How an NFT Marketplace Can Help Your Enterprise Excel
Since the emergence of the first NFT project, Etheria, in October 2015, and the first minted NFT in May of 2014, NFT marketplaces have seen exponential growth. With an average yearly growth rate of 222% up until 2020, then a whopping 62,000% by the end of 2021, thousands of industries, corporations, and individuals began minting and trading their own NFTs. Originally emerging from a “colored coin” developed on the Bitcoin blockchain in 2012, NFTs were created to provide a method of creation and trade even if all users did not agree on their worth. This piqued the interest of artists, enterprises, and individuals alike, creating what we know today as a group of fully-functioning NFT marketplaces. As both currency and business needs continue to evolve, companies must keep up with the rapidly growing desire for alternate forms of payment, trade, and community. By choosing to evolve with your audience rather than against, an opportunity is created to not only grow your enterprise, but also ensure its long-term life and success.
The perfect marketing strategy includes an NFT marketplace
According to data from 2021, 38% of consumers are not interested in joining traditional loyalty programs, but instead value tangible benefits. Enterprises can reconstruct the notion of loyalty programs and mold them into something more in-line with the current demands by utilizing the power behind their own NFT marketplace. When a customer purchases a good or service, a “points” system may be used, rewarding the customer for their purchase. These points are often redeemable and can be used towards another purchase from the same company. Instead of allowing rewards to only be used on tangible items like merchandise or a discount on a future service, companies can offer rewards points to be used to purchase collectible NFTs directly through the company’s NFT marketplace. This allows the same consumers to place value on company-created NFTs, like digital trading cards or a seasonal product. These rare NFTs can then be traded, bought, or sold to a secondary market, serving as a no-cost advertising strategy. Additionally, any user information like phone numbers, email addresses, and target information can be stored and used for future marketing purposes.
Innovation equals success
What do large corporations like Netflix, Uber, and Google have in common? They all began as startups, but all excelled by rapidly innovating, always one step ahead of the competition. In order to achieve success, a company must surpass its competitors and survive economic downturn. One key to surviving economic downturn as a business is securing multiple streams of revenue. At times when business and profits may be sparse, enterprises may sell off their NFTs to recover lost profits. This is especially valuable for art-based businesses, graphic designers, and publishers whos may see more diversity in revenue throughout the year. By joining in on the muti-billion dollar industry of NFTs, businesses can jump in on an early opportunity to ensure financial stability and liquidity of funds.
One use case showing success in the Web3 world that can be explored is Nike’s new proposed digital trading platform, .SWOOSH, where users can purchase and trade exclusive digital content directly from the brand. Giving customers access to collectible Nike merchandise creates a unique brand experience for both new and current users in the Web3 space. Aside from pushing their merchandise to their own user-based trading platform, Nike has previously taken it steps further by debuting its brand in the games Fortnite and Roblox, opening up even more opportunities for fans to grab virtual merch.
We can also learn from GameStop’s strategy with their custom NFT marketplace, touting a user-led platform with not only the ability to purchase, trade, and mint NFTs, but also the option to play Web3 games launched with ImmutableX. Gamestop’s unique platform keeps users engaged with gaming and involved with their NFT collection while simultaneously attracting new users by offering completely gas-free and carbon-neutral NFT minting and trading. Being that GameStop’s marketplace is exclusive to their brand and corporation, this allows the company to control the amount of fees charged while still keeping all of their tech in-house, offering a more genuine and seamless brand experience.
Trust the experts
At the end of the day, do what’s best for your business. Whether you’re in tech, e-commerce, digital art, or just experimenting, taking the steps towards creating liquid, ready-to-use funds is essential to ensure the survival of your enterprise. Creating your own NFT marketplace doesn’t have to be hard, either. With white-label services that custom-tailor your marketplace so you don’t have to, you can spend more time strategizing and less time coding.
Shift Markets specializes in Web3.0 enterprise solutions with an emphasis on integrating into already existing companies and tech stacks. We believe that all enterprises should have the ability to create their own NFT Marketplace that not only empowers users to buy, sell, and mint NFTs, but is also custom to their brand and existing infrastructure. With Shift’s enterprise solutions, you can customize the front and back end of your NFT Marketplace, control transaction and royalty fees, leverage multi-chain compatibility, and more. Learn more about our enterprise solutions at www.shiftmarkets.com/web3
Disclaimer: We are not financial advisors. The content on this site is for educational purposes only. Please consult a professional advisor before making any financial decisions.
