Non-Fungible tokens have been the most-talked topic in the crypto space. It creates monetizing opportunities for several different brands and collectors.
This is mainly because they are feasibly authentic, highly secure to trade, and can include a wide range of branding opportunities.
At its core, NFT is a rare and one-of-its-kind token. They cannot be replicated or be equated to any other asset. In this way, the developers can utilize NFTs as an effective way to individualize assets on the blockchain.
Starting from real estate to personal identities, the NFTs market provides some new and exciting opportunities for all crypto users.
How it got started?
Initially, NFTs gained popularity in the gaming sector. Gaming developers realized they could provide more value to users using these token standards. They strived to integrate NFTs within the gaming ecosystem, such as character, property, and other unique aspects. Crypto kitties were the first game to leverage this non-fungible token(NFT) technology.
What made NFTs set apart from other cryptocurrencies?
NFTs are not just like other cryptocurrencies, they might look similar, but they have their own distinct features.
Here are the main salient characteristics of NFTs:
• Unique
• Rare
• Indivisible
With all these characteristics, they are booming and witnessing rapid growth.
How brands embrace NFTs:
Taco Bell GIFs
To support the Live Más Scholarship, Taco bell decided to sell taco-themed NFT GIFs.
After uploading 25 NFTs for sale in the NFT Marketplace, it was all sold out! Each NFT GIF started at a bidding price of $1. Finally, they all were sold for $1000 each and one sold for $3,646.
RTFKT Digital Sneakers
A 2-year-old Chinese sneaker company named RTFKT designed virtual sneakers for the Chinese new year, and they displayed them in the auction.
The sneaker was sold out for $28,000, which was a massive profit for a start-up company. So as a brand, you can think of leveraging this Non-Fungible token technology.
Take away
Non-fungible tokens are incredibly new, and the technology underpinned has some significant changes and improvements through tireless innovations. If you are seeking a cost-efficient and effective NFT solution for your business then approach Blockchain Firm as they assure you in delivering high-performance applications at a lower cost.