NFT use for corporate institutions

by Ana Lopez

CEO of WAGMI games | Pioneer in digital marketing | Series entrepreneur.

Let’s face it, NFTs don’t have the best reputation in many ways. In fact, I like to jokingly call them the three-letter bad word. I think there are several reasons for this misconception.

For some people it is a simple lack of education. They have no idea what NFTs are, but they believe the negative headlines. For others, very limited NFT training is giving way to “right click mentality”, referring to anyone’s ability to technically right-click and save an NFT image, as well as a lack of technological confidence. Novelty is hard to trust, especially in the financial world. But in reality, NFTs are so much more than just JPEGs with a price tag attached. There are countless business uses for them outside of speculative bubble market trading. Many just don’t know it yet.

Background information on NFTs

NFTs are now a market that is expected to pay off $231 billion by 2030. Yet many people have no idea what they are. The reason for this is simple: NFTs are new. Relatively new, that is. When the internet first emerged, people also thought it was a fad. It took a while for people to open up to it.

Just as the internet once was, I believe NFTs are a new technology. This is by no means a way of saying that NFTs will have an internet impact on the world. However, it is one way of describing the current phase of NFT adoption. I believe more business leaders need to learn what they are and how to use them.

While NFTs can be defined as “unique cryptographic tokens that exist on a blockchain and cannot be replicated” I think there is an easier way to describe them. Ethereum defines them as “tokens we can use to represent ownership of unique items.”

Novelty and the news

Ultimately, an NFT is simply a digital asset you own, provable on the blockchain. Businesses can use NFTs for program memberships, event tickets, access to special events, and even rewards programs. For example, Starbucks recently launched a platform on the polygon chain. NFTs can be given or sold for free, and since it is what comes with the NFT – not the NFT itself that is valuable – this can be a fairly inexpensive way to attract and retain customers.

The majority of people don’t actually know what an NFT is or what they are used for. However, they see numerous headlines pointing to NFT scams, fraud, exchange problems, carpet pulling and more. One way companies can combat these misconceptions is to simply not use the term NFT but what it is used for: skins or characters in gaming, membership cards, digital assets, etc.

NFT Use Cases: The Game Industry

Gaming, ticketing, music, art, real estate, voting and government documentation: NFTs are already impacting industries around the world. They change them for the better, and they change them for the people.

Not only is it an exciting future for NFTs, but it’s also an exciting gift for entrepreneurs. For the average business, leveraging this new technology can create opportunities to re-engage new customers. NFTs may even replace outdated database systems in the future as the technology matures and gains widespread acceptance.

NFTs have already found a way to make gaming better than it already is. When consumers spend money on in-game assets, those consumers usually don’t actually own what they are buying. According to Statista, the global gaming audience spent approximately $61 billion on in-game content last year. By 2025, that number is expected to exceed $74 billion. Those numbers represent a large amount of money spent on something that consumers don’t actually own. Web3 gaming uses NFTs to change this.

NFTs have not only opened up the possibility of ownership in gaming, but it has also opened up the opportunity to make money from free time. Being in the Web3 gaming space, there have been many Ponzi style “play to earn” games that have exploded and crashed just as quickly. I believe this has contributed to the black eye on Web3 projects. However, changing the language from NFT to digital property is just one way to break down the proverbial wall for traditional gamers. There may be a future with NFT-powered games where people can recoup some of the money spent by selling assets on secondary marketplaces.

Changing perceptions

Video games using NFTs have been around longer than many people know. Even in the traditional gaming community, many don’t know about NFTs or crypto. Just as people don’t know about NFTs in gaming, many people probably don’t know about NFTs in real estate. Ultimately, it’s up to business leaders to help change the perception of NFTs. It comes down to defending real world cases, adding value for the consumer and, from a brand perspective, coming up with other ways to reference NFTs. Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?

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