Nowadays non-fungible tokens or NFTs seem to be everywhere. This digital asset can be very beneficial for your hyper-growing startup as it signifies a collection of virtual as well as physical commodities, which no one can swap or change with a fake because they are generated on a blockchain that can easily be retraced to the actual holder or creator.
If you are contemplating boosting your business using NFTs, then you must understand that these tokens can be unique pieces of art, agreements, vouchers, certificates of legitimacy, ID archives, and much more. NFTs are growing fast these days and a lot of businesses are putting them into practice, two of the main motives for the rising implementation and improved sales of NFTs are that many customers prefer to accumulate things and NFTs are planned to be scarce. Furthermore, non-fungible tokens are digitally durable since they remain for as long as the blockchain they are created on remains to occur. Another benefit that can come with using NFTs is that they cannot be fabricated, your customers can confirm validity by examining the blockchain. It also offers your customers verifiable ownership which can be relocated if the NFT is set for reselling.
Come to think of it, this proposes a break for hyper-growing businesses to take benefit of the existing NFT trend. And here are five techniques that can help you to put NFT technology into practice to boost your business and perpetuate clients.
Customer Loyalty Program
To any business, if it’s a startup or a thriving venture, satisfying the customers is always the top priority. And how can you do that using NFTs? We have the answer, launch a customer loyalty program. That’s right, you can do this by offering a digital NFT loyalty card to your customers. When your customers sign up for the card, they will be able to download it to their smartphones or tablets. Whenever the customers drop by your business, they scan their exclusive loyalty NFT code to increase loyalty points. And when the customers reach a certain amount of points, you can drive rewards, concessions, or blockchain tokens to be utilized in the stock. The card then becomes an asset generating value for your client. And at any point, if the clients are not attracted to your business anymore or cannot utilize your services, they are free to sell their loyalty card to someone else and earn a fair profit on it. Also, all the reimbursements that the former holder of the card had will be given to the new NFT card owner. This will increase the digital presence of your business by increasing your customers.
You have nothing to lose if the bottom line of your hyper-growing business identifies noteworthy gains from using NFTs, as their admiration in the market demonstrates no signs of slackening. Promoting your business using NFTs is quite convenient. The fake-proof provision of promotional tools comprising vouchers, positive reductions in the prices of your services or products, and event tickets will help you acquire more customers. The blockchain encryptions or QR codes provided to your customers will benefit as non-replicable, secured access, and concession assets with an extensive range of uses. Offering tickets as well as permits to events will allow your business to increase its presence in the digital market as well as it will also assist you to track who has admittance to which events thus increasing the efficiency of your business. You must know that the NFTs are created on blockchain technology. Therefore, each time when your customer buys or sells an NFT, a digital track is generated on the blockchain. And this digital record will make verification easy since there exists information about each transaction, which assists you to confirm who owns what.
Now that you have a thorough understanding of NFTs, if you consider expanding your business to another but don’t have enough capital for this venture, then launching an NFT fundraising operation will be an affordable capital alternative to an out-of-date bank mortgage. The most reasonable method to increase money in this matter is to generate a range of NFTs associated with your business and retail them to your clients. The profits earned can be channeled back to your business. Another approach to fund your business is a crowdfunding campaign where contributors identify and track that coinage, which is distributed when the milestones are accomplished as regulated by your startup at the beginning of the campaign.
The promises of using NFTs are interminable. Whether your business is already thriving in the market or a hyper-growing startup, you can effortlessly boost your business by being advanced in the technological spiral. Granting an exclusive right of your services or products to your customers is a great option for your business to offer uniqueness. Customers know that if you patent your products or services then the chances of being scammed are less. Furthermore, it will enable your customers to directly communicate with you. The better the customer experience with your business, the better the outcome.
Value-Added to Physical Products
The benefits do not end here, an NFT with a real-world purpose will be a value-added asset for your business to capitalize on, and that is when the physical NFTs will come into play. Together with the luxury of transfer and authentication of possession, non-fungible tokens can add value to your physical products and help your business grow its returns and marketplace presence in numerous other ways. You can sell physical products by issuing NFTs along with them to offer attribution. With the increasing use of technology, using NFTs to grow your business is a good choice.
Despite the initial stages of the NFT scope and some blockages you may encounter while implementing this practice, we dare to say it is still the right time to position your business in this innovative and stimulating digital world. You may not get your desired results instantly, but these primary tryouts will be your enduring assets.