#1 What Is an NFT?
An NFT, or Non-Fungible Token, is a digital image that is unlike the pictures you share, post, and download every day. Instead, it is coded using blockchain technology, the same idea behind virtual currencies like Bitcoin. That allows it to be owned by a single person or entity.
Think about it like this: you could see an image of a valuable stamp, document, or painting online. However, the original is owned by someone who keeps it safeguarded. NFTs are the same thing in digital form.
#2 How Are NFTs Sold or Traded?
To buy or release an NFT you have to go to special online markets like Ethereum. That’s a platform that is specially designed to facilitate the trade of cryptocurrencies and digital assets.
It’s important to mention that you can convert these digital payments into actual dollars, and that there isn’t anything illegal or unethical about trading on sites like Ethereum. In practice it isn’t much different from taking money through PayPal, or accepting a foreign currency on your website.
#3 What Kinds of Businesses Release NFTs?
So far, established brands with well-known artwork (like baseball card companies) have driven commercial NFT growth. However, as more and more marketers are realizing the potential, others are starting to get involved.
There are Fortune 500 companies releasing NFTs, as well as hundreds of small businesses. What they have in common isn’t size or industry, but rather a commitment to looking forward and taking advantage of the newest ideas.
#4 Why Should My Business Have an NFT?
There are really three reasons we believe every small business owner should consider releasing an NFT.
The first is financial. Some NFTs have generated millions for their creators. This isn’t typical, of course, but the potential to turn a hefty profit is there.
The second reason has to do with branding and exposure. Being one of the first in your area or industry to release a digital asset could generate news. At the very least you can show your customers (and especially younger buyers) that you’re in touch with the changing times.
And finally, the third reason comes down to the endless march of progress. Releasing an NFT today is a great way to get familiar with blockchain technology that could become a bigger part of your business in the near future.
#5 How Can I Get Started With NFTs?
If you want to look into creating your own branded NFT, or simply want more information, then we can help. Our team has been working hard to put together a package of services designed precisely for small business owners. It includes NFT planning, design, programming, and marketing – in other words, everything you need to know to envision your own digital asset and see it launched online.
If you want to learn more about the service, or just ask questions, contact Marcy Design today. We’ll be happy to fill in the blanks and get you started.