A Modern Marketer's Guide to NFT Adoption and Branding

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NFTs, also known as non-fungible tokens, are a fast growing asset class within the cryptocurrency market. Public awareness of NFTs emerged back in 2021 when a laser-hot trend of collectable digital artwork hit the scene. It was a revolutionary technology because it enabled creators to tokenize, authenticate and sell digital content.

At the start of 2022, the global NFT market was worth around $3 billion. This valuation is expected to reach $13.6 billion by 2027. So, you might be wondering, why are so many people shelling out real dollars to acquire virtual goods?

To help you fully understand the potential of NFTs, let’s begin with their evolution leading to the present, then move on to their applications going forward.

Today’s digital ownership revolution

NFTs have made the process of ownership and identification of digital assets easier than ever before. The metadata underlying all non-fungible tokens are mapped on the blockchain in a decentralized and secure manner. These data can be quickly verified and are helpful for determining the rightful owner of an asset, not to mention telling similar assets apart.

Past, present and future: NFT evolution

So far, artists, filmmakers, musicians and other creatives have been among the earliest adopters of NFT technology. Numerous companies and celebrities have also begun using NFTs to engage their following. One recent trend is to use the tech for various kinds of access passes or proof of membership.

The future of NFTs in the web 3.0 landscape

When it comes to web 3.0, the next evolution of the internet, NFTs are a game-changer. Their widespread use will catalyze decentralization and the establishment of trustless/permissionless networks. As such, NFTs will be foundational to metaverse and web 3.0 economies alike.

In addition, NFTs are practical for decentralized verification purposes. For instance, tokens can be used to prevent scams and a plethora of ID-related security issues because the credentials of each token are verifiable on-chain.

What’s more, NFT technology can assist brands in overcoming many of the obstacles that have held them back from adopting digital marketing practices more fully.

NFT profits: money-making obstacles

You’ve heard the saying, it takes money to make money. NFT minting can be profitable but it is expensive and requires substantial investment. While free-mint NFTs do exist, most tokens are issued and sold for sums that might intimidate everyday investors. Let’s not even get into gas fees and steep marketing costs for the issuers!

Earning potential with NFTs

Similar to cryptocurrency, NFTs are speculative investments and prone to fluctuation. Though it is possible you will make big bucks buying or selling NFTs, there is no guarantee. Therefore, a little…