3/21/22, 12:36 PM
How to Level Up Your Brand’s NFT Knowledge | Jason Solis | Technology
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How to Level Up Your Brand’s NFT Knowledge by Jason Solis | Mar 21, 2022 | Business, FinTech, Jason Solis, Technology
NFT is a digital asset that is not printed on paper and can be earned, traded, or spent within a video game or virtual setting. It’s also the name for the trading card or collectible game genre. They are often used as in-game currency but can also function as unique items with property ownership implications, such as in-game rewards or rare character skins; this could happen if an NFT becomes scarce. Here is how to level up the brand’s NFT knowledge. Understand The Game’s Revenue Model NFTs are often used as in-game currency. However, it is not uncommon to purchase with real money, especially at a discounted rate. A key point to note is that if NFTs were used https://jasonsolis.net/how-to-level-up-your-brands-nft-knowledge/
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3/21/22, 12:36 PM
How to Level Up Your Brand’s NFT Knowledge | Jason Solis | Technology
only to earn in-game currency, they wouldn’t be necessary because this would be enough to do so. The brand’s community must understand how these NFTs will help enhance the player experience and return their investment (ROI). Look for The Potential for Game Synergy There is a lot of synergy between electronic sports and NFTs because NFTs can be used to enhance the player experience within a game or provide new ways to engage with a brand’s electronic sports community. However, NFTs can provide additional utility outside of video games, like coupons or event tickets. This possibility makes it essential to build synergy with electronic sports events to add value to the brand’s investment in an NFT. Respecting All NFT Parameters It is critical to be respectful and mindful of each brand’s different NFT related parameters. For example, some brands object to their name attached to non-fungible digital items, like digital collectibles. There’s also a difference between private trading, acceptable, and distributing access to private keys, which isn’t because of security and privacy concerns. Educating themselves on NFTs and their associated parameters will help the brand develop a reputation as a knowledgeable player in the space. It is paramount because it makes it more likely that future collaborations with other brands will be successful. Encourage Users to Contribute to The NFT Economy One of the best ways to increase the revenue of an NFT economy is by encouraging fans and influencers to create and share NFTs. It will help create more demand for these items, increasing the value. The more content created, the more valuable each item becomes. Establishing The Brand’s NFT Identity It is vital to establish the brand’s NFT identity through various ways, including its NFTrelated social media posts and interactions with other brands in the space. For example, some brands refer to their items as rewards or premium content, while others call them collectibles or trading cards. By establishing this identity and giving people reasons to care about it, one can encourage people to purchase these items because they are interested in
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3/21/22, 12:36 PM
How to Level Up Your Brand’s NFT Knowledge | Jason Solis | Technology
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