Till this time we’re exploring NFT, the total NFT market would have shaped nearly $37 billion. And this figure will double at the year’s conclusion, beating the previous year’s record. NFT is booming the entertainment industry and opening infinite possibilities for creators and artists to relish their creativity.
Businesses and enterprises aren’t behind; they are currently in the Research and Development stage, scaling NFT with their business approach. But, it’s no wonder that NFTs are going to add value to the marketing industry.
So, let’s have a discussion about how NFT can be useful for businesses and enterprises. We’ll also look over the use cases of NFT enterprise solutions.
NFT Business Use Cases
NFTs startled every industry, sector, and market by showing up their brand building and automation features. For almost any business solution requiring transparency, authenticity, and surveillance, NFTs can stand out there greatly. Let’s have a brief of industries where NFT is going to rule.
● Voting
Voting systems can be greatly benefitted from the NFTs. NFTs can be revolutionary for corruption and a discrepancies-free voting system.
Virtual identification and authentication can occur if the voter’s Id can be replaced with an NFT-enabled voter id. This thing can solve two problems, help users vote virtually and securely from anywhere in the world, and there’s hardly any chance of corruption or fake voting. Also, with NFTs, 100% transparency is expected on any workings.
● Real Estate
Real Estate usually takes ample time to hand over and flow out cash. Also, issues like proof of ownership and land papers often become complex to maintain and restrict an easy connection between buyer and seller.
NFTs can solve these issues by constantly tracking information related to land and its owner. Any dispute during land or deed transfer can easily be broken down. All over, NFTs will make Real Estate more transparent and lucrative.
● Product Legitimacy
NFTs can take care of a product legitimately by storing essential information about the product, its owner, and the transactions it has previously faced.
● Intellectual Property Security
NFTs are great for securing and authenticating intellectual property. Creators can upload their intellectual property and store it in a blockchain network. By doing this, they’ll get a timestamp in their intellectual property, and it’ll be sorted by them.
● NFTs In Marketing Industry
The marketing industry is on a first mover advantage because the marketing industry understood NFT’s potential before any other sector. All over the world, many companies have built their online presence and celebrated their relationship with people with NFTs. NFTs are for great use to incentivize the customers for any company, which in turn, turns out as a great marketing effort.
Companies can market themselves by providing NFT collectibles and incentives. This technique will work as a double-sided sword by enhancing NFT awareness and building rapport with the audience.
Another way NFTs can build a product and service-based marketing is availing of member NFT editions. NFTs gifts and products available to special members can also enhance people’s NFT usage.
● NFTs In Supply Chain
NFTs can add great value to the supply chain aspect of businesses. The supply chain is one segment of a company that connects that business with consumers. Securing and featuring supply chain systems with digitizing supply chain assets can save a lot.
NFTs are digital tokens that provide transparency and authenticity to the asset to which it stays attached. This means from business to consumer; everyone can access the manufacturing to deliver related information and also track their product reaching them.
Having a great business requires communication with consumers. With time, consumers are getting aware and interested in showing participation in product genuineness and supply chain systems. NFTs can aid their knowledge quench and strengthen their rapport with business. And NFT is based on a blockchain network, so data and information are misplaced, and manipulation isn’t possible.
● Enterprise NFT And Enterprise
Enterprise NFTs are business solutions of NFTs which mainly provide enterprise-level case solving and automation. Enterprise NFT, or shortly ENFT, are digital tokens that aid supply chain management, industrial automation, manufacturing, and other level solutions.
The primary work of ENFTs is tracking, managing, and recording assets used in business cycles. Every asset gets NFTized and utilized to follow wherever it gets. Later, ENFT records every minuscule tracking in hyperledger as a decentralized and immutable database. ENFT can be established by any blockchain, no matter if an enterprise chooses semi-private blockchain networks among its participants.
The ENFT model is very helpful with cross-industry or cross-enterprise exchange cases. Where multiple enterprises and consumers participate in industrial activity, the ENFT token provides utmost security and benefits to the asset and tracks everything it gets through.
NFTs are perfect for business; there’s no doubt. Business pioneers and enthusiasts already mentioned that through several intermissions. In addition to the use cases of NFTs for business mentioned above, one can find a number of other applications of NFTs in a wide range of businesses spread across different industry verticals.This, in turn, makes it clear that NFTs for businesses come with a number of opportunities to explore.
Conclusion
Now, we have adequate information on NFT and business use cases. Although NFTs are relatively new, their increasing rate of adoption gives a clear indication of a bright future of NFTs in business. Moreover, the awareness of NFTs among consumers is also likely to increase. However, don’t let it flow away only with goodness; let’s see the other side of the coin.
NFT is still in the developmental stage, and a further requirement is an innate passion and dedication toward NFTs’ betterment. The first thing an NFT development company must do is improve its service for consumer-related items. Once they get enough ideas from NFT consumer solutions, then they should make progress on the enterprise NFT development genre. So, all we can do is wait and see how NFTs evolve with time along with its business applications in the time to come. However, with the expectations based on the current scenario, NFTs for businesses certainly has a shining future.
