Introduction
NFTs are currently the hottest thing in the world, and many businesses are incorporating them into their business strategies.
The popular digital world has been altered by non-fungible tokens. The capabilities and advantages given by NFTs spark the interest of every business.
If you are curious about NFTs and how they will impact the Ecommerce Industry, you aren’t alone – Keep reading to find more information!
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What is an NFT?
Non-fungible tokens are built on the blockchain and stay in a decentralized ecosystem.
Most of them are part of the Ethereum blockchain, and NFTs are distinct, one-of-a-kind digital objects, ranging from music and art to games and even tweets. NFTs are bought and sold online, typically using cryptocurrency. And while currencies like traditional money and bitcoin are “fungible,” which means they can be exchanged one for another, NFTs are unique (hence the name, “non-fungible”).
NFT is a technology that can be used to validate its ownership. Each NFT has a digital signature that can’t be altered, and owners can verify ownership using the same.
Because of the underlying layer of utility that we were just describing and also because of their recent popularity, many businesses are interested in building NFTs for their ecommerce stores.
"NFTs are the first sort of digital item that work the way that we expect stuff to work."
— Bloomberg Quicktake (@Quicktake) March 11, 2021
Here's your Quicktake on why everyone from the art world to pop stars and NBA players have been talking about NFTs https://t.co/1DnIb7F1WE pic.twitter.com/GlFCCoT1v8
Why are NFTs so popular?
Why do people spend Millions on NFTs when you can just download the JPEG?
— Matty (@DCLBlogger) September 12, 2021
$6M for a punk instead of a beautiful house?
Is it Money Laundering?
Is it legit?
1/ Let’s explore 👇 pic.twitter.com/IrxhDnOhwE
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.
Why? What’s happening with the people?
First, they’re exclusive. There is only one Beeple collage and only a limited supply of the Kobe Bryant KB24 collection.
They also have what is called provenance. That means they have an origin and may have a history.
And finally, they can be traded, sold, and resold like any other commodity, creating a unique marketplace that adds to their value.
Ideas for using NFTs in your eCommerce business
The one thing ecommerce lacks is the ability to instantly gratify a customer’s needs. True, you are able to offer consumers that sense of joy of completing a purchase from anywhere and at any time. But there’s still shipping involved.
NFTs can fill this experience gap if you offer them alongside the physical product that will take some time to arrive. Customers will become the immediate owners of the NFT, so they can show it off to their friends and showcase it across various aspects of their digital presence.
This can also increase your profit margins and set you apart from your competitors as a pioneer in early adoption and futureproofing.
NFTs are tradable, collectible items, which makes them the perfect addition to Ecommerce stores. Here are different ways ecommerces can use them.
Behind every successful NFT project, there’s a strong community where customers can connect with your brand and supporters can form deep and lasting connections with one another. The ownership of your brand’s digital collectibles gives customers a financial incentive to bring more people and become true brand ambassadors
Seeing people use NFTs as avatars across the internet is just another proof point that the sense of belonging and exclusivity are appealing, which makes NFTs a great marketing strategy.
Your job is to advertise your business where your actual consumer spends time but also where your future consumer is. NFTs are the perfect way of interacting with a younger audience and start letting them know about your value proposition.
Pre Launch of physical products
“Drop culture” has become increasingly popular in the last couple of years. The sense of scarcity they create leads to long lines in front of stores. Using NFTs to give customers exclusive access to special drops can help an eCommerce brand share its story in a unique way while further promoting the scarcity angle.
We’ve seen companies like Nike and Adidas tie NFTs to product drops for loyal customers. But tokens can also be used to prelaunch physical products. Early-access NFTs generate buzz and exposure before a new product launch, allowing you to build a solid base of early-bird customers.
Loyalty Programs
One of the most popular use cases for NFTs in ecommerce is the monetization of loyalty programs. Typically, these programs reward you with points for every purchase you make. Points that can be redeemed for products or discounts or add up to bigger bonus items.
NFTs allow merchants to give consumers real-world utility. Loyalty cards, event tickets, and even health records can be moved onto the blockchain. This benefits both the consumer and the retailer.
Also something that is very cool and disruptive is that these are interchangable! You can take your loyalty programs a step further by allowing points to be exchanged for NFTs. Customers enjoy the discounts loyalty programs usually offer, but they can get boring after a while.
If these points are NFTs the person could sell it to someone else that is looking for that. The consumers benefit so as the company that receives a % of the sale because of the royalties.
Sell digital assets
As the metaverse grows in importance, NFTs will be a vehicle through which metaverse residents can purchase virtual real estate, furnish their virtual houses, and clothe their digital selves. The products you’ll buy in the metaverse will be, in essence, digital versions of what people own in the real world today.
Nike made its first move into NFTs by partnering with the online gaming platform Roblox to debut Nikeland. Customers in Nikeland can choose from a series of pre-built games or customize their own. They can also use accelerometers in mobile devices to incorporate real-life movements such as long jumps and speed runs into the game. For a more immersive experience, customers can browse the Nikeland showroom to dress their avatars, choosing different shoes, apparel, and accessories.
Proof of ownership and transactions
With the proper legal structure, anything can be tokenized. It’s a matter of linking NFTs to a physical piece of property or information, such as property titles, car deeds, and healthcare information.
NFTs can serve this side of eCommerce in a highly effective manner since they provide a never-before-seen technique of assigning value to virtual property. Those eCommerce systems that wish to offer unique things can develop their own NFTs, as can those platforms that want to sell diverse ownership sections of the same asset. The latter necessitates a more complex ownership agreement, as an asset might be owned by numerous people at the same time.
This entire system has the potential to change the game for eCommerce websites all around the world. This is especially true for platforms that sell digital assets entirely or a combination of physical things and virtual solutions to their clients.
This links indirectly with the proof of ownership, exclusivity, and transaction record aspects of an NFT, in addition to enabling a means for a virtual property to be sold. When all of these characteristics are combined, NFTs can be a great approach to demonstrate value in a variety of transactions.
DigitalEyes is Solana’s first open NFT marketplace and allows users to create, sell and buy Solana’s NFTs.
Top-ranked and most popular NFT collections on the DigitalEyes include Aurory, Galactic Gecko Space Garage, Degenerate Ape Academy, and Frakt.
Alpha.art is a unique Solana NFT marketplace where users can buy and trade Solana-based NFTs.
There are no costs involved in listing on Alpha.art. However, this marketplace charges a sales fee of 2%, which is incurred at the time of the transaction.
SupaDrop is an NFT marketplace that focuses on spotlighting and fostering small, independent artists who create original and unique digital art. Artists can work with various materials (AR/3D, video, audio, HTML, and images).
FTX is a newly launched Solana NFT marketplace that offers auction-style buying and selling. As with some previous NFT marketplaces, FTX NFTs do not charge a listing fee. In addition, royalties can also be set by the creator.
Looking for a NFT Marketing Agency for your Project?
Crowdcreate is a leading crypto & NFT growth marketing agency and advisory. Crowdcreate is an award-winning full-service consultancy being named “Top Crypto Marketing Firm” by Forbes, CoinBureau, and Clutch.
Top NFT Projects in Solana
- Collection Size: 10,000
- Mint price: 1.5 SOL
- Mint date: 26 April 2022
- Inspect Community ranking: 1
- Marketplace: MagicEden, OpenSea
- Collection Size: 6,969
- Mint price: 2 SOL
- Mint date: 10 March 2022
- Inspect Community ranking: 2
- Marketplace: MagicEden, OpenSea
- Collection Size: 10,000
- Mint price: 3 SOL
- Mint date: 8 October 2021
- Inspect Community ranking: 3
- Marketplace: MagicEden, OpenSea
- Collection Size: 6,666
- Mint price: 0.666 SOL
- Mint date: 28 October 2021
- Inspect Community ranking: 4
- Marketplace: MagicEden, OpenSea
- Collection Size: 4,444
- Mint price: 2.2 SOL
- Mint date: 24 March 2021
- Inspect Community ranking: 5
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,555
- Mint price: 1 SOL
- Mint date: 17 December 2021
- Inspect Community ranking: 6
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,000
- Mint price: 1.5 SOL
- Mint date: 10 March 2022
Inspect Community ranking: 7
Marketplace: MagicEden, OpenSea
- Collection Size: 5,001
- Mint price: 2 SOL
- Mint date: 4 March 2022
- Community ranking: 8
- Marketplace: MagicEden, OpenSea
- Collection Size: 5,000
- Mint price: 1.5 SOL
- Mint date: 26 November 2021
- Community ranking: 9
- Marketplace: MagicEden, OpenSea
- Collection Size: 555
- Mint price: Free Airdrop if you are an OG holder of The Sol Army SOLdiers Gen0
- Mint date: 28 October 2021
- Community ranking: 10
- Marketplace: MagicEden
Looking for a NFT Marketing Agency for your Project?
Crowdcreate is a leading crypto & NFT growth marketing agency and advisory. Crowdcreate is an award-winning full-service consultancy being named “Top Crypto Marketing Firm” by Forbes, CoinBureau, and Clutch.
Solana NFTs - Research
Need to Succesfully Market your NFT Project?
Hiring an NFT marketing firm can save you a lot of time and money that you would otherwise spend experimenting with different methods that may or may not succeed. A professional cryptocurrency marketing firm like Crowdcreate, on the other hand, will use a tried-and-true marketing plan to take your business from obscurity to prominence in the digital world, allowing you to raise more cash or attract more investors to acquire your project.
Need a Do-It-Yourself solution? You can access Crowdcreate’s full database list here.
