Technology

More and more well-known brands take part in the NFT world

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Even though the NFT trade has been burdened by the fact that the leading NFT trading platform has been a subject of hacker attacks, which has resulted in several stolen works, it is still a market a lot of big companies want to take part in. The question is why? We will try and answer that here.

NFTs are taking the world by storm, no doubt about that. More and more people are getting acquainted with how to create, buy, sell and collect NFT and a lot of people have success earning a lot of money from them. Which now includes a wide range of well-known brands that all jump on the NFT bandwagon.

Businesses follow trends
It may seem weird why big brands like McDonald’s, Taco Bell, and the NBA are spending millions of dollars on digital “assets”, also called non-fungible tokens, which nobody can touch and feel. If you’re investing in a digital asset, it could be a digital art piece, a logo, or even a tweet, you buying something only one person can own with a unique encryption code and a digital wallet. In other words, buying NFTs is also about authenticity and ownership, and as mentioned, there is money to be collected.

To give an example of the large sums of money we’re talking about, let’s look at what CNBC reported back in August 2021. An investor paid 1.3 million dollars for a digital picture of a rock – yes, you heard right! Around the same time, Adidas bought digital art pieces worth 156,000 million dollars, and Visa bought an NFT worth 150,000 dollars. 

Exactly this trend, which is spreading among companies, artists, and private persons, contributes to an increased value. Increased adoption of NFTs also means increased value and utility of NFT’s. If only one person buys and owns an NFT, then it’s useless. But If more and more actors jump on the bandwagon, then there’s a great starting point for exponential growth, which is what happens with NFTs. Read more about the best NFT projects on the market here: https://euroweeklynews.com/

NFTs have the potential to redefine the way these brands do business
Companies are always interested in finding alternative ways they can boost their earnings. NFTs are thereby a new form of revenue stream, but they can also be used as a great tool for engagement, which is also an important aspect for companies, who are always trying to engage with their customers. They can be used as innovative gifts, exclusive access, and much more.

Thereby, NFTs have the potential to redefine the way brands do business, which is reason enough why big brands are spending millions on these digital assets. Are you considering doing the same? Read more about the complex blockchain technology at https://buynft.com/, and learn more about why you as a business owner should consider diving into the NFT world. Here, you can learn everything you need to know, including knowledge about NFT tools and platforms for trading. Additionally, it’s a good place to stay updated on the latest NFT news, which is always important if you’re serious about creating or buying NFTs.

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