Why NFTs for Your Business?
For those who missed the "NFT for Businesses" webinar on 15 August 2022, don't worry! Although the webinar has ended, you still can register to watch this recording on-demand HERE.
The transition to Web 3.0 is unfolding before our very eyes…
And NFTs are paving the new way to own something digital - from art pieces or real estate deeds all the way down to your personal data stored on an encrypted blockchain.
These tokens let us represent ownership of unique items that can only have one official owner at the time. This means no one can modify the record of ownership or copy/paste a new NFT into existence.
But NFTs are more than just buying and selling GIFs or jpegs. They provide INNOVATIVE, EXCITING, and REWARDING business opportunities.
Primarily, NFTs allow businesses to create a digital proof of ownership, attendance, and even transference to different experiences they offer their customers.
Launching an NFT business may sound like a difficult, technical and expensive process but it doesn't have to be. There are solutions for all these problems!
That is why Consortium 21's CTO, Wilson Tay shared his insights on NFTs for Businesses in an exclusive webinar for business owners, management teams, SME owners, retail, etc. – on 15 August 2022.
In this post, I’m going to extract the essence of Wilson’s sharing so you’ll discover how NFTs can benefit your business and how simple it is to launch your marketing campaigns with NFTs.
The Most Common Problem
According to Wilson, “One of the most common problems we have identified among all businesses that came to us lies in their MEMBERSHIP.”
So, what are the problems with the current membership system or membership card in this industry?
The membership can be seen now as disconnected.
Unfortunately,
There is almost no interoperability at the infrastructure level between each other.
Moreover,
Most of the perks and privileges offered by a brand often are only WITHIN their ecosystem. There is absolutely no linkage with another brand.
Whether it's a big business or small business… whether the business’ turnover is $10,000 or $1 million,
They share the SAME problem of maintaining their very own database of member details.
And the REAL CHALLENGE comes when a brand wants to collaborate with other brands in an event, partnership, etc… especially with API (Application Programming Interface) integration among their databases.
Here’s the solution… Trustless Ecosystem!
The good news is that every business can still have its own infrastructure, i.e. its own database for sensitive business data.
But on top of it, these businesses can have a shared database for less sensitive data.
Instead of just writing their membership details in their own brand database, each business also writes its membership details into the blockchain.
Wilson provided a simple diagram (see above) to illustrate this.
So when all the brands start collaborating with each other, it becomes very easy for all the brands to recognize and validate the membership for each other.
They can just assess a common database and use the blockchain to verify the membership.
And the BEST part is…
There is no need for brands to integrate each other’s API – this solves the complexity of technology integration.
Now, the question is how do you issue membership on the blockchain?
As you’re aware… in the physical world, when you're joining a membership, you get a membership card.
But in blockchain, when you join a membership for all the brands that are supporting this blockchain membership, you get NFT!
One of the things that we do in Consortium 21 is to help local businesses to create or convert an existing traditional membership to a membership NFT.
With Membership NFT, a membership not only can be used physically across every store worldwide, but also recognized digitally i.e. via eCommerce, Metaverse/Games, or decentralized app (dApp).
That is because everything in the ecosystem is now sharing the same database.
Now that you see the benefits of having Membership NFT, you may be wondering…
How NFT can help to improve your business?
#1 Partnering with multiple brands become so easy
Besides providing seamless database integration via the blockchain between two brands’ collaboration, it’s now easier for a brand to approach different partners.
Scaling becomes easier and faster (as it cuts down the turnaround time which previously takes weeks to a few months).
It’s because all NFTs adhere to the same standard. They share the same database, the same blockchain.
That's what a lot of these big brands like LV, Gucci, Chanel, and Prada are doing.
#2 Cross-promotion
This is one of the creative ways where a brand can do a cross-promotion on a related product.
For example, a luxury streetwear brand can approach a sneakers brand to partner up for cross-promotion.
#3 Exclusive access
A brand can also partner with various event organizers to negotiate for exclusive access.
For example, a luxury streetwear brand with 50,000 members can approach an event organizer to get exclusive early access or other perks for their members to the event.
#4 Involve in other projects
Your business can approach other projects like Sandbox or Decentraland to have NFT minting campaigns or to have a presence in their Metaverse.
Now, you can see planning and scaling a marketing campaign become so easy with Membership NFT.
The faster your brand can partner with other brands, the faster you can create VALUE for your business and the faster your business will GROW.
But the next question you may have is…
Why NFTs haven't gone mainstream yet?
It’s due to the hassle of getting NFT with a lengthy onboarding process such as:
· wallet creation and handling of seed phase
· buying crypto for first-timers requires a KYC (Know Your Customer) check, authentic verification, etc.
· transferring crypto to a wallet
· gas fee
The good news is…
We at Consortium 21 have come out with an innovative NFT Solution for businesses where it only takes 30 SECONDS for their customers/members to receive NFT in their wallet.
The solution from Consortium 21 has REVOLUTIONIZED the way in which businesses can market to their customers.
In summary,
We hope these insights shared by Wilson have shed light on your understanding of how to embark on a Web 3.0 journey successfully!
The rapid growth of new technologies like NFTs has made it necessary for businesses to keep up with the latest trends.
But, doing it without proper research and a clear understanding of business value may not be worth the effort and money.
At Consortium 21, we have a dedicated team of Web 3.0 experts who are ready to answer your questions regarding NFT project and provide an efficient solution for your business.
Reach out to us via email: admin@consortium21.com
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