The NFT strategy is simple. Customers feel more invested and will choose to stay with you if they feel they are part of the brand.
The NFT strategy is simple, with a little investment and effort, customers will feel appreciated and will stay with you because they care.
We’re all looking for a little human connection in a world of computers. It doesn’t take any extra effort to make customers feel special, just a little compassion and caring. By implementing the NFT strategy, you show your patrons they matter to you and they’ll keep coming back because you matter to them.
We created the Non-Fungible Token standard to reward customers that stick with us. Customers will love being rewarded for their loyalty and in turn, they will become more loyal to you.
In this blog post, I will cover:
1. What is NFT?
2. Why would a Brand want to deploy an NFT Strategy?
3. A simple, yet comprehensive strategy for Enterprise Brands Takeaway: NFT can deliver meaningful outcomes for Enterprise Brands that adopt a strategic approach.
OK let's dive in.
What is NFT?
Not For Thee (NFT) is an alternative economic, social and political system based on a decentralized blockchain shared ledger and peer-to-peer networking, also known as the Internet of Value. Participants use NFT tokens to create and trade digital assets in which they have a legally protected property interest based on intellectual property laws, similar to stocks and bonds or real estate titles. NFTs can be used to represent anything that can be digitized: a virtual share of a company or physical asset, a vote in a poll or election, or digital data such as an online identity or RPG character attributes.
NFT, or Non-Fungible Tokens, is a new type of crypto asset. The most fundamental feature that differentiates NFTs from other tokens is their ability to represent ownership of a specific asset in the real world. Examples are rare online collectibles such as CryptoKitties or Decentraland.
The self-regulating and fully automated cooperation of individuals based on neutral, open-source software is called "cryptocurrency". Nft stands for non-fiat-token. It's a common name for crypto tokens (digital assets) that are not based on fiat money such as dollars, but instead on something else like a cryptocurrency or a commodity.
NFTs have the characteristics that make cryptocurrency so exciting, but taken to the logical extreme—they are usably unique! One example is CryptoKitties.com . Currently, NFTs only exist on Ethereum, but we expect them to flourish on all smart contract blockchains in the future.
Since the tokens aren't "divisible" like most cryptocurrencies, each NFT represents a unique asset or unique proof of ownership.
The term derives from the fact that these tokens cannot be divided and all have their own identity. This also means they are valuable only in the sense that they are not/cannot be copied, as they're just 1-of-1 copies of said asset. For example, if you own a painting created by Monet in 1883, that painting is a non-fungible token because it's the only one in existence and can never be duplicated. There can only ever be 1 Monet "Water Lilies" painting
The economic problem that needs to be solved is how people can trade value with each other easily and efficiently. The solution is a market, in which buyers and sellers exchange money for goods and services. But markets require markets makers – the people who connect buyers and sellers with each other. Money was the original market maker, but for most of history, this was somewhat inefficient.
I'd love to tell you all about what networked/distributed trust is, but this blog post won't be enough - I've yet to say why I think it matters. So let me sum up some of the reasons to come back to this blog and revisit these questions later...
Why would a Brand want to deploy an NFT Strategy?
NFTs represent an interesting way to build value and capture attention in the secondary economy. It's not as simple as giving something away, but it's still pretty approachable.
Let's say you're a huge, established luxury brand like Hermes or Chanel. You've got hundreds of boutiques around the world, and you're selling thousands of items every day. And yet, on each of your products, no matter how expensive they are, there's just a part that reads 'made in italy.'
Lately, there has been some noise in the online advertising sector regarding the participants forming partnerships. I'll focus on one thing in this paragraph – that is, blockchain-based digital tokens.
To be honest, this is a challenging question to answer. In the course of my research it struck me that the concept of blockchain technology has yet to be fully understood.
Natasha Hemingway is a professional speaker and author of "Niche Markets, Big Opportunities: How to Make Big Money Selling Small Things" with over 200,000 copies sold. She helps small businesses use the power of niche marketing to their maximum financial advantage to grow their business at a rate they never dreamed possible.
It is said that if you can measure it, you can manage it. But what exactly should be measured? Planning and action are interrelated activities and therefore, plan and action must have some common language. The language should be meaningful and understandable to all in the company.
Why would a brand want to have an NFT Strategy? Well, there are several reasons!
The main reason to deploy an NFT strategy is to raise the value of your brand making it more attractive to investors, employees, partners and consumers.
If a Brand wants to do something that has never been done before - to create or engineer a paradigm shift - then she needs to create an NFT (Non-Fungible Token).
The blockchain gives brands new ways to both engage with and reward their customers, making the relationship between the brand and its customers more valuable. Two types of approach here.
For a long time, brands have been fighting over consumers' pocket-money. Many different strategies were tried, with considerable success, like increasing the price of products and increasing the variety of their offers. Until today, little has been used to create incentives for consumers to buy a brand again. At the same time, many products are thrown away without being consumed entirely, or there are too many unsold goods on the shelves. The second-hand market is not always profitable and is sometimes abused by counterfeiters or companies that don't respect IP rights.
The purpose of a token-based economy is to create non-zero-sum interactions between stakeholders and developers.
A company can have a team or person as a part of their strategy to make it sound interesting and also encourage users to get involved in the conversation. The conversation can lead to the brand telling its story. User-generated content is also great for social media posts.
For years now, branding has been the domain of the big spenders. The large corporates that have the deepest pockets tend to have the strongest association with a brand and get the greatest return on their marketing strategy.
Some brands have been almost entirely successful in their competition with the product itself.
Enterprise NFT strategy
NFT's are a way to create, store and use your assets in a decentralized manner. They are a natural fit for enterprises because there are few reasons why they wouldn't embrace an infrastructure that gives them: 1) More control of their assets and data 2) A clear path to an agreed upon, fully realized digital representation of reality.
An essay about how to apply blockchain to non-fungible tokens in the enterprise environment, where people might have trouble trusting even a government vetted permission chain.
NFTs are not just another kind of companies. They are a new type of organization: a digitally native hierarchy that mimics the structure and control mechanisms of companies, but without the outdated corporate baggage.
NFTs (Non-Fungible Tokens) is a term that has been coined as a generic name for tokens on the Ethereum blockchain that are not fungible.
Ethereum's NFTs can be used to certify physical property as well. Imagine a factory that prints out NFT labels for all its parts. There is no need for a database to track inventory, because you can track ownership right on the hardware itself. When you replace a part, it is destroyed and an old one comes into work.
Imagine yourself entering a time machine and traveling back to year 2015. Everything is exactly the same except that all money today is electronic and no one uses cash anymore. In step with our time machine scenario, let us assume that the organization you are representing or running in 2015 handles less than 20 million USD in yearly revenue.
Normal people have a hard time wrapping their heads around decentralized organizations sometimes. The following story is an attempt to help them understand the idea of "assigning tasks to agents rather than ordering them around".
Let us suppose that Company X has secured a patent for the blockchain implementation of their flagship product. Further--and here is where we diverge from the standard use-case-- Company X has issued 1 billion tokens with no further issuance, in accordance with the ERC-20 specification.
Blockchains make it possible for people to easily trade things of value — like shares in a company, ownership rights, or even raisins. If you own 10% of a painting, how do you sell that share? Who would buy raisin shares? How do you prove the value of something that doesn't move from place to place, or change in apparent size?
Here I illustrated a high level overview on how Enterprise NFT strategy should look like for big enterprise brands.
Obviously, things are changing very fast and even this guide might be obsolete in few months given the fast changes in the market.
Feel free to give me your thoughts and feedback and reach out if you want to start your NFT journey.