How does NFT provide new business opportunities?

How does NFT provide new business opportunities?
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  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
  • bitcoinBitcoin (BTC) $ 20,074.00 1.37%
  • ethereumEthereum (ETH) $ 1,091.47 5.14%
  • tetherTether (USDT) $ 1.00 0.06%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • bnbBNB (BNB) $ 218.79 4.55%
  • binance-usdBinance USD (BUSD) $ 1.00 0.11%
  • xrpXRP (XRP) $ 0.325923 3.38%
  • cardanoCardano (ADA) $ 0.462828 2.68%
  • solanaSolana (SOL) $ 32.94 7.96%
  • dogecoinDogecoin (DOGE) $ 0.068552 1.61%
LIFESTYLE

How does NFT provide new business opportunities?

NFT community remains hype despite the current situation in the crypto market.

05/23/2022

How does NFT provide new business opportunities?

The non-fungible token is one of the top components of technology nowadays. Its marketplace shows an impressive growth of 138.7% in recent months.

 

For independent artists and musicians, NFT becomes a game-changer wherein they can actively explore the market. Thus, it provides them with a vital source of revenue. 

 

Mike Shinoda, Linkin Park’s lead vocalist, was the first major-label artist who dropped a single in the form of a non-fungible token. The Kings of Leon became the first band that released a whole album as digital items. 

 

In addition, celebrity DJ Steve Aoki earned almost $3 million from minting just two NFTs. Several celebrities and athletes, leading global companies, professional sports leagues, and luxury brands have also jumped into digital. 

What’s with NFT?

Like Bitcoin and other digital currencies, NFTs are digital assets built in the same mechanics, known as the blockchain. It is the reason proof of ownership is also available online. 

In fact, NFTs are unique because each one possesses a distinctive digital signature—no duplication and forging. Investors or buyers can also trade these digital items.

Interestingly, the community remains hype despite the current turmoil in cryptocurrency, which affects the NFT market as well, as they are both constructed using blockchain technology.

Significance of NFT in business

Several businesses remain reluctant to explore this specific digital sphere in blockchain technology. However, how does investing in non-fungible tokens give a brand-new arena for businesses?

To answer that question, let’s discuss the following reasons: brand loyalty, digital property, and multi-platform ownership.

Ensuring brand loyalty is through proof of ownership with attractive incentives. It will be possible to use NFT wherein consumers can preserve their value, trade the digital item, and actively participate in increasing the brand’s identity.

As for digital property, the best example is the metaverse world. It is a virtual-reality environment where users can interact via a computer-generated sphere. Besides, the most accessible gateway to access the virtual world is a non-fungible token.

Next is multi-platform ownership. It means accessing or unlocking digital assets across diverse networks and NFT platforms, including collaboration with other brands or companies.

A business can provide numerous services and products in the virtual and real worlds by utilizing NFT. It happens because consumers or clients prefer transparency of all transactions, while proof of ownership is enticing.

By Marielle Petere Wozinga Staff

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