The NFT industry is one of several development fields that sprung up due to the growth of the digital sector. Owning a piece of art, a music file, etc., is now possible as a digital property rather than just a tangible one.
Even though the NFT boom is still in its early stages, it has a multimillion-dollar market value due to collectors being drawn to NFTs’ unique quality. In the short time since its debut in the digital market space, many collectors have already transacted substantial sums of money.
As NFTs’ actual significance continues to manifest gradually over the next few years, brands can fit into its growth and especially those focused on play-to-earn gaming.
Slowly but surely, an era in which NFTs would support all real-world products and experiences, whether in the fashion industry, gaming, or real estate, can be kickstarted and maintained.
Below, Jurgen Cautreels has explained what this future will look like in the coming year, so those who can join now can be among the first to profit the most.
Taking Advantage of Collective Awareness
For brands, NFTs are a novel approach that can be added to product offerings, inspiring a new way of engaging with customers, improving the consumer experience, and standing out among competitors.
The luxury and fashion industries have already gotten in on the NFT bandwagon by manufacturing limited-edition NFTs to reward customers for their loyalty and create more than just advocacy that can help with next-level engagement.
Some brands have also used early access tokens to generate hype before events and product debuts or turned advertisements into NFTs to monetize them several times.
But there is still a lot that can be done in this area. Therefore, more brands will undoubtedly capitalize on consumer awareness as more grasp the potential of NFTs in the upcoming year.
Redefine Secondary Markets for Physical Goods
NFTs’ blockchain-based authenticity could revolutionize secondary markets for physical items. The possibilities for innovative and imaginative after-sale engagement that will capture the real value of the product on sale are endless.
Using platforms like Trove and Recurate that incorporate this kind of secondary trading into a branded retail experience, a brand can build trust between those involved in peer-to-peer resale and make an extra profit in addition to what was received during the initial sale.
Additionally, a portion of the value capture associated with each resale can be encoded as part of the NFT-based process to guarantee that buyers are paying the correct price for the goods at any given moment.
Through trial and error and by observing what works and flops for other competitors, brands will gradually learn what paths they should focus on and what should be left behind.
There is no reason to be hesitant about stepping into the NFT ecosystem because adoption and experimentation will undoubtedly garner rewards for pioneers of this new era in the near future.
When it comes to gauging performance, the best measures Jurgen Cautreels believes would work are those geared toward a day when NFTs would anchor all physical goods and experiences in a fully digital world.