NFT AND FRANCHISING: HOW AND WHY
11 million dollars: this was the value of the NFT market in 2021 (nonfungible.com data). If you are impressed by these numbers and want to understand how to approach the industry, to create and market NFT, we can help you do that.
My agency by virtue of the new technical partnerships (programmers, 3D designers and lagali) is able to direct you to the best and surf this wave this market. First, however, it is good that you know the basics of NFTs and understand how you can exploit them as an entrepreneur for your franchise or e-commerce.
To clear your head I wrote this mini guide.
1. What are NFTs?
The acronym NFT is not fungible token: it is, in practice, tokens, or digital values that are associated with digital assets, which can be of different nature: videos, songs, photos or real works of art even in 3D. So it’s not something tangible, you see it, but you don’t touch it. These digital objects are stored on the blockchain, a technology you’ve already heard about, which has the advantage of ensuring the authenticity of the work, bringing it back to an owner, and also that there is no fraud or theft of the same in theory.
2. What are the advantages of launching your own NFTs?
Gucci, Coca Cola, Adidas, Mattel, McDonald’s are just some of the brands that have created digital collections, launching their own NFT. Even in the field of franchising, the NFT tool can give brands significant advantages in terms of power branding and bring to a higher level the loyalty of its customers and/ or affiliates.
But let’s crystallize, the reasons why some Leader brands have already made their own NFTs:
- to innovate their image,
- strengthen their community and make their consumers feel exclusive, giving them unique experiences (utilities),
- create new forces of interaction and engagement,
- strengthen their brand by associating it with innovative and trendy tech concepts,
- and eventually generate new revenue streams.
In this case it is necessary to have a precise commercial strategy, an investment and provide real added value for those who buy them. Otherwise there is a risk of reducing everything to a trivial pseudo-innovative advertising initiative.
Do you have a restaurant? You could, for example, create digital invitations for your consumers to attend exclusive events. But this is just one of the possible examples, the limit is your imagination.
For example, McDonald’s launched a competition by giving away an NFT, called McRib, to the top 10 users who would retweet the tweet with the invitation to the competition
3. How to create NFT
Typically, brands rely on well-known digital artists to create collections. Coca Cola, for example, collaborated with digital artist Tafi, known for being the creator of custom 3D content for avatars and emoji systems.
Don’t know which artist to turn to? I can tell you that we penise to everything, we can offer you an ad hoc and turnkey solution to make, launch and sell your NFTs.
Once you have created your own work, invitation or otherwise, you have to upload it to some of the main NFT platforms that today are OpenSea, Rarible and Mintabl.
4. How to upload an NFT work
After choosing which platform you want to launch your initiative on, you need to open a crypto wallet, a digital wallet that you will need to market your works.
NB: here is a detail you need to know. Some platforms will ask you for an investment to create your NFT. Basically, you’ll have to buy some Ether, one of the most well-known cryptos. Ethereum, on the other hand, is the most popular network that is supported by the main NFT markets.
There are also platforms where the process is completely free, like the aforementioned OpenSea.
The next steps to launch your digital work are three. You first need to create your own collection, load the artwork by selecting the item, and then move on to the process of creating your NFT.
Once you have created your NFT you will have to click on the “sale” button to make it marketable.
5. How to trade with NFTs
What we have told you about creating your own original work or initiative to sell in major markets is just one of the ways to earn with NFT.
There are other avenues, such as that of the investor: here you will use NFT as shares, buying digital works that you believe can grow in value in the future.
Beyond some assets that now have a very high value, such as Bored Ape Yacht Club (it is the cheapest of the collection and costs about 217 thousand dollars!) there are more affordable investments.
To understand whether to invest or not, the rules apply that also work in the stock world: understand if the project is solid (looking at the team or the influence of the artist) and inquire well on the Net, trying to contact the company or the artist directly.
Do you want to be the first to carry out a marketing operation with NFT? Ask for a quote by filling out this form.
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