why: you can have a digital card with a 5-second video of Lebron James… no wait, I prefer James Harden dunking, and you own the thing thanks to the NFT technology!


Art — I’ve been talking a lot about the NFT applications for the digital art industry (and sometimes also physical art). NFT allows digital artists to sell artwork as unique, and they can receive a cut for any secondary sales, which is really cool. Musical artists are also coming strong to the NFT market. Some Art NFT marketplaces already surpassed 1 billion dollars in sales in 2021!


Gaming — What about having real ownership of in-game items? This is how NFTs are revolutionizing the gaming industry: by allowing an independent secondary market for in-game items. There are some really successful cases like Axie Infinity, the Sandbox and even Decentraland, where you can buy land/property in the game world. And yes, people pay a LOT of money for virtual land (I would also like to know why).
You can check more NFT use cases here: What are the NFT use cases other than Cryptokitties and where to find them.

Determine the appropriate Blockchain technology


There is a trade-off between the different technologies available that you need to understand before selecting the blockchain you want to work with. In addition, you need to consider variables such as scalability, transaction costs, ecosystem, interoperability and decentralization.
Ethereum is the blockchain with the most NFT activity, but other blockchains are gaining traction with NFTs, like Flow.


Ethereum, Rari, MATIC, WAX, Tezos, BSC (Binance Smart Chain) are some of the blockchains that support NFTs. However, I would say that probably 90% of the NFT market runs on the Ethereum blockchain. The ERC721 is the most common Smart Contract standard for NFTs.
Why does everyone goes to the Ethereum blockchain, although it may cost $50 to mint or transact NFTs, while other blockchains have extremely low transaction fees?


I think it all comes down to the fact that Ethereum is a very mature technology. There are more than 5 million active Metamask users (one of the wallets compatible with Ethereum and NTF), and this helps to bring big network effects. In addition, a lot of layer 2 solutions such as MATIC/Polygon are helping to lower the Etehreum transaction fees.


When choosing a technology other than Ethereum, consider that the transaction fees may be way lower, but the ecosystem, infrastructure and community may also be much smaller. Additionally, there are approximately 400 thousand Ethereum developers, making it easier to build applications and smart contracts using Ethereum.


Mint the NFT


Now it’s time to pick your asset and mint the NFT! You can check in this video all the steps to mint an NFT (this is just one of the many ways). You can also use an existing marketplace such as OpenSea to mint your NFT.


Once the NFT is minted, it will be immortalized in the blockchain.


According to Visa (and I would agree): In creating NFTs, companies are well-advised to find providers who will mint NFTs according to custom smart contracts so that companies have as much control as possible over the parameters of the NFT, including provenance, attributes of the NFT, and storage of the underlying media asset.

Decide how to store digital assets in a long-term sustainable


Where is the NFT file (for example, the digital artwork or Basketball card) be stored? There are different ways to do it, but you should choose a more sustainable and immutable way to store it. If you store it in a centralized server, it may be lost. If you store it on Google Drive, the file URL may be changed. The best way is probably to choose a decentralized storage option.
Blockchain storage: storing your NFT file directly on the block would be ideal, but blockchains were not made to store large files. Storing 1MB file on the Ethereum blockchain would cost approximately 20 000 dollars. So let’s forget this option.
Centralized storage: in this case, the NFT would be pointing to the URL of the digital file stored in a centralized place like a server or cloud. The problem is that if the NFT creator stops hosting that file (because he forgot to pay for the storage, for example), the NFT will be pointing to nothing. So this option is not ideal.


Decentralized storage: this is where the amazing world of IPFS comes into play. IPFS stands for Inter-Planetary File System, and storage files are spread across a distributed network; there is no dependence on a single entity. This is much in line with the blockchain immutability spirit.
I talk about the IPFS decentralized storage for NFTs in the 2 articles below. Take a look if you are interested.



Position yourself for long-term opportunities and maximize the value of your business with NFTs! 

Can/should NFTs be seen as an investment?

Unlike cryptocurrencies, NFTs are non-fungible, meaning that they are interchangeable or divisible. In other words, one Bitcoin is the same as another Bitcoin. Also, a Bitcoin can be divided into 2x 0.5 Bitcoin without losing value. NFTs have unique properties and cannot be divisible. For example, you cannot switch a Mona Lisa with my painting. Additionally, you cannot cut the Mona Lisa by half and expect to keep the same value. 


According to Visa, NFTs can appeal to collectors, fans, teams, and they are a great way to capitalize on unique assets, engage with fans and create additional revenue. There is the breakdown of these points:


Fan engagement: NFTs can better connect brands and fans by giving them exclusive items, exclusive offers, or voting rights.
New revenue streams: well, just look at NBA top shots! NFTs enable digital scarcity, and brands can sell unique or limited editions of digital items. Additionally, NFT smart contracts allow programming the NFT to pay future royalties to the NFT creators every time the NFT is sold.


Customer relationship: one of the properties of NFTs is that they are traceable, and it’s possible to see what wallet address they belong to. This can open doors to better customer segmentation and more tailored customer engagement. Types of NFTs owned by the wallet, quantity, duration and other metrics can now be used.


Now let’s look at the 7 steps that, according to VISA, will help to integrate NFTs into your business:


Identify the NFT use case


Determine the appropriate Blockchain technology


Mint the NFTs


Decide how/where to store the digital asset in a sustainable way


Store and access NFTs securely and easily


Distribute across an applicable marketplace


Identify additional engagement opportunities

Identify the NFT use case


How do you plan to use the NFT?

 

Depending on the use case, there are different technologies, platforms and mechanisms to design an NFT. Your use case doesn't need to exactly feet the ones below but these are currently the top 3:


The 3 most prominent use cases are:


Collectibles — NFTs enable digital scarcity, which is great limit the supply of digital items. Some of the most well-known examples are Cryptokitties (some are worth close to 1 million dollars), Cryptopunks (some are worth several million dollars). More recently, the NBA Top Shots basketball cards were one of the most successful NFT platforms. I’m sure you can imagine why: you can have a digital card with a 5-second video of Lebron James… no wait, I prefer James Harden dunking, and you own the thing thanks to the NFT technology!


Art — I’ve been talking a lot about the NFT applications for the digital art industry (and sometimes also physical art). NFT allows digital artists to sell artwork as unique, and they can receive a cut for any secondary sales, which is really cool. Musical artists are also coming strong to the NFT market. Some Art NFT marketplaces already surpassed 1 billion dollars in sales in 2021!


Gaming — What about having real ownership of in-game items? This is how NFTs are revolutionizing the gaming industry: by allowing an independent secondary market for in-game items. There are some really successful cases like Axie Infinity, the Sandbox and even Decentraland, where you can buy land/property in the game world. And yes, people pay a LOT of money for virtual land (I would also like to know why).
You can check more NFT use cases here: What are the NFT use cases other than Cryptokitties and where to find them.

Determine the appropriate Blockchain technology


There is a trade-off between the different technologies available that you need to understand before selecting the blockchain you want to work with. In addition, you need to consider variables such as scalability, transaction costs, ecosystem, interoperability and decentralization.
Ethereum is the blockchain with the most NFT activity, but other blockchains are gaining traction with NFTs, like Flow.


Ethereum, Rari, MATIC, WAX, Tezos, BSC (Binance Smart Chain) are some of the blockchains that support NFTs. However, I would say that probably 90% of the NFT market runs on the Ethereum blockchain. The ERC721 is the most common Smart Contract standard for NFTs.
Why does everyone goes to the Ethereum blockchain, although it may cost $50 to mint or transact NFTs, while other blockchains have extremely low transaction fees?


I think it all comes down to the fact that Ethereum is a very mature technology. There are more than 5 million active Metamask users (one of the wallets compatible with Ethereum and NTF), and this helps to bring big network effects. In addition, a lot of layer 2 solutions such as MATIC/Polygon are helping to lower the Etehreum transaction fees.


When choosing a technology other than Ethereum, consider that the transaction fees may be way lower, but the ecosystem, infrastructure and community may also be much smaller. Additionally, there are approximately 400 thousand Ethereum developers, making it easier to build applications and smart contracts using Ethereum.


Mint the NFT


Now it’s time to pick your asset and mint the NFT! You can check in this video all the steps to mint an NFT (this is just one of the many ways). You can also use an existing marketplace such as OpenSea to mint your NFT.


Once the NFT is minted, it will be immortalized in the blockchain.


According to Visa (and I would agree): In creating NFTs, companies are well-advised to find providers who will mint NFTs according to custom smart contracts so that companies have as much control as possible over the parameters of the NFT, including provenance, attributes of the NFT, and storage of the underlying media asset.

Decide how to store digital assets in a long-term sustainable


Where is the NFT file (for example, the digital artwork or Basketball card) be stored? There are different ways to do it, but you should choose a more sustainable and immutable way to store it. If you store it in a centralized server, it may be lost. If you store it on Google Drive, the file URL may be changed. The best way is probably to choose a decentralized storage option.
Blockchain storage: storing your NFT file directly on the block would be ideal, but blockchains were not made to store large files. Storing 1MB file on the Ethereum blockchain would cost approximately 20 000 dollars. So let’s forget this option.
Centralized storage: in this case, the NFT would be pointing to the URL of the digital file stored in a centralized place like a server or cloud. The problem is that if the NFT creator stops hosting that file (because he forgot to pay for the storage, for example), the NFT will be pointing to nothing. So this option is not ideal.


Decentralized storage: this is where the amazing world of IPFS comes into play. IPFS stands for Inter-Planetary File System, and storage files are spread across a distributed network; there is no dependence on a single entity. This is much in line with the blockchain immutability spirit.
I talk about the IPFS decentralized storage for NFTs in the 2 articles below. Take a look if you are interested.



Position yourself for long-term opportunities and maximize the value of your business with NFTs! 

Can/should NFTs be seen as an investment?

Marketing NFT service is similar to marketing any other product which doesn’t consist of any rocket science to get its basics. In this time of non – fungible tokens, various firms have evolved their own NFT collections and are trading them on their digital NFT platforms. Due to the comfort of work NFT marketplaces have become admired. Whereas it can be found their spot on the user’s mobile phone.

 

With the rise of NFTs, it is important to be distinctive to the line out among the challengers. And for that concern, it is required to market your NFTs in every aspect way of creativity. Due to marketing NFTs help in business enhance via making stronger relationships with their audience, customer engagement, spread brand awareness, produce taxation, and assist the firm to wield. Marketing is a great platform indeed to update your customers, and an uneasy way to interact with messages and values.

 

It is keenly important in the 21st century to advertise your product which is why you can create confidence in the digital world. As a result, you will be able to understand your customer and their requirements and ultimately get a hike in sales.

 

 

Therefore, you will be able to gain credibility as long as you stay truthful and understanding to them. Through this social media platform, you can reach out to a lot of people in no time. The trend of digital marketing has been entering the limelight recently.

 

This digital marketing has a notable part in order to market your NFTs. This would assist you if you get all the possible ways to make the best use of all tools which are available to trade your product in the digital world.

Enterprise NFT Use Cases

Enterprise businesses have the capability to sell their nostalgic products on NFT market for a good price.

 

Imaging to have the very first code for Microsoft Windows 3.1 or 95, Having a rare photo of IBM machines and servers, or the music note for famous music, behind the scene stuff for popular movies, Ikea design plan for their popular tables, first MVP of Uber, or anything that people are following for different reasons, can be transformed into an NFT and sell.

 

Great revenue generation tactic.

 

 

Movies

 

Both independent movie producers and directors and also big Hollywood blockbuster movies can now be offered as NFTs and even in an auction to compete for higher value deal both from investors and also crowd funding.

 

Independent movie producers are now offering their movies not just for profit, but only as resume builder pieces to get the attention of high ranked producers and movie companies for future projects.

 

Their strategy is based on hope.

 

Meaning that these directors and producers are hoping that they can get enough attention during their life so that they can be head hunted for bigger projects.

 

Movie studios, agents and named producers are acting as middle man to go after new generation of directors to make more exciting movies.

 

However, the reality is that very small percentage of these young directors can make it to the top.

 

The rest are doomed to work on small projects for the rest of their life.

 

Not anymore.

 

With NFTs now sky rocketing, now each single director and producer now can offer their movies and projects to the crowd and even collectors and investors and expect massive success.

 

The new generation of directors are now can compete for funding just like big names in the industry and have a great chance of making something meaningful.

 

 

 

 

Sport

 

The opportunities in sport is endless.

 

Imagine that now athletes can share their top moments and peak performances as a NFT and put them on auction. The magical moments in top athlete lives can now become a collectable and be sold on NFT marketplaces.

 

Imagine having a rare collectable of the moment that Roger Federer become champion in yet another grand slam.

 

Or when Christiano Rolando scores another goal for Manchester United football club.

 

This is yet another revenue stream for top athletes around the world on top of sponsorship contacts, social media engagement and now NFT market place.

 

The same opportunity is available for sporting clubs as well. Now, they can share their top team success moments as a collectable piece of art on NFT market places and again without relying on sporting distribution channels, offer these rare moments to a group of hard core fans online.

 

 

Fortune 500

 

I want to personally see this happens soon.

 

Fortune 500 companies are leading the global tech transformation for all of us. We are heavily relying on these companies to get things done.

 

Fortune 500 companies can offer their history and grand moments on NFT market place as well.

 

For instance, IBM can now offer photos / films or voices of their classic inventions as a NFT and generate another stream of revenue.

 

Another option might be to offer the beta releases to the hard core fans as NFT for testing and feedback analysis.

 

This way, companies can make money while they test their products and also flex as well.

 

 

Healthcare

 

Just like Fortune 500 companies, healthcare startups and enterprises can offer their art works as NFTs as well.

 

This can be a classic medicine formula, documents, important discoveries (COVID-19 vaccine discovery moments) or any significant achievement that is documented over the course of history, can be offered as NFT.

 

 

Real Estate

 

Now that you have reached this part of the blog, you may guess what I am trying to say again.

 

Either architects and / or real estate companies can release their significant design as NFT to the market place and benefit from the huge market that is available for them.

 

Obviously, big brand architects can lead in this space. But the opportunity is there for anybody with a bit of story telling skills to unlock the opportunity in this space.

 

 

 

Government

 

This will be one of my favorite areas. Given the fact that government is more slower than other industries, but when they come on board, things will become very interesting.

 

Imagine all those political documents, rare photos and footages, can be released as NFTs!

 

What an impact.

 

I personally predict that if government enter NFTs, which they eventually do, they can beat everybody in this space.

 

The nature of their media is so exclusive that their artwork can sky high all the auctions and bids.

 

I will write more on this in the future.

 

Conclusion

 

 

NFTs are artworks that shared by the creators and investors are happy to pay big price for them to have them on their collections.

 

Any industry can become a creator and offer their peak moments as NFTs not just to build another revenue stream, but to make a more positive impact and publicize the moments of history that people may have forgot.