The noise surrounding NFTs cannot be stopped at the moment. German rappers RAF Camora, Quentin Tarantino, and Snoop Dogg recently launched their first NFTs.
Starbucks is also considering developing its own non-fungible token (NFT). More and more notable people and companies are offering their custom NFTs for sale. More and more people want to invest in tokens. NFTs are currently the biggest trend in cryptocurrency. The growing hype around investing in cryptocurrency gives companies and individuals the opportunity to earn more money. But what is the added value you can offer to your customers when purchasing an NFT? Are NFTs a tool for customer retention? Will NFTs depreciate in the future and how can this be prevented?
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Non-fungible tokens, or NFTs for short, are cryptographic tokens, mostly in the form of digital art. Like other cryptocurrencies, it is stored and traded on the blockchain. The difference between popular cryptocurrencies, such as Bitcoin or Ether, is indivisibility. NFTs are unique and therefore not interchangeable. If you decide to buy an asset in these tokens, you are showing the value of your assets. Then you have something that no one else in the world can have in the same way.
As the hype increases, so does the number of crypto artists offering specially created NFT kits for sale. Now many prominent artists and companies have jumped on the NFT bandwagon and are offering their own non-fungible tokens. Artists have an easier time making big money from NFTs because they already have a following. For example, fans want everything from their favorite musician. German rapper RAF Camora has recently played its part in favor of this by presenting his latest album online as the NFT release. With a purchase, fans can receive exclusive content, such as limited edition merchandise or original song notes from the rapper himself. Anyway, in addition to the NFT version, each buyer will also receive a physical gold plate for the album and a download of the new song link from RAF.
Increase value and benefits
Why invest in NFTs? Increased adoption means an exponential increase in value and utility. This is similar to using a cell phone. If you’re the only one with a mobile phone, it’s useless. When two people own a cell phone, it has a certain value. When billions of people own cell phones, you need a cell phone. These are the effects of increased prevalence. This is also the potential future for NFTs. It is worth making the effort for sellers if the NFTs also correspond to a true market value. You have to check competitiveness beforehand and introduce something to the market that does not yet exist in this form. This is the only way to make NFT trading beneficial to the brand.
The added value of NFTs
Non-redeemable tokens bring some advantages to buyers. Companies have the option to sell their brands as virtual products or digital images of original products. In most cases, when customers purchase these NFTs, they are sent the original at the same time. Rather than just selling products, it’s about selling values. Brands or artists can also sell services. Artist Gary Vaynerchuk does it, for example. He coded his drawings and offered them for sale as NFTs. With a purchase, you get access to a podcast, a virtual meet, or a public keyword you’re attending.
Adidas, Coca Cola, and McDonalds are just a few of the well-known brands that have already launched NFTs. In addition to the supposed increased value of NFT, brands are offering exclusive merchandise with purchase. Adidas, for example, provides access to virtual clothing for the blockchain-based sandbox game. You can also get a hoodie, hat, and tracksuit from the brand. Coca Cola also associates the purchase of one of its NFTs with the opportunity to receive an exclusive piece of clothing that can be used on the ‘Decentraland’ virtual reality platform. McDonald’s presented the ten-piece NFT set to celebrate McRib’s 40th anniversary. With your purchase, you will receive a very rare collector’s item. NFT Burger Limited can be worth a lot of money in the future, so it’s a worthwhile asset to every buyer. These are just a few examples of the ways a brand can sell its products as value-added NFTs to customers. By purchasing an NFT, an individual can access exclusive benefits that they would not otherwise have the opportunity to.
Customer retention tool
Companies are constantly looking for new customers and want to keep them for as long as possible. Brands can attract customers through innovative gifts or exclusive access. The company has been able to retain customers for the long term by always bringing something new. NFT campaigns in collaboration between artists and brands offer great potential for customer loyalty. Campaigns engage consumers in a deeper way and make them feel connected to the brand. This is how fans can turn into long-term customers.
NFT إمكانات capabilities
The future of NFTs, like any other new investment, is uncertain. In the long term, the market will have to deal with the transaction and environmental costs currently associated with the use of crypto technology. However, previous NFT projects have shown that there is certainly potential. Brands like Adidas, McDonalds and Co. have given A first taste of what could be in the world of NFT. NFTs empower markets by allowing people to create and build upon new forms of ownership. The value of the token results from users’ consent. So the community that builds creates value for NFTs. The more community interaction, the higher this value. But without a strong community, the NFT market could collapse quickly. Failure to engage the user causes the NFT to be devalued again. But brands keep coming up with new ideas and users stay active, and nothing stands in the way of a successful future for NFTs.
With the possibility of having exclusive content when purchasing NFT, companies offer added value to their customers and thus can retain it for the long term, and this also increases interest and attracts new customers. There is still no end in sight for NFTs. If buyers and sellers remain active, NFTs will certainly be able to stay in the market for a long time. Because the more users, the higher the value. This value is currently increasing.