NFTs: Fad or Future?

We have come to realise with multiple examples that NFTs are more than just digital artworks. An NFT isn’t something that you pay for to simply post on your social media, or print to frame and hang up, but it offers numerous other benefits and opportunities. First of all, NFTs are an investment. Secondly, Utility NFTs offer other uses for the owner of the NFT, such as invitations, memberships, tokens, and more. Finally, NFTs can also offer businesses and companies opportunities, using the concept of the non-fungible token itself, and not only the NFT as an artwork.

Due to the nature of the non-fungible token technology, whereby a non-interchangeable unit of data is stored on the blockchain, files that are minted as an NFT cannot be reproduced. Therefore, companies can use this technology for other forms of digital data including audio, photo, video, and more. Brands have thus been able to expand on their product offering to include digital options that cannot be ‘stolen’ or pirated. Plus, NFTs have been a great new way for companies to improve their branding and marketing strategies.

Many global brands have embraced the digital revolution and taken to using NFTs to increase awareness of their brands. NFTs have been used for marketing purposes by companies such as Taco Bell, and even by musicians such as Kings of Leon and Grimes. These marketing initiatives have certainly proven to be successful, and have opened up new doors for brands to expand their reach and think creatively with their marketing. It is an exciting prospect how major global brands will evolutionize and use NFT technology to market themselves!

Of course, there are always questions about the digital evolution, such as whether it is simply a momentary hype or whether it will be a lasting and growing industry. So far, it hasn’t shown any signs of slowing down, and NFTs certainly are a testament to the ongoing momentum of the crypto-cruise.