NFT was the most popular product in crypto last year. Celebrities and athletes were making millions selling their NFT art. This technology isn’t limited to digital art. This article will show you how to use NFT technology in your business.
NFT: A quick explanation
The non-fungible token NFT is a type of digital passport (a unique number) that can be used to verify the authenticity of digital assets. This code can be used to show the uniqueness or authenticity of digital illustrations, videos, and music as well as 3D models, real property, patents, loan agreements, and other documents. It is nearly impossible to steal, hack, or counterfeit NFT storage because it is stored on a blockchain. They are also easy to trade like regular currency.
The blockchain also provides information about the NFTs’ current owners, as well as the sale price and former owners. NFT is the best tool to verify the authenticity and protect copyright on digital or physical assets. It has been used by many brands and creators to monetize their artwork.
What is NFT used today?
The only way to use NFTs efficiently is through digital art. This technology can optimize and make many processes more cost-effective regardless of their size or niche.
1. Advertising and marketing
Marketing support is the best way to use NFT in business. This technology is used by many brands to draw attention to their projects and to appeal to mass media. Coca-Cola, for example, created their “Friendship Box” NFT collection in 2021. The box was designed to look like a soda machine. It contained unique brand clothing for Decentraland. Coca-Cola also created a Christmas NFTs collection at the end of 2021.
The same campaigns were launched by Pepsi and McDonald’s, Nike and Adidas, Warner Bros, Louis Vuitton, and many other well-known companies. NFTs are also used by small and medium-sized businesses to promote their products and services. Russian delivery service ‘Samokat,’ created an NFT collection called “Pelmeni” and gave it away to its users.
2. Loyalty programs
NFTs are a great tool to help improve loyalty programs. They provide proof of ownership and authenticity that can be checked at any time. They would be safer and more user-friendly if loyalty cards had NFTs. It would also increase sales because clients won’t lose or forget their loyalty cards. The NFT can be uploaded to their mobile wallet, and they can use it for purchases.
A business can also make their NFT collections and give them away to their loyalty program members, such as Taco Bell and Burger King. Burger King, for example, added QR codes that contained NFTs to its six million “Keep It Real Meals” packages. There are many benefits to collecting the NFTs.
3. Modifying the liquidity of products or services
NFTs can be described as cryptocurrency tokens. NFTs can be bought or sold on any platform. The easiest way to transfer them is to buy them. NFTs can be used to tokenize physical, digital, and intellectual assets. They also help to transfer the asset’s ownership rights. It is easy to trade tokenized assets like cryptocurrencies.
An NFT can be created that gives you the right to own real estate. Selling real estate through the traditional route takes a lot more time, money, effort, and money than selling via NFT. The same applies to selling a car or furniture, copyright, services, or any other item. These operations are made easy by NFTs.
4. Improved supply chain management
NFTs are responsible for authenticating products and verifying their origin. Your clients should, for instance, check the storage conditions and source of food you sell.NFTs make it much easier thanks to special sensors. These sensors will track via GPS temperature, humidity, and other parameters. The data will then be recorded into the blockchain and linked to the NFT product.
NFT can also be used to help with food, clothing, shoes, cars, and furniture, as well as medicine, medicines, equipment, toys, and other supply chains.NFTs can be used to trace products and provide authenticity proofs.
5. For any purpose, growing a reliable fund
NFT campaigns can be a cost-effective option to bank loans if your company needs funds to upgrade production, open new offices, launch new products, or for other purposes. It is simple and secure crowdfunding. You can also specify the terms in the NFTs. You can see that the NFT grants you the right to receive dividends and a share in the business.
NFTs can also be used for social and charity projects. NFTs have been used to aid Afghan women since the departure of the USA army. You can also start a similar program to support local charities and help cities or states.
6. Registrations, certificates, and licenses
Trust paper certificates can look official and authentic, such as copyright proofs and medicine recipes. These documents are often counterfeited.
- Yet, ‘diploma factories’ sell approximately 200 million fake certificates to their “students” (read clients).
- Around 75% of HR managers discovered fake information on the resumes of candidates.
- Many websites offer fake diplomas online.
- Fake degrees can cost anywhere from $500 to $2500.
This issue was previously solved using special paper, unique stamps, and holograms. Seals, micro-perforation, text, and seals were also used. However, this will not guarantee that the document is authentic as any paper could be counterfeited. These protection methods cannot be digitalized, which makes the situation more complicated.
NFTs are a solution. This issue will disappear if each certificate, license, or diploma is issued as an NFT. Excellent examples are the NFT vaccination passports from the San Marino Republic and diplomas from the Kanpur technological institution in Indonesia.
7. Copyright and Patents
If you have rights to intellectual property or copyrights, you will need a record that proves you are the owner. It takes time to patent and confirms intellectual property rights. It is difficult to transfer these rights to another person/company.
It makes patent operations more complicated and can make some contracts of sale and purchase take many years. One country must prove the patent in another country, especially when it is issued. It will be easy with NFTs.
8. Digital identification
NFT technology also offers online person identification. Teenagers can now falsify any video or photo using this technology. It is possible, for example, to replace Arnold Schwarzenegger with Sylvester Stallone in Terminator. It’s easy to replace someone’s face online, or when you take out a loan via the Internet.
This problem can be solved by the NFTs. This is a non-fungible token and requires only identity documents to be issued. It will prove your identity and allow you to control the use of your data. You will have control over who you share your data with and you will be paid for each transfer of your data (NFT).
NFTs can also help to keep one Metaverse’s identity separate from another, as Mark Zuckerberg demonstrated in his video presentation. He spoke about the plans to create the first Metaverse.
9. Tickets membership cards
Scalping (reselling tickets) has been a problem in the ticketing industry for musical, educational, and sports events over the past few years. The survey found that scalping (reselling tickets) is a major problem in the ticket industry. Every 10th American ticket is fake. Speculators purchase 40% of tickets to the most popular events. If it weren’t for the problems of traditional paper tickets, they would have cost 27% less if only there were online versions. Paper tickets need to be printed, delivered, and sold.
NFTs, blockchain, and other technologies promise to be helpful. NFT tickets will allow you to only resell the ticket once or link specific tickets to one person. It will also allow the organization to add the option to charge fees for each ticket that is resold, and increase their income.
This will also apply to membership cards and other documents that allow access to any event or space. Cybersport event organizers will also sell tickets to tournaments as NFTs.
Every day, fraud is a problem in the insurance industry. Insurance companies are often faced with ghost claims and similar issues. NFT technology allows for precise registration of cases such as car accidents, illness, and proving ownership of insured products. All of this will be possible quickly, easily, securely, economically, and completely automat