Start a Business With NFTs

What Are NFTs?

NFT stands for non-fungible token. It is a digital asset that represents a real-world object or some type of digital content. NFTs can only be owned by one person at a time, as they have unique ID and metadata that identifies each one. When a person purchases an NFT a unique token is transferred to your wallet through your public address. Each time an NFT is purchased or sold, it becomes a part of that NFT's history. The public key is transferred with the NFT when it is purchased. It contains an NFT’s history which serves as a certificate of authenticity and can be used to verify the origin of its creation. It can represent anything from a piece of art or media to a deed, ticket to an event, or legal documents.

NFTs can be one of a kind, limited edition (only a few copies made, each with either unique ID), or have hundreds, depending on the content. NFTs are stored on Ethereum and can be sold or purchased on any Ethereum-based NFT market. They are protected by the Ethereum blockchain. 

How Can You Start a Business With NFTs?

There are several ways to use NFTs to start a business or scale the one you currently have. NFTs are a great way to build a brand, sell to a bigger market, and even decide the exclusivity of the products you release.

Art & Media Content:

Whether it is a GIF or a piece of art, using NFTs can become a way to build, expand or scale your business. You could gift an NFT with certain high-end pieces to add value, or sell the piece itself as an NFT to save on physical materials; therefore the only cost of creating your product would be technology and your time.  

Physical Merchandise:

Whether you create your product or source your product you are ultimately in charge of its scarcity. By attaching NFTs to physical merchandise you add value to your product and customers can verify the product’s authenticity. This is also true for trading cards, autographed paraphernalia, and so on.

Restaurants & Other Chains:

If you are thinking of opening a restaurant or any other type of chain, NFTs might be what can set you apart from similar businesses. You could set milestones, monetary or time-related, to honor loyal customers through NFTs. Or even attach NFTs to special offers only available for a limited time. There are countless ways to incorporate them into your grand opening or even as a way to get more publicity for an already existing business. 

For more information or to get started with an NFT, start here.