Will NFT Platforms Change the Business World?

Today, many internet users have already heard about NFT; some of them have already familiarized themselves with the basic information about a particular NFT platform. Of course there are those users who need to get acquainted with the world of tokens and the digital market. In this article, we invite you to get to know the NFT atmosphere in more detail, taking the Sandmilk platform as an example.

To better understand this topic, you need to know what NFT is. It is very important because today this area is only developing and it is definitely open not only to new creators and artists, but also to new investment. There’s no doubt that many of our readers have heard of the excellent digital image sales, but several factors are required to make a deal like this happen.

It is important to note that NFT platforms work with digital tokens. These tokens, unlike other tokens such as Bitcoin, are not fungible. In this case, each NFT has unique characteristics. It means that the tokens are associated with digital objects and make it possible to guarantee their authenticity and traceability.

Today, NFT is a profitable investment not only for individuals, but also a great opportunity for businesses. If your company has an NFT product, it’s a way to get people talking about your brand. You can easily modernize your image and capture consumer interest while earning revenue from their first sale and then royalties when they are sold on the secondary market. Some companies sell them as collectibles, for example a famous chain of fast food restaurants has created NFT for their flagship products. NFT platforms are sure to change the business world, it’s only a matter of time.

Business areas operating successfully in the NFT market

Overall, one of the advantages of NFT is that it can be integrated into any business. There are even the most unexpected solutions, like the one we described above. However, some sectors have already managed to deliver brilliant results. There are several sectors here:

  • art;
  • Computer Games;
  • Gastronomy;
  • Music;

It makes perfect sense that the NFT sphere has found a place in the world of art and culture. In this way, users can authenticate virtual works and secure their sale. Tokens have also taken the world of video games by storm. Developers usually sell various video game merchandise to their players on NFT platforms.

Recently, a large number of companies in the gastronomy sector have also started showcasing NFT tokens. The first to enter the digital market were luxury companies, working with expensive alcohol and jewelry.

The modernity of this area does not hinder the use of NFT by companies, regardless of their size and field of activity. In addition, several platforms, such as Sandmilk, make it easy to publish and distribute your tokens. Your company deserves to be known in the world as modern and progressive.

As you can see, in today’s world, companies can add value to their brands by offering virtual products or services. Companies are already selling them in enthusiast or collector markets. In fact, they offer new revenue opportunities without having to produce physical goods by controlling transaction costs.

Unsurprisingly, some major companies are already active in the NFT market, such as Fox Corp, which raised $100 million by launching a campaign to inspire NFT content creators.

Of course, just like cryptocurrencies, NFTs also have a bad image. If these shortcomings are addressed (official recognition of cryptocurrencies, development of less energy-intensive proofs of stake, etc.), this brief analysis of this new market suggests that the publication and commercialization of NFTs may be a new tool in business management and in some sectors. even a strategic instrument (development of new markets).

What is the main difference between NFT and cryptocurrency?

NFT is usually built with the same type of programming as cryptocurrencies, such as bitcoin and Ethereum, but it has some differences.

The main difference between NFT and the classic cryptocurrency is that, just like physical money, the classic cryptocurrency is exchangeable. As you understand, cryptocurrency has the same value: one US dollar always costs the same as the other, so the value of one bitcoin is the same as another bitcoin. When talking about NFT, it is important to mention that one NFT cannot be replaced by another. It can be compared to the fact that the painting by Van Gogh cannot be replaced by a painting by Salvador Dali.

Who guarantees the originality of an NFT?

Usually, in the visual arts, the originality of the painting can be confirmed by art criticism and ownership, that is, the document in question. In the digital world, the case of NFT ownership and originality of the digital image is confirmed by the presence of the corresponding NFT.

As we mentioned, NFT exists in the digital space, namely in the blockchain. Thanks to the ability of blockchain technology to provide a unique signature and ownership of NFT, anyone can produce, buy and sell NFT without the need for art expertise to confirm the originality of digital art.

No wonder blockchain technology is compared to a ledger. This technology gives everyone the opportunity to see the originality of digital art.

Conclusion

Certainly, the NFT sphere is a new world for many users these days. It should be noted that the right NFT platform can become a useful tool for you and your business. Often, this tool enhances the company’s image and serves as an additional source of income. Therefore, many large companies are already actively developing in the NFT direction. In general, investing in virtual assets can, under certain conditions, yield ten times more profit than investing in physical assets. There is no doubt that purchasing paintings by artists and NFT is a good investment, the price of which can only increase.

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