Non-Fungible Token (NFT) symbolizes a blockchain-enabled digital asset. NFTs are interchangeable, unlike dollar bills, gold, or cryptocurrencies, because each token has a unique value (hence the non-fungible part.) The attribute of an item or a commodity whose constituent components and units are interchangeable and indistinguishable is referred to as fungibility in economics.
Because each NFT is a one-of-a-kind digital depiction of a property, they are called digital collectibles.
A photo, a movie, a GIF, or anything else digital can be used as an NFT. While anyone can duplicate or download that file (just as there are many copies of physical art), purchasing an NFT verifies that you own the digital asset.
Although the notion of NFTs may appear complex, the logic behind them is straightforward: artists get a platform to sell their work, and buyers get a platform to support their favorite artists, expand their collections, and/or profit from the difference between the purchase and sell price.
ideas for using NFTs in your eCommerce business
- Research and development:
Gaining insights into what customers think during the R&D process is incredibly valuable. Businesses can use NFTs to reward customers for taking surveys and beta-testing or can grant specific NFT holders exclusive voting rights in a brand’s product development roadmap.
- Pre-launch products:
Creating buzz before releasing a new product is still one of every brand’s top priorities.
Providing early access to NFT tokens could help generate buzz and gain significant exposure prior to launching a new product. As a result, you may be able to establish a solid base of early-bird customers.
- Selling digital products:
NFTs as a new source of revenue? Doesn’t that sound good? NFTs can assist eCommerce brands to deliver exceptional and exclusive brand experiences, whether you’re selling purely digital goods or using them as a supplement to a physical offering.
- Loyalty programs:
It can be said that brands can frequently issue NFTs as “proof of purchase” or “proof of enrollment,” and that customizable rewards can be deployed to NFT holders on a regular basis.
These rewards should also include things like:
- access to events as well as discounts.
- first dibs on innovative products.
- access to the private community (discord, telegram, whichever platform makes the most sense for the brand).
- In this context, NFTs can give brands a competitive edge through loyalty-focused efforts..
- Education and delivering outstanding customer service:
In 2022 and beyond, having great customer service is the core expectation, but having customers who know your product so well that they can onboard new members should be the ultimate goal for every business.
- Community development:
Humans yearn to belong. It is hardwired into our minds. It’s no surprise that businesses invest heavily in creating a community around their brand. The good news is that NFTs can assist with these efforts.
To see people use NFTs as avatars on the internet is yet another indication that a sense of belonging and exclusivity is appealing, making NFTs an excellent marketing strategy.
Finally, brands can use these NFTs to help their community feel like a close-knit club, an exclusive opportunity, and a source of pride by allowing them to signal that they hold that token.
- Exclusive access to fall:
“Fall culture” has grown in popularity over the last few years. Long lines form in front of stores as a result of the scarcity they create. Using NFTs to provide customers with exclusive access to special drops can assist an eCommerce brand in telling its story in a unique way while also promoting the scarcity angle.
THE BOTTOM LINE:
There has never been a more exciting time to be involved in eCommerce. NFTs have a lot of potentials, and it’s up to enterprises to figure out how to use them creatively to improve the customer experience. NFTs are not going away. Too many corporations, trading communities, retailers, sports teams, and venture capitalists are interested.
And the applications for Ecommerce are promising: increased security, one-of-a-kind benefits, and a better customer experience.
You can upsell value-added bundles, create multi-sensory products, and provide the instant gratification of a virtual version of a physical purchase using Ecommerce NFTs. They’re also an excellent way to prepare your company for the future.
Hence, start organizing your business for the future, and hire us for your NFT project development.
Picture credit: freepik