How Your Company Can Leverage NFTs

How can your company benefit from NFTs? This article will offer three ideas that your company can explore.

Idea No.1: Create and Sell Your Own NFT Collection

Your company can create a collection of NFTs and sell it. A great example of a company gaining success with this is the NBA. The NBA created an NFT collection called NBA Top Shot to sell basketball video clips as NFTs. Sales of NBA Top Shot NFTs have exceeded $1 Billion dollars as of Jul 2022 per an NFT industry data aggregator CryptoSlam backed by Mark Cuban.

There are 2 ways to create NFTs: 1) create NFTs by yourselves 2) partner with an NFT creator to create NFTs for you.

1) Create NFTs by yourselves: You can read my article How to Create Your First NFT - A Step by Step Guide to learn how to create an NFT.

2) Partner with an NFT creator: There are a lot of NFT creators who can create NFTs for you. For example, the NBA partnered with the Canadian blockchain technology company Dapper Labs to create NFTs for the NBA.

Idea No.2: Use NFTs for Marketing by Tying Your NFTs with Your Brand

Companies can use NFTs as a tool for marketing. Coach is a good example for this. In Dec 2021, Coach launched its first collection of 80 NFTs to celebrate Coach's 80th year in business. The 80 NFTs feature 8 animals (10 NFTs for each animal), including Coach's brand mascot Rexy. Instead of selling these NFTs for a fee, Coach gave these NFTs for free and offered the initial NFT holders the right to redeem these NFTs for made-to-order, completely customizable Rogue bags in 2022. This is a great example of using NFTs to promote the brand and products.

Besides Coach, a lot of other fashion brands have been riding the hype of NFTs to promote their own brand as well. In Mar 2022, Decentraland hosted a metaverse fashion show where brands such as Dolce & Gabbanna, Tommy Hilfiger, Forever 21 walked the runway with NFTs representing their clothing and accessories.

Idea No.3: Use NFTs to Raise Money for Philanthropy

NFTs are becoming a major force in charitable fundraising. In March 2021, Twitter CEO Jack Dorsey sold an NFT of his first tweet for approximately $2.9M and donated to charity. Below are the top 5 most charitable NFT projects as of November 2021 per the Giving Block, a crypto donation platform. As you can see, NFTs can be used as a great way to raise money for good causes.

Please feel free to comment below if you have heard of any other great ideas regarding how companies leverage NFTs.