The continuously changing trends, increasing competition, and groundbreaking innovative technology have stimulated the desire to grow your startup as well. Yet, in this trendy market, growing and escalating a startup is itself challenging and goes with a fair cut of blisters and bummers. But as your startup develops, you are also required to grow with it as well, and as you start searching for ways to keep the development and growth of your startup steady, you can face both exciting and challenging scenarios.
In your search for sources of income, you may also come across the term non-fungible tokens (NFTs), a market trend that is growing fastly around the world and that is also captivating the attention of multiple business owners. But what most people don’t understand yet, is that these NFTs can also help your hyper-growing startup to thrive and to diversify your source of income, because, as Matt Bailey said “Don’t be fixated on a single path to success because there are so many ways to win. You just have to find the right one and be flexible in going in different directions”.
What Are NFTs And Why Do They Matter?
Now that you know non-fungible tokens (NFTs) can help your startup grow, let us tell you what exactly NFTs are. As we mentioned earlier, the NFT acronym for the non-fungible token is similar to a cryptocurrency because they are both digital resources even though they are not equivalent to each other. An NFT represents an exclusive piece of art, and the holder is the only person who has access and rights to utilize that particular facility. An NFT is a portion of the blockchain, like other kinds of cryptocurrency. Non-fungible tokens are usually sustained on the Ethereum blockchain. You may be surprised to know that, NFTs are not precisely a new entity in the market, they have been accessible since the year 2014, and they became more popular since the distinct token is incorruptible, verifiable, durable, and can be kept in the holder’s digital wallet. It was outlined in November 2017 that NFTs acquired more than $174 million. Another interesting fact is that you can also buy and sell NFTs just like any other service or product.
Why Are They Growing So Fast?
With NFTs growing so rapidly they will soon become a regular part of your business practices. The ability of NFTs to be incorruptible redesigns the way you take various decisions and take upon new ventures. The use of NFTs allows you to trade-off value, plan events, deposit art, as well as shape the community. Non-Fungible Tokens are growing fast because they generate rarity among otherwise substantially accessible digital resources. All of this offers you an opportunity to take advantage of the present NFT trend. Your hyper-growing startup with access to the technology can generate an NFT and trade it on digital marketplaces intended to help the business.
Risks In The Market and The Role of The Chief Compliance Officer
Your startup needs to be able to employ the compliance role to successfully and competently manage risks related to fulfilling the expectations of the stakeholders and the current market. And while dealing with digital assets, the risks get even higher, and having a Chief Compliance Officer around is only fitting. Your CCO will focus on the right risks while using the right technology to collect the right data. The executive will also oversee, supervise, manage acquiescence issues within your startup, and develop company policies for compliance. Your compliance operation will govern your startup’s relation to the market as well as the government. Therefore, it is significant to satisfy every compliance condition to uphold a respectable image with the governing bodies.
How Can You Use Them to Boost Your Business?
There are various ways you can use NFT technology to boost your business and hold clients. If your hyper-growing company is looking to invest in another business area or upgrow your current offer, the NFT operation will be an affordable capital raising alternative to an old-style bank mortgage. You can also use crowdfunding operations where contributors identify and track that coinage, which is only distributed if milestones are accomplished as regulated by your startup at the beginning of the campaign.