Popular among young people and crypto-economy and technology enthusiasts, NFTs are increasingly conquering the public by combining innovation with exclusivity. But what is the future of these digital assets?
For Rodrigo Soeiro, founder of Brazilian crypto bank Monnos, NFTs are a way to bring companies and audiences together and revolutionize the brand experience.
“NFTs are delivering digital asset technology to industries that have never been involved in this disruption, such as art, music, fashion, beverages, gaming and other entertainment media. The expansion of this industry has huge market potential and brands know how to explore This will grow significantly,” he explained.
NFT comes from English expression non-fungible token, representing a non-fungible token. They are a cryptographic token that represents something unique in the world and have no intrinsic value but subjective value. These tokens cannot be traded like cryptocurrencies, but are bought and sold through bids or offers.
“The art sector was one of the first areas to visualize the commercial potential of NFTs, linking them to already attractive commodities with exclusive value, such as paintings and sculptures. But NFTs are more than that, they can be used in any good collection products such as figurines, stamps or even game avatars. This is where brands come into play, visualizing this consumption potential associated with their product or service.”
An example of an NFT is the Bored Ape Yacht Club (BAYC), a digital asset created in a limited and collectible fashion that has been acquired by celebrities such as Neymar, Madonna and Justin Bieber for millions and unimaginable sums .
There are many benefits for BAYC holders, from attending exclusive events around the world to receiving gifts from the world’s biggest brands at home.
There is also a privileged media space that includes members of this VIP club. For example, imagine that a certain drink Neymar and Madonna drink is also part of BAYC. As a result, Yuga Labs, the company behind the program, has created a strong and valuable community that still has the potential to provide feedback and create value for every new member it attracts.
“Approaches like this will be replicated by companies all over the world: the community composition around the brand, or the token of the brand. The limit is the creativity of each company, because now more than ever, there are no barriers”, Luo Drigo pointed out.
Simpler applications of NFTs can also have an impact, such as playing games to earn money. One example is RTFKT’s Axie Infinity, which sells sneakers for avatars and was acquired by Nike. There are also festivals like Coachella and Budweiser royalty NFT Drops that offer benefits associated with digital assets.
“The truth is that companies are exploring this market, they’ve realized it’s an opportunity to grow revenue, engage with audiences that have hitherto been scattered across several segments, and most importantly, be able to provide a level of engagement that was previously possible Impossible Brand Experience,” he added.
Experts concluded that NFTs should further popularize the crypto economy. “It turns out that the impact potential of NFTs is immeasurable from the moment companies and sectors far removed from the crypto economy are dragged into this ecosystem. Even for those in the market, the surprise is huge. Unparalleled Possibilities for the Popularization of Crypto”.
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