Businesses must strategise for the long term, building new NFTs the way marketers would approach new brands – with the intent of keeping them alive and thriving for the next five to 10 years.
Before experimenting with non-fungible tokens (NFTs), businesses should first understand the financial aspects of these assets. If a brand purchases an NFT, it is also taking the risk of the value of that particular asset decreasing over time.
While investing in NFTs gives brands another way to build and nurture a community, the same community eventually decides the value of the NFTs launched by the brand. Businesses will have to pay close attention to factors that cause the value of their NFTs to rise or decline.
At the same time, brands also must focus on educating their audiences about NFTs. Audiences should be made aware of how exactly the brand plans on integrating it into its services and community.
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[10 minute read]