NFTs are currently the hottest thing in tech, and many ecommerce businesses are incorporating them into their business strategies. When we consider the staggering amounts some of them have demanded , this should come as absolutely no surprise. Are NFTs really the future of ecommerce, and how are they expected to impact the industry? Let’s find out! What Is an NFT?
NFTs are non-fungible tokens, and they can’t be exchanged for other items. For example, you would be able to exchange a $20 bill for 20 one-dollar bills. But if you happened to have a twenty that has been signed by Marko Jaric – it would become one of a kind and non-fungible.
NFTs are strictly digital; they can be audio or video files, digital art, and so on. When you buy one, you are not only the owner of the license to use it – you become the owner of the actual product. You can hold on to it for as long as you’d like or sell it to someone else. Why Are NFTs Popular?
The idea of owning a digital-only product might sound a bit ludicrous. After all, why would anyone invest in something they can’t touch or feel?
However, NFTs have already entered the mainstream and have been auctioned by two major houses, Sotheby’s and Christie’s. Major fashion brands are also jumping on the bandwagon, like Gucci with their first-ever digital-only sneaker .
While they will never replace physical products, much like other art forms, they are expected to have very high earning potential. Imagine owning a piece of digital music: While it will never replace your CD or vinyl album, it is still a product you’re able to call your possession.
As an ecommerce business, you may see NFTs as a threat. However, they provide plenty of options. They […]
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