CEO or Wagmi game | Digital Marketing Pioneer | Serial Entrepreneur.
Let’s face it, NFTs don’t have the best reputation in many ways. In fact, I like to jokingly call them three-letter bad words. I have found that there are many reasons for this misunderstanding.
For some, it’s just a lack of education. They don’t know what an NFT is, but they believe in bad press. For others, very limited NFT education gave way to a “right-clicker mentality,” referring to anyone’s ability to technically right-click and save an NFT image, and a lack of technical confidence. Novelty is hard to believe, especially in finance. But really, NFTs aren’t just JPEGs with a price tag. They have countless commercial applications beyond trading in speculative bubble markets. Many people don’t know yet.
Background on NFTs
NFTs are now a market projected to be worth $231 billion by 2030. Still, many people don’t know what they are. The reason is simple: NFTs are new.relatively New, that is. When the Internet was just emerging, people also thought it was a fashion. It takes time for people to accept it.
Just like the Internet once, I believe NFT is a new technology. This is by no means to say that NFTs will have an internet-scale impact on the world. However, this is one way of describing the current stage of NFT adoption. I believe more business leaders need to understand what they are and how to take advantage of them.
While NFTs can be defined as “unique encrypted tokens that exist on the blockchain and cannot be duplicated”, I found that there is an easier way to describe them. Ethereum defines them as “tokens that we can use to represent ownership of unique items”.
novelties and news
In the end, NFTs are simply digital assets that you own, provable on the blockchain. Businesses can use NFTs for planned memberships, event tickets, special events and even rewards programs. For example, Starbucks recently launched a platform on the Polygon chain. NFTs can be given away for free or sold because it’s something that comes with the NFT — not the NFT itself has value — which can be a fairly low-cost way of attracting and retaining customers.
Most people don’t actually know what NFTs are or what they are used for. They did, however, see countless headlines pointing to NFT scams, fraud, transaction issues, pullbacks, and more. One way businesses can dispel these misconceptions is by not using the term NFT, but by what it is used for: in-game skins or characters, loyalty cards, digital assets, etc.
NFT Use Case: Gaming Industry
Gaming, ticketing, music, art, real estate, voting, and government documents: NFTs are already impacting industries around the world. They are making them better and they are making a difference for the people.
Not only is this an exciting future for NFTs, but an exciting gift for business owners as well. For the average business, leveraging this new technology can create an opportunity to re-engage new customers. As the technology matures and becomes widely accepted, future NFTs may even replace outdated database systems.
NFTs have found a way to make games better than they already are. Often, when consumers spend money on in-game assets, those consumers don’t actually own what they’re buying. According to Statista, the global gaming audience spent an estimated $61 billion on gaming content last year. By 2025, this figure is projected to exceed $74 billion. These figures represent a lot of money being spent on things consumers don’t actually own. Web3 games are using NFTs to change that.
NFTs not only open up the possibility of game ownership, but also provide the ability to monetize leisure time. In the Web3 gaming space, there are plenty of Ponzi-like “play for money” games that explode and collapse just as fast. I believe this has contributed to the black eye of the Web3 project. However, changing the language from NFT to digital ownership is just one way to break down the well-known barriers of traditional gamers. There may be NFT-driven games in the future, where people can recoup some of their costs by selling assets on the secondary market.
Video games using NFTs have been around longer than many people realize. Even within the traditional gaming community, there are many people who know nothing about NFTs or cryptocurrencies. Just like people don’t know about NFTs in games, many people may not know about NFTs in real estate. Ultimately, business leaders need to help change the perception of NFTs. It comes down to supporting a real-world case, adding value to consumers, and from a brand perspective, figuring out other ways to reference NFTs.
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