{"id":1464,"date":"2022-06-13T12:26:00","date_gmt":"2022-06-13T07:56:00","guid":{"rendered":"https:\/\/k1arts.com\/?p=1464"},"modified":"2022-06-06T12:26:54","modified_gmt":"2022-06-06T07:56:54","slug":"nfts-can-lead-the-way-in-transforming-business-experiences","status":"publish","type":"post","link":"https:\/\/k1arts.com\/?p=1464","title":{"rendered":"NFTs can lead the way in transforming business experiences"},"content":{"rendered":"<p>Influential American rapper and record producer DeAndre Cortez Way, aka \u201c<a href=\"https:\/\/en.wikipedia.org\/wiki\/Soulja_Boy\">Soulja Boy<\/a>\u201c, seems to be excited by Cardano-powered NFTs.<\/p>\n<p>In October 2018, he included a song called \u201cBitcoin\u201d in the \u201c<a href=\"https:\/\/open.spotify.com\/album\/3qhPUgY0Hl5NT9le5NabuF\">Young Draco<\/a>\u201d album; in this track, he mentions buying Bitcoin at $6,000, and owning both $BTC and $LTC.<\/p>\n<p>In the emerging decentralized Web3 economy, NFTs will enable creators to connect with and serve clients in brand new ways.<\/p>\n<p>Many businesses and big brands have already jumped on the <a href=\"https:\/\/cointelegraph.com\/nonfungible-tokens-for-beginners\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/nonfungible-tokens-for-beginners\/amp\">nonfungible token<\/a> (NFT) bandwagon, including Nike, the National Basketball Association, Pepsi and even Taco Bell. But are these just for the show, or are these NFTs creating value? Much like digital services have become essential for every business in and outside of the technology sector, I believe that tokens \u2014 and, specifically, NFTs \u2014 are likely to become equally crucial in the emerging Web3 economy for at least two reasons.<\/p>\n<p>First, my <a href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/nfts-will-replace-copyrights-and-trademarks\/\" data-amp=\"https:\/\/www-financemagnates-com.cdn.ampproject.org\/c\/s\/www.financemagnates.com\/cryptocurrency\/nfts-will-replace-copyrights-and-trademarks\/amp\/\">view<\/a> is that NFTs tokenize ideas at the atomistic level, creating rivalry and exclusivity around goods or services. Markets cannot form when goods and services are non-rival \u2014 when one person\u2019s consumption does not trade off with another\u2019s \u2014 or when they are non-excludable \u2014 when it is prohibitively expensive to gate access to a good or service with a price mechanism. NFTs, on the other hand, create rivalry and exclusivity by leveraging smart contracts on the blockchain that deliver NFTs to peoples\u2019 digital wallets when they make a purchase.<\/p>\n<p>Second, I also believe that organizations can use NFTs to efficiently attract and engage different tiers of customers each in their own unique way. Whereas traditional marketing involves selling goods and services at a discount, perhaps for a limited duration of time, NFTs allow brands to target specific customers and reward those who want to engage. For instance, perhaps a fashion brand decides to airdrop discount codes or special offerings that are not available anywhere else to NFT holders. Normally, that would be prohibitively expensive to do at scale, but NFTs provide a way.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Influential American rapper and record producer DeAndre Cortez Way, aka \u201cSoulja Boy\u201c, seems to be excited by Cardano-powered NFTs. In &#8230; <a class=\"cz_readmore\" href=\"https:\/\/k1arts.com\/?p=1464\"><i class=\"fa czico-107-web-link\"><\/i><span>Read More<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":1465,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[96,103,98,102,101],"class_list":["post-1464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-k1arts","tag-nftcommunity","tag-nftgallery","tag-thefuture","tag-tokens"],"_links":{"self":[{"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/posts\/1464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/k1arts.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1464"}],"version-history":[{"count":2,"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/posts\/1464\/revisions"}],"predecessor-version":[{"id":1467,"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/posts\/1464\/revisions\/1467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/k1arts.com\/index.php?rest_route=\/wp\/v2\/media\/1465"}],"wp:attachment":[{"href":"https:\/\/k1arts.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/k1arts.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/k1arts.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}