7 Ways NFTs Can Kickstart Your Small Business: You Won’t Believe Number 5!
As the digital world continues to grow, digital assets like digital currency and non-fungible token’s (NFTs) grow with it. With this growth comes countless new opportunities for small businesses and individuals to use these to their advantage, whether in their personal or small business endeavours.
Your small business isn’t too small
Understandably, small business owners may be wondering how to get a piece of the pie and use a digital asset like an NFT to kickstart their small business in what can seem like an overwhelming market. Well, the good news is, anyone can get a piece of the pie as long as you have some know how.
With a basic understanding of NFT marketplaces and the NFT ecosystem, small businesses can use NFTs to kickstart their business, gain new clients, branch their business into the digital space, increase brand awareness, and get to a space where they are no longer looked at as just another one of those ‘smaller businesses’.
Don’t listen to the naysayers
We all know there are a number of opinions expressed about the age of digital assets. There are those out there that may be thinking NFT sales have reached their peak or that the NFT industry is in a place where new NFT projects or a new NFT collection might not be able to take off. Perhaps this is why you have avoided them thus far?
NFT growth continues to skyrocket
Thinking the NFT ship has sailed couldn’t be further from the truth. In 2017 there were merely 100 NFT sales in a week, when in 2022 there are on average 15,000 to 100,000 a week. That’s massive growth. If we also consider that there are roughly 345 million internet users in the US, and roughly 2.8% of them are an NFT holder (some 9.6 million people), it would be somewhat foolish to think small business couldn’t use NFTs to grow. Bottom line is the number of NFT holders is ever increasing, so don’t miss out.
How small business can use a digital asset such as NFTs?
So, you ask, how do I use NFTs to kickstart my small business? There are a myriad of ways in which taking the leap into the digital world to evolve into an ‘NFT small business’ can be seriously advantageous.
In fact, using the NFT and non fungible token ecosystem has become the standard to do business more efficiently. It also helps in building trust among customers as you seem trendy and in the know. Some large companies are even now taking advantage of digital platforms (and wishing they had done sooner) as they want to gain greater visibility.
NFTs level the playing field somewhat as through a non fungible token, small businesses and entrepreneurs can now benefit from the use of Blockchain technology. Ultimately, NFTs are starting to be seen as the future of trading goods.
Again, how can I be an NFT small business?!
We want you to get a piece of the pie and be able to easily access these advantages with your small business. So, below are 7 simple ways small business owners can access the power of NFTs to kickstart their small business.
- Build trust and authenticity
How hard do small businesses have to work for the trust of their customers? Pretty damn hard, but NFTs can help. Small businesses can use NFTs to demonstrate that products and services are authentic. It is an unfortunate truth that many businesses suffer severe losses based on digital counterfeits and other counterfeit products.
However, through the use of NFTs, customers can have confidence in their product when it is scanned on a blockchain. An NFT is unique, that’s why they are called non-fungible. It basically means ‘not the same’ as any others. Part of this uniqueness is the digital certificate, which shows product production and history. Customers who buy NFTs along with or as your small business product can see this unique history. Luxury goods brand, LGMH has started developing blockchains that enable easy access to authenticity. Customers can now search online for pricing or historical data.
- Build a strong business community and brand loyalty
Another way to leverage NFTs in a small business is by gaining and retaining new customers. Consider your business gamified by giving your customers rewards for coming into your office or business, such as NFT loyalty points or digital collectibles. You now have a digital loyalty program!
Running an NFT campaign offering NFT rewards is an example of powerful marketing campaigns already used by small businesses around the world. Funnily, not only will customers want the reward you’re offering but they may simply be enticed by the NFT trend. That’s a free win.
Additionally, small businesses can earn money if they sell NFTs as addons that keep bringing customers back and growing your community. Even further, small businesses are going to be able to attract a larger audience. For the art industry, moving away from physical products and selling digital art in NFTs could be a game changer in reaching a wider audience in what is typically a niche customer base industry. So, grow that modern community the modern way.
- Raise funds for your business through digital assets
It’s also possible to raise funds to expand your business through non-fungible tokens. Numerous small businesses around the world have turned to NFTs to raise money rather than contact banks. It is just a matter of essentially selling a ‘stock’ of your own. Woah, stock? Yes, you heard that right.
Gone are the days of needing to be a large company for your customers to feel some kind of ownership. In the past, companies sold the share of stock in monetary terms in an attempt to raise cash. NFT’s can be looked at similarly, especially if they have your brand in them (to make customers feel like they have a part).
Take this further and you could could create an NFT that act as limited event tickets for access to private events. You could give a ticket holder an opportunity to buy NFT art at this event, and raise funds further? The funding potential is almost limitless.
- Timeless marketing
NFT is an innovative marketing method which businesses increasingly adopt. Marketing is a non-stop process, and these days it’s primarily based on the use of a digital platform. If you create NFTs and customers are using NFTs you created after their purchase to trade for other NFTs, your brand is being passed around for who knows how long. This could reduce marketing expenditure and, if your NFTs are catchy enough, could equate to essentially free marketing campaigns.
Once you create advertising campaigns with NFTs, you can have an unrivalled experience of increasing the interest and engagement of customers in your services. Just make sure you hire a good graphic designer, they could be out there and passed around for a long time to come! This makes NFT marketing very popular in entertainment, gaming and technology sectors.
- Build and ensure brand identity
NFTs are increasingly used to build brands’ identity. Firstly, the digital asset trend is a thing and you can either put your head in the sand or pay attention to it. It’s not going anywhere anytime soon. Customers will see your brand as one that is modern and with the times. Imagine the way your brand might be viewed differently the day you announce an NFT drop.
Further, today businesses use NFT’s for creating and communicating brand identity. If you come across an NFT or own one, the chances are it’s likely in a creative format. Through the use of art, music, animation or creative writing, you can communicate your brand in a different and unique way that speaks more directly to customers. An NFT can communicate the identity of your brand in a way you may not be able to yet!
- Manage your supply chain
Small business supply chain management is simple with blockchain technology. Through the use of blockchain tech, consumers can see how a product was made and why it came to market. Non-fungible tokens and the blockchain even allow you to have more control over supply chains and store inventory.
This simplifies stock and supply-chain management and helps improve quality. You can see the life of an NFT product/services and their sales – when it was made, when it was bought, when it was traded. It’s pretty awesome to think that by using NFT systems, businesses could even reduce the cost of managing supply chains!
- Link your products with NFTs
Okay, you may be wondering, how do I use these NFTs or an NFT project if my small business is based around physical products? Well, your business could use NFT technology to connect your physical product with customers. The general population is becoming more and more familiar with NFTs. Therefore, chances are very good that your business will gain even more customers via NFTs and the fact you are associated with them.
How to make the link? Let’s say a customer wants a particular clothing item and comes in to buy it. They could win a digital NFT version of that clothing item. Then say that customers sign up to gain a digital avatar that they can dress in these NFT clothing items. It gets to a point where the customers are buying not only the physical product, but even wanting to buy NFTs to dress their avatars too. This is how NFTs work to drive the business and sales of physical items.
Where to from here?
Okay, so now you know how NFTs and the NFT industry can kickstart your small business. But, where do you go with this knowledge? Well, it can be daunting to go it on your own. That’s not something we should all just sugar coat as it will inevitably end up in small business owners avoiding NFTs all together.
Have a go on your own
The digital world is ever growing and so their is lots of learning to do. Sure, jump online and begin that journey on your own as you have done just now. Within one hour of reading you’ll no doubt learn a lot. But, alternatively, there is help out there.
Engage a professional for small businesses
So, find someone who knows NFT marketing, the NFT marketplace and smart contracts like the back of their hand and have them do the leg work for you. Starting an NFT project or whipping up a new piece of branded NFT art doesn’t have to eat into your next work holiday party.
If you’re reading this, the chances are you’re running a business or are thinking of doing so. We want to take the chance to say you’re awesome, we know it’s not easy. Don’t shy away from the unknown, instead find those who can help you on your journey (into the NFT world) and make hay while the sun shines!