How to use NFTs for business

Company NFTs

In the 1960s, Campbell’s canned soup became a work of art thanks to Andy Warhol. In 2021, to celebrate the redesign of its label, the company joined the NFT bandwagon: artist Sophia Chang created 100 unique NFT artworks. Proceeds from their sales go to Feeding America, an American hunger relief organization.

How to use NFTs for business

Also in 2021, Coca-Cola is auctioning off four exclusive NFTs that include parts of the company’s history, such as a vending machine or jacket from the 1950s, but reinterpreted for the digital world. Proceeds go back to charity.

By doing so, fans can stay connected to the brand through these digital replicas, which in turn helps the company earn more revenue or enhance its brand image (which, as we’ve just seen, can be used for social purposes).

sell

NFTs can also be a way for sports teams to make more money. In the U.S., it’s becoming a way to digitize the tradition of exclusive sports cards. In Spain, professional football leagues have struck deals with companies to create products such as videos and games for fans.

Contest

Neither an auction nor a sale. In France, McDonald’s created four artworks from its many flagship products and gave them away through a raffle.

How to use NFTs for business

real estate

In addition to art, leisure or entertainment, NFTs have other uses. In 2021, the transaction of an apartment in Kyiv (Ukraine) was completed via NFT, blocking the transfer of funds until the conditions of sale and purchase were met. Non-fungible tokens are also used to prove the owner of a property in a traditional deed.

logistics

Another example of technology in this industry is the field of logistics  . NFTs are used to track and trace goods in transit.Each token uniquely marks a package, a batch or a container.

Metaverse

NFTs have also boosted the presence of many companies in their “digital headquarters,” some of which are strategies shown above. Fashion house Mango announced in May this year that five digital pieces based on as many pieces as possible by Joan Miró, Miquel Barceló and Antoni Tàpies will be co-created to launch alongside 100 NFT T-shirts.

Mango isn’t the only design company to choose NFTs in its Metaverse. Dolce & Gabanna combined physical clothing and wearable digital art in a virtual fashion show. An NFT item called the Glass Suit was auctioned off for just over $1 million, and the bidder walked away with a physical replica.

NFTs for public administration

travel

Tradition does not conflict with the digital world. Local festivals can use NFTs to conduct surprising moves or reach out to a new generation.

This is what the City Council of Zaragoza (Spain) did on the occasion of the celebration of Saint Pilar. For several days, Internet users have visited a page replicating Pilar Square; there, they have to find a basket with cobblestones to share on social networks and enter a raffle, including a prize from the historic local giant and exclusive NFTs inspired by Big Shot troupe and more.

new revenue stream

Related to the cultural and artistic dissemination we talked about earlier in the article, governments can use NFTs to supplement their museum store profits.

Have had several experiences. The Uffizi Gallery in Florence (Italy) has sold a unique digital copy of Michelangelo’s Tondodoni for €140,000. The Hermitage in St. Petersburg (Russia) also received revenue through NFT auctions of five of its works.

How to use NFTs for business

The concept of exclusivity makes customers more interested in NFTs and they approach brands with new eyes. We’ve seen auctions, contests, sales… How will you apply these NFTs in corporate and public administration?

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-to-use-nfts-for-business/
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