Have you ever heard about NFT? If you are curious about it and how it can be beneficial for your business, you are in the right article. I will explain to you about NFT and its 9 advantages for your business.
NFT has become popular in Indonesia recently. It became popular after one Indonesian boy named Ghozali earned a high income from selling his photos on NFT. Each of his photos sold from 6 million rupiah to 31 million rupiah.
From that phenomenon, we can see that this investment really shows its benefit for individuals. But, actually, NFT can also be used for your business.
What are the advantages of using NFT for business? Let’s take a closer look at this explanation.
Definition of NFT
NFT stands for non-fungible-token. It is a token that can be used to represent ownership of unique products. For example, photos, pictures, songs, videos, games, etc.
That token will refer to those files permanently. So, the transaction can be tracked easily.
So far, this NFT is really beneficial for artists. They can sell their products on this platform. Because, for some artists, it is hard for them to sell their products.
Some of the businesses that use this NFT are Nike, Adidas, Gap, Under Armour, etc. Some businesses, such as Line and Walmart are also preparing themselves to enter this NFT business.
The Benefits of NFT in Business
NFT is not only beneficial for individuals or artists to sell their digital products. NFT can also be beneficial for business. What are those advantages?
1. Ownership Rights
The first advantage of NFT for businesses is that it gives ownership rights. A product is one of the most important things in a business. So, it must be well taken care of. Don’t let other people imitate or even plagiarize your product.
NFT gives a solution to this. When you submit your product on this platform, the system will detect it first. It will detect if your product is original and doesn’t plagiarize other products.
2. The Data of The Company is Safe
The second advantage of NFT for businesses is that it will protect the company’s data. The data that you input on this platform will be used only to introduce a product.
All the transactions will be recorded in the blockchain system. So, you don’t need to worry if your product or your data is stolen by other people.
3. Sell The Product Easily
Another advantage of NFT for businesses is that it can sell products easily. NFT is a digital asset. People can use this platform for transactions.
For new businesses, it will be beneficial because they don’t need to open a store to sell the product. It will reduce the costs that they have to spend on their new business.
4. Being A Disposable Promotional Tool
The fourth advantage of NFT for businesses is that it can be a disposable promotional tool. For example, you can use photos to promote your business to customers. You can give them a digital coupon, discount, or ticket.
5. Give Customer Loyalty Program
Another advantage of NFT for businesses is that it can be a medium for you to give your customers a customer loyalty program. When you have a business, you should always prioritize your customers.
You can give a reward to your customers who always buy from or support your business. For example, you can use this NFT to give them a customer loyalty program. You can create a point system for those who always buy your product. They can check their point by scanning it into the NFT that they already have.
6. Develop Business by Selling NFT
NFT can also be beneficial for those of you who want to develop your business. You can sell your NFT to customers. From that transaction, you will get funds to develop your business.
Your company’s data is always safe because it has already been recorded in the blockchain system.
7. It Supports Marketing
Another advantage of NFT for business is that it can support marketing. Usually, businesses use websites or other social media to promote their products and support their marketing.
But, you can try NFT to support your marketing by doing transactions in NFT.
8. It Creates A Safety Market
Some people are afraid to sell their products on a digital platform. They don’t want their product to be duplicated. Or maybe they don’t want to be scammed.
In NFT, those accidents will never happen. NFT will always check a new product which will be submitted to prevent duplication or counterfeit.
NFT also prevents its users from being scammed. All the transactions that happen in this platform use cryptocurrency, such as Bitcoin, Ethereum, Binance, etc. So, there will be no reason to forget to transfer or fail to transfer.
9. Allows You To Sell Products Expensively
The last advantage of NFT for business is it allows you to sell your products expensively. You can make a unique product in a limited quantity. Limited products always have high prices in the market.
Closing
There are nine benefits of NFT for business. How? Are you more confident to use NFT for your business?
There are many ways to develop a business. One of the ways is by using NFT. You can use NFT to develop your business after considering its advantages and disadvantages.