CEO of No Joke Marketing, a demand-generating agency focused on ROI and results. My father, a former CMO of Guerrilla Marketing, is a best-selling author.
It’s hard to walk more than a day without hearing the word “NFT.” Even more challenging, however, is a full understanding of how NFTs work. What if I told you that you could easily create and generate potential revenue to help you grow your business, increase your marketing, or fund your next project, first step or expansion?
I have helped more than 10 local businesses establish NFT — two of which were fundraising for the extension of their building. I also invest in more than 20 NFT projects.
NFT can be your secret marketing weapon for years to come. The best part? The opportunity is just beginning.
What exactly are NFTs?
To understand the power of this new device, you first need to understand a few basic meanings.
The first is “NFT,” which means “token without oath” (meaning unchangeable). Think of it this way: If you took a few pictures with your phone, each one could be different or different. The opposite is fungible. Money is a good example — $ 1 equals $ 1. Each dollar is the same and can be exchanged for the same item. NFT tokens are different. This means that every NFT is different from the next.
NFTs do not have to be just images; it can be songs, text, videos and more. Here are a few of the most popular ways to use NFT.
• Digital Collection Creating and Marketing: This is an excellent option for businesses that want to offer unique products to their customers. Simple examples by artists and performers.
• Loyalty programs: This is a great way to reward customers for their honesty and encourage them to continue doing business with you.
• Membership programs: This allows businesses to offer exclusive access to members’ content only or discounts.
• Tickets and event passes: This allows businesses to sell tickets or event passes, and makes it easier to track who has access to any events.
Blockchain is the technology behind NFTs. Every time NFT buys or sells, a digital record is kept on the blockchain. Thanks to that digital record, authentication is easy. Because there is data behind each transaction, you can verify what the owner is.
Think of the arts and craft industry. If someone says you have a real Picasso, you need to hire someone to check it out. Even then fake can pass. With blockchain, you can verify NFT authentication, which solves this problem. All details are stored for all to see, and the identity is black and white.
Next is the name “NFT marketplace.” This is where your NFTs are bought and sold. There are a number of different markets. Some are more popular than others. Think of them as something like Amazon or eBay. You visit the market place and you can browse for sale and purchase items (or resell them) as you see fit.
The last word is “cryptocurrency.” The best way to understand cryptocurrency is to take it as a digital currency or currency type (think Bitcoin, Ethereum, etc.).
Using NFTs for Small Business
Overall: Your business can create NFT, and then sell it in the cryptocurrency marketplace. Activity and all details will be recorded on the blockchain. Exchange is easy: Your business receives NFT payment, and your customer receives NFT.
This brings us to the big question: Why would anyone want to buy NFT in your small business?
Here are some ideas for a local business to continue to show you the opportunity.
• A restaurant can sell NFT as a ticket to a holiday party. If the ticket holder is unsuccessful, he or she may resell it.
• A new local cookie business can have a great opening deal where the first 100 people who buy NFT will receive a free cookie each week each year.
• HVAC business can transfer service contracts to NFTs. Participants can find out first if there is a problem.
• CPA can sell NFTs that allow owners to get one hour consultation. Owners can resell NFTs, and the CPA will gain new customers every time they are resold.
So why do I like the idea of small businesses?
• You can accept cryptocurrency for your products or services without having to do a lot of complicated setups. He sells NFT, and earns money.
• It creates faster cash flow for you. Think of the endless possibilities. What if you wanted to grow your business but had no money? You can sell NFTs, give something by exchanging owners and produce to give him money.
• Communities are being built. People want to be in a group. Your NFTs can start hanging out and help you build the next one naturally.
• Income / surplus income. You can also build on NFT as whenever someone resells it, your business gets 10% of the auction.
This is the future. Everything goes very digital every day. Gone are the days when you needed a big budget to make this happen. There are many different ways businesses can use NFTs, and the opportunities are endless.