Straight off the bat, NFTs are cryptographic assets created on blockchain technology equipped with unique identification codes. That’s just a complicated way of saying NFTs are unique.
More importantly, one non-fungible token doesn’t have the same value as another. So you simply can’t exchange one NFT for another. That said, is it too late to profit from NFTs? Well, let’s find out!
What are NFTs? How Do They Work?
I’m sure you still do not entirely understand what NFTs are. With that in mind, using examples is the best way to give you a clearer picture of this item. Non-fungible tokens are more or less like trading cards. On the other hand, Bitcoin is more comparable to regular currency, only that it’s digital. So a dollar is equivalent to another dollar and can easily be exchanged, which is the same as Bitcoin.
However, if you were to exchange your trading card for another, you’ll end up with something completely different. The most significant difference between trading cards and non-fungible tokens is that Non-fungible tokens are digital and can only be found on the blockchain network.
So how do Non-fungible tokens work? An NFT is created or minted on the blockchain network, preferably the Ethereum Network. These items can be used to preserve assets such as art and more. However, the industry keeps growing, and new applications of NFTs are cropping up every day.
Now here’s the tricky part: Non-fungibles can really be anything digital. I mean, just a few months ago, Jack Dorsey sold his first tweet as an NFT for $2.9Million. Granted, we can’t all be Jack, but you get the idea.
So, am I Too Late to Profit from NFTs?
Technically No. Why? As I said earlier, the Non-fungible token industry is growing daily. And new applications are cropping up from every corner. This industry is relatively young; hence you are still early in the game.
However, it’s crucial to learn about this industry before diving into it head first. The industry is vast, and it’s easy to get lost if you don’t know how to navigate it properly.
How to Use the NFT Wave in the Marketing Strategy of My Business
You don’t have to sell, buy or create NFTs to use it for profit. There are thousands of different ways to ride on this wave. One popular one is using the hype around this industry to market your company. And yes, your company doesn’t necessarily have to do anything related to Non-Fungible Tokens.
An excellent example is Nike, which just sold its first-ever NFT shoe. Imagine that? If top brands like Nike use this wave for marketing their products, why can’t you? By informing your audience about Non-fungible tokens and their use cases, you will easily create brand loyalty in prospective clients.
That means they’ll start trusting you enough to want to do business with your company. And if you don’t know where to start, talk to The Kool Source. Our professionals can help you better understand how to implement this marketing technique into your business.