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Is the NFT market the future?

YES ,Here is the few words about nft market

By RagunathPublished about a year ago 4 min read
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We have all heard about NFTs and the digital art commercialization market, about which we have been able to read news of all kinds, from large investments to projects that fail, and that leads us to think, is it worth investing in the creation of exclusive content for certain users? Does this have some kind of added value for the brand?

To begin with, it is necessary to remember what an NFT marketplace development service is and what it is for: a Non-Fungible Token is a collectible piece that, as its name says, is not material, in other words, it is a digital item with a subjective value generated by its exclusivity and that translates into a price created by the same community that buys and sells it.

Now, what is so special about NFTs? We could say, “but if I can download an image like the NFT with the same quality, the same signature and for free”, and yes, that’s true , but what makes these items so special is that they are collectible and there is only one original. There may be many adaptations of the Mona Lisa, but the real one will always be found in the Louvre, this is what users are looking for, exclusivity, being the owners of the original piece.

If we put it in terms that we all know, having an NFT is like having a unique bowl of Pokémon , a special golden edition that was only produced once. It may not symbolize money , there may be hundreds of replicas , but the original has a value that no copy will have, that’s how Non-Fungible Tokens work.

And now, knowing this, is it worth investing in the creation of NFT’s for companies? Let’s start with the obvious facts: first, it is no longer necessary to offer face-to-face products or services to customers, in addition, a new link is created between the fanbase and the brand, customers show their brand love by purchasing original products directly . For example, a musician can sell their songs directly to a fan through an NFT without having to go through streaming platforms.

At this point we can understand that what an NFT sells is not a product, it is a brand itself. A success story exemplifying how to sell the brand without selling the product is Pringles , they created a digital flavor called CryptoCrisp with 50 originals for marketing. The GIF started out at $2 each, which would cost an actual Pringles can, and quickly jumped to $600 per item. Another notable example is the invention of Nike’s CryptoKicks in 2019, the creation of assets to manufacture digital shoes on a blockchain, which can be customized and manufactured.

It is clear that not all users want an NFT marketplace platform development to collect, which is why some brands have chosen to add benefits to their items ; For example, Adidas grants access to exclusive garments and front row for future collection launches.

In order to have a real impact on the Crypto — market we must show the world what makes our tokens special. According to Forbes magazine , there are 3 ways to give added value:

  • Give access to an exclusive online community together with the NFT.
  • Tickets to future events, online or in person.
  • Opportunity for personalized forums with senior company officials such as the CEO or founder.

Also, you need to include a lot of trust into the equation; users do not buy any product, they have to be sure that it will be useful, that they can bet on an item that will be more valuable in the future, as well as being a serious offer, with good foundations and credibility as a business, (this taking into account the case of Lana Rhoades and the almost scam of 1.5 million Euros with CryptoSis ).

The future of NFTs has two great possibilities, that they go amazingly well or tragically wrong.

Case 1: if all goes well, NFTs will be able to be exhibited and popularized in the metaverse , they will become a type of Crypto Currency with a lot of movement and they will be considered a collectible just like valuable paintings or modern art sculptures, there will be a new market where brands will be able to develop a fanbase interested in branding and not just in the product.

Case 2: the world begins to reject NFTs as they are considered useless, they cannot be implemented in the metaverse environment and those who already have them keep them due to the impossibility of selling them at a decent price. They are lost in the future due to the imminent fall and disconnection of servers and those who managed to take advantage of the boom in this market accumulate their wealth while others regret not having thought better of it.

So, there are actually two options in the non-fungible tokens market : you enter the NFT marketplace development company , you assume the risks, you invest in positioning and marketing campaigns aimed at a specific population with these interests, resulting in a exponential growth in branding and customer loyalty, in addition to gains related to public interest in the products, which can also result in a loss of investment in the medium term…Or, we let it go and watch it rise or fall from afar while we focus on what already works for us and pay the opportunity cost by falling behind on what could work.

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About the Creator

Ragunath

Safe and Secure Blockchain Technology Service Provider

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