The NFT, or non-fungible token, is easily becoming the most profitable blockchain-based market in the world, with a recorded $10.67 billion sales in the third quarter of 2021. Soon enough, these digital assets will completely dominate the e-commerce space, changing the way we buy and sell products.
Take, for example, Gucci, who auctioned an NFT for $20,000. Or, Canadian artist and musician Grimes, who sold her NFT crypto art for a mind-blowing $5.8 million.
ReBlonde Public Relations, a reputable agency offering blockchain PR services, offers insights into why NFT is gaining popularity and how it will dramatically change the e-commerce space.
But first, a brief description of NFTs.
What Are Non-Fungible Tokens?
NFTs are blockchain-based digital assets that are bought and sold using crypto coins or a digital wallet. They can virtually be anything—digital artwork, music, video game collectibles, and even tokenized real-world assets like designer bags and cars. The possibilities are limitless.
When customers purchase an NFT, they don’t just gain a license to use the item: full ownership is transferred to them. However, NFTs are non-fungible, meaning they cannot be traded or interchanged for an item of the same value.
What the Future Holds for NFT and E-Commerce
NFT has so much untapped potential for online businesses. Here are a few ways they can transform the way people transact online.
Eliminates the Need for a Middle Person
Today’s e-commerce platforms operate in a centralized system that involves third-party authorities. The need for intermediaries often creates issues in the distribution of commissions. NFT enables entrepreneurs to directly transact with consumers, completely eliminating the need for third parties.
Enables Fast and Easy Transactions
Much like Amazon, Etsy, and eBay, the NFT marketplace enables users to list items for sale on the open market. It’s a great way to connect with millions of prospective buyers, plus it’s fairly easy to set up. All you need are ETH for minting your NFT and a digital wallet.
Likewise, trade requests and offers are processed in real time by blockchain-based computer networks, resulting in quick transactions.
Accessibility
NFTs enable fractional ownership of assets that normally would be too expensive for average income-earners. Fractional ownership involves selling shares of an asset to multiple individuals. The shareholders receive the same benefits, including usage rights, priority access, and income sharing.
Bypasses Trade Barriers
Sellers often need to navigate government-induced restrictions for international transactions. NFTs are exempt from this guideline, making it possible to digitally trade across borders.
Award-Winning Blockchain PR Services
Despite NFT’s increasing popularity, many people remain skeptical about this emerging market. ReBlonde Public Relations help blockchain firms shed light on the many benefits of blockchain-based markets like NFTs. Our team of dedicated publicists will help promote your products and services to the right audience.
When you work with us, you’ll gain access to services such as media relations, messaging and positioning, and crowdfunding campaigns.
Find out what good public relations can do for your blockchain firm. Reach out to us to book a free consultation today.
