Popular among young people and among crypto-economy and technology enthusiasts, NFTs are gaining more and more popularity by combining innovation and uniqueness. But what is the future of these digital assets?
For Rodrigo Soiro, founder of the Brazilian cryptobank Monos, NFTs are a way to bring companies and audiences together and revolutionize brand experiences.
“NFTs are extending digital asset technology to areas that have never been part of this disruption, such as art, music, fashion, soft drinks, sports and other entertainment media. Will increase significantly “, he explains.
NFT comes from the English expression Non-fungal tokens, Which means non-fungible token. They are a type of cryptographic token that represents something unique in the world and has no intrinsic value, but is subjective. These are tokens that cannot be exchanged for cryptocurrencies, but can be bought and sold by bidding or offer.
“The artistic field was the first to envision the commercial potential of NFTs, linking them to objects whose unique value is already an attraction, such as paintings and sculptures. And even game avatars. That’s where the role of the brand comes in, to visualize the potential for this consumption associated with their products or services. “
An example of an NFT is the Bored Ape Yacht Club (BAYC), a digital asset created in a limited and collectible way, and which has already been acquired by great personalities like Neymar, Madonna and Justin Bieber at millions and unimaginable prices.
For BAYC holders, there are many benefits, from accessing exclusive events around the world to receiving gifts from the world’s largest global home delivery.
There are also privileged media spaces that include members of this VIP club. For example, imagine Neymar and Madonna drinking a certain drink that is also part of BAYC. In this way, Yuga Labs, the company behind the initiative, has created a powerful and valuable community that still has the potential to generate feedback and value for each new member it attracts.
“Companies around the world will create approaches like this: building community around brands or tokens that become brands. The limit is in the creativity of each company, because now, more than ever, the possibilities are vast and without obstacles, ”Rodrigo points out.
Simple application of NFTs also has an effect, such as earn a game. Examples are RTFKT, a company that sells sneakers for avatars, and Axie Infinity, bought by Nike. There are also music festivals like Coachella and Budweiser Royalty NFT Drop that offer digital property related benefits.
“The fact is, companies are gaining control of this market, and they already know that this is an opportunity to increase revenue, to be able to interact with an audience that is now scattered in many corners, and most importantly, to provide a level of engagement. Until then, in brand experiences that was previously impossible, “he adds.
Experts conclude that NFTs should make cryptoeconomy more popular. “The impact of NFTs has been proven to be unparalleled in that companies and departments away from the crypto economy will be drawn into this ecosystem. Even those in this market were surprised.
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