How can NFTs be used by companies
Non-fungible tokens (NFTs), also called Digital Collectibles, can be used by companies in many ways including loyalty programs, gated experiences, ticketing, and so much more!
Digital Collectibles are virtual items, typically art, media, or a digital representation of a real world asset (e.g. trading cards) that can be owned, traded, and used in blockchain applications.
Brands like Starbucks and Boba Guys issue digital loyalty programs to offer customers unique brand experiences such as private menu items and redeemable rewards using NFTs.
eCommerce platforms like Shopify allow store owners to create private storefronts that only members can access after proving they own a digital collectible. This way, brands reward their true fans with unique access to merchandise and experiences.
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The easiest way to think of Non Fungible Tokens (NFTs) is as digital assets on a blockchain that are provably unique. This includes things like digital art, sports cards, games, music, videos, and more (it's likely the best NFTs have yet to be invented!) No two NFTs are the same, and their ownership is immutable and publicly visible.
NFTs are cryptographic tokens that derive their value from being created and transferred on the blockchain. The key difference between NFTs and other tokens (Bitcoin, Ethereum, Sushi, etc.) are that they are non-fungible, which means unlike a one dollar bill or one Bitcoin, no two NFTs are the same or interchangeable. Each NFT has identifying information that makes it unique and easily verifiable.
For centuries, humans have collected items that bring value to them, from art to autographs, beanie babies to trading cards, sneakers to stickers, the list is endless.
With NFTs, this natural process of collecting has become digitized, creating an opportunity to prove ownership of tangible and intangible items in ways that were impossible before. On the creator side, artists now have the ability to verify the origin of their work and connect directly with their audience, without the middle man.
The earliest NFTs originated from CryptoKitties, a blockchain game on Ethereum that allows players to purchase, collect, breed and sell virtual cats. Recently, more and more artists are creating NFTs in unprecedented forms: digital artwork sold at Christies, NBA highlights, music albums, you name it. The only convention is that there's no convention.
There are a variety of marketplaces where you can buy NFTs. The crypto-savvy who already have their own Ethereum wallet will want to check out platforms like OpenSea, Zora, or SuperRare. Those who would prefer to pay with credit card can purchase from platforms like Makerspace, NiftyGateway, or NBA Top Shot.
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