Can Small Businesses Benefit From NFT Implementation?
- Small company may benefit from the growing popularity of NFT.
- NFTs aren’t only for superstars and billion-dollar companies.
NFTs are omnipresent. All major brands from across the globe coming from diversified sectors appear to be hopping on the NFT bandwagon. But here’s the thing: NFTs aren’t only for superstars and billion-dollar companies; they’re also ideal for startups and small enterprises.
Moreover, the second quarter witnessed a new high for active wallets (> 175,000), indicating a significant interest increase. Also, the number of buyers and sellers continues to grow. Specifically, buyers (+ 38%) outnumber sellers (+ 25%), indicating that NFTs are gaining ground faster.
Furthermore, humans want to accumulate things, and NFTs are designed to be rare. According to basic economic theory, scarcity drives higher demand. This indicates that small companies may profit from the current NFT craze of the crypto world. The NFT technology may help expand the company and keep clients.
Low-Cost Alternative
Developing a new NFT loyalty card program. Customers join up and download it on their phones. Furthermore, they scan the loyalty NFT code every time they visit your store to earn points. Tokens may be used in-store and can be pushed at specific thresholds.
As a result of the recent U.S. migration, NFTs, utilized to collect funds to empower Afghan women. Moreover, a similar program, implemented in a neighbourhood, town, city, or state can promote a local charity.
An NFT campaign may be a low-cost alternative to a conventional bank loan if your company is contemplating expanding or establishing new locations. The idea is that contributors know and monitor that money is only given if milestones are achieved as defined by smart contracts set up at the outset of the campaign.
Inexpensive marketing initiatives like sweepstakes or gamification are typically reserved for big corporations like McDonald’s that engage in Monopoly game pieces or Publishers Clearinghouse that still utilizes sweepstakes marketing. Small companies may use NFTs to create extremely engaging gamification marketing campaigns.
Your creativity is the only limit to what your Chamber of Commerce can do to promote companies. Regardless of how you start, it would help if you gave NFTs a try. With nothing to lose, your small company may benefit from the growing popularity of NFT.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
