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28 January 2022

Tech Perspective #35: NFT - A Business Opportunity or Just a Fad

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2021 has been a breakthrough year for NFTs; Google search interest skyrocketed as never before and NFT marketplaces such as Nifty Gateway and OpenSea scored all-time highs and achieved record popularity as everyone wanted to join an NFT hype train.  

However, it’s not just a buzzword. The NFT translates into sales, the ones counted in millions. Individual NFTs continue to sell for enormous amounts of money, with artists scoring six figures for their original art. 

Even though NFTs has gained enormous publicity, many people still struggle to understand what exactly they are. Let me explain. NFT is a non-convertible cryptographic token based on Blockchain technology. Each single NFT is unique - this means that it can act as its own certificate of authenticity. They cannot be copied. 

Join me to explore a fascinating and lucrative world of NFTs. 

Record Sale  

The record sale of NFT literally shook the tech world to its foundations. After a wave of more than 180 bids in the final hour, a JPG file was sold by Christie’s in an online auction for $69.3 million with fees. It was the first time that a respectable auction house has ever sold a digital artwork. 

This JPG file is titled EVERYDAYS: THE FIRST 5000 DAYS and was created by Mike Winkelmann, the digital artist known as Beeple. It presents a collage of 5,000 of Beeple's earlier artworks, showing his development as an artist throughout his career. 

Even though the opportunities and possible applications of NFTs have been discussed for several years, it was this record sale that truly sparked the discussion about the future of this technology in business. Is there a chance for regular businesses to benefit from the NFT craze? 

Capitalise on NFTs  

Good news — if you’re not a digital artist, you can still succeed in the NFT market. There are many different applications for NFTs across different industries. 

Are you already invested in the NFT world? Good for you! There’s high demand for courses and teaching materials about NFTs. If you consider yourself a specialist in this area, I would suggest you try capitalising on your knowledge. 

If you know a thing or two about producing and selling NFTs, think about creating an online course or masterclass for newcomers who want to enter the market. Depending on your level of expertise, you can offer courses on different levels of advancement. 

Don’t feel like teaching? Don’t worry, you can use your knowledge and experience in many other ways. What’s surprising, there are not so many NFT-themed newsletters available. If you want to join the hype train and stay ahead of the competition, it may be a good idea to collect all the latest news, press releases and auction sales and create a monthly or weekly newsletter for all the NFT nerds. 

As stated by Tyler Gallagher, CEO and founder of Regal Assets, the web is desperate for well-written and informative NFT-related content. If you are not only an expert in NFTs, but you can also produce high-quality content, maybe it’s time to start writing a blog?  

Don’t want to start a new business or change the sector of operation? Don’t worry, you can still use NFTs in your favour. If you’re looking for interesting marketing opportunities, you can issue counterfeit-proof one-time promotional tools, such as coupons, promotional discounts, or even event tickets. By using Blockchain codes you can ensure safe and tamper-proof access for your most devoted clients. By doing so, you not only show that you care about your customers but also that you are up-to-date with tech news and innovations.  

On top of that, if you want to set your most loyal clients apart and truly show how special they are for your company, you may want to introduce digital NFT loyalty cards. Once customers sign up for a customer loyalty programme, they get a unique and uncopiable NFT card. They can use it to collect loyalty points which then can be traded for rewards or other discounts. 

Take a Chance  

The NFT industry is brand new and will inevitably undergo years of development. The same applies to whatever business you may start in NFTs. There’s plenty of room for NFT related companies and not so much competition, so maybe it’s time to get in on the action. 

 If you are an enthusiast of NFT, it may be a good idea to start capitalising on that. I hope that my list of NFT business ideas will help you make your big step into the industry. 

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Author
Marcin Bartoszuk
Chief Operating Officer

With Microsoft technologies related since 2005. He graduated from the Computer Science Faculty of the Bialystok University of Technology where he was the leader of the .NET Group and the Microsoft Student Partner. Four times finalist of the national stage of the Imagine Cup competition, and later the mentor and the jury member of the contest. Co-founder of the Bialystok .NET Group. He lectured .NET development at the Bialystok University of Technology. Microsoft MVP in the Client Application Development category in 2008-2010, when he actively participated in the IT community. Constant new technology enthusiast and IT consultant.