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NFTs appeal to collectors, fans, teams, leagues, and talent, amongst others. They have become a great way for individuals and businesses to capitalize on unique assets, engage fans, and potentially generate revenue, while staying ahead of the curve and keeping pace with innovations in commerce. Because the opportunities for growth with NFTs are still evolving, businesses should define what their end goals are around NFTs. Some of the common ways brands are using NFTs to grow their business include: Unlocking New Commerce and Engagement Opportunities Fans today yearn for digital community. They want to build stronger bonds with the sports teams and personalities that they love, and they are willing to pay for it. Sports businesses are being challenged to find ways to harness the latest technology and deliver an experience that meets the behaviors of their fans. Even more so with the limitations of COVID-19, athletes are turning to technology to engage their fans. An estimated $18B of global sports revenue has been lost during the pandemic2, further driving the need to diversify revenue and focus on technology to reposition businesses for growth opportunities and to capture the attention of fans. Fan Engagement — NFTs can be much more than a collectible or piece of art, and savvy brands are recognizing that the most successful and long-term-relevant NFTs will be ones that have ongoing value and utility. For example, NFTs can better connect fans to their favorite teams or brands by offering voting rights to team decisions, access to exclusive offers, and the ability to earn rewards. Customer Relationship Management — Unlike physical goods, NFTs are trackable so it can be possible to see what wallet address they reside in. NFTs can open unique segmentation and engagement strategies based on trackable factors related to the NFTs owned/purchased. This might include the types of NFTs owned, the quantity owned, or the duration they’ve been held. New Potential Revenue Streams — Because NFTs enable digital scarcity, brands can sell exclusive, limited digital goods. Unlike physical goods, NFTs can include a smart contract that codes in a royalty percentage designated by the content creator. As such, subsequent sales or auctions of the NFT can generate revenue for the original NFT creator, providing an ongoing potential revenue stream as it is sold or auctioned. All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply product endorsement or affiliation with Visa. 5PDF Image | NFT Engaging Today’s Fans in Crypto and Commerce
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