Brandfluence

How can your business benefit from NFTs?

You might have heard the news about a guy who became a multi-millionaire by selling his artwork for bitcoin. It’s true – thanks to NFTs.
But what exactly does NFT stand for?
NFT or Non-Fungible Token more or less means that it’s unique and can’t be substituted with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. So, a NFT is unique and is based on blockchain – most of the cases Ethereum.

The brand that made $3 million in digital sneakers discusses future of NFTs in China

Ethereum is a cryptocurrency (just like bitcoin), but its blockchain also supports these NFTs which store extra information. This ideally makes them work differently, from, say, an ETH coin.

NFTs are designed to give you something that can’t be copied i.e. ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Mona Lisa print, but only one person or entity can own the original, as there is only ONE real painting of Mona Lisa.

Now, let’s cut to the point. How is my brand going to benefit from this madness of unnecessarily expensive Yu-Gi-Oh like designs? Well, depends on your perspective. We have seen big brands and celebrities like Marvel and Wayne Gretzky launch their own NFTs, which seem to be aimed at more traditional collectors, rather than crypto-enthusiasts. Adidas will be dropping its first NFT collection as part of a four-way partnership, which includes NFT leader Bored Ape Yacht Club, NFT influencer and collector Gmoney, and Pixel Vault, an intellectual property group focused on crypto assets. However, the company declined to say how many NFTs would be released (AdAge).

Adidas's first foray into the metaverse will likely include NFTs | Engadget

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