2 Simple Ideas on How an NFT Could Help Your Business
by Justin Lewis
This is a fun one to talk about. Recently, over the last year, there’s been a lot of hype over something called an NFT (Non-fungible Token). There’s a lot information out there online about what an NFT is and how you can make money buying them, but are they something you could use for your business?
You can research what an NFT is all day long, for now let’s just dive in with some ideas on how an NFT could help someone.
Here are 2 examples of NFT usage that businesses could utilize, however since the space is so new I won’t be going extremely in depth.
1. Artists Audience vs Label
This is one that I heard from Gary Vaynerchuk, in short think of an NFT being somewhat like a stock with special rules.
An artist could release, let’s say 1,000 NFTs with different levels of entry. The audience/fanbase of that artist could buy an NFT to help support the artist for their upcoming album, while in turn getting royalties if the album does well. Special NFTs could be setup that would maybe even give a select few fans the ability to have lunch with the artist OR even get free access to concerts for life.
Instead of a label making money from their hard work, the biggest fans would grow along with the artist.
Okay now onto something more related to businesses.
2. Startup Investing
A business could use an NFT similar to that of a stock. For example they could release 200 NFTs all priced reasonably to help them acquire startup funding (just like you’d get from an angel investor). As certain goals are reached then the investors could get a % of profit in the future.
Think of it like this, instead of needing a small group of investors to pull in $500,000 and they get a kickback, your biggest supporters could invest much smaller amounts to receive a kickback. If you had 200 NFTs, for example, then they could sell between $500 – $10,000 each, all of which would have different benefits. This way your own family could invest into your business on the lower end if they just wanted to help, but they’d also possibly get an ROI in the future.
Ontop of all of this, if they sell the NFT in the future you would in turn get a % of that sale.
There are plenty of other ways NFTs could help your business, but this is more of an introductory without going super in depth as it’s a rabbit hole to jump into.
I’d love to hear your ideas on how someone could utilize an NFT to help their business/idea take off.