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1. Identify the NFT use case First and foremost, there should be alignment on how NFTs will be used. Depending on the use case, there are different mechanisms to design an NFT, like edition size and distribution. Some of the most prominent use cases seen to date include collectibles, art, gaming, and experiences. How to Integrate NFTs There are seven steps to consider for integrating NFTs successfully into a business. Having infrastructure partners that are flexible and able to support multiple use cases, marketplaces, and blockchains through these seven steps is important in considering NFTs. Many of the solutions today are vertically integrated; in the future, the expectation is that there will be more flexible enterprise solutions. Collectibles: The digital scarcity that NFTs enable is a natural fit for collectibles or assets whose value is dependent on there being limited supply. Some of the earliest NFT use cases include CryptoKitties3 and CryptoPunks4 (10,000 unique pixelated characters), with individual CryptoPunk NFTs like Covid Alien selling for $11.75 million5. More recently, popular brands are creating NFT-based collectibles, like NBA Top ShotTM6 moments, which are digital basketball cards, but instead of static images, these NFTs contain video highlight moments from NBA games. Art: NFTs enable artists to sell their work in its natural form factor as opposed to having to print and sell pieces of art. Additionally, unlike with physical art, the artist can receive revenue upon secondary sales or auctions, thereby ensuring they are recognized for their original creations in subsequent transactions. NFT marketplaces devoted to art-based NFTs, such as Nifty Gateway7, sold/auctioned over $100M of digital art in March 2021 (Crypto Art, n.d.). Gaming: NFTs also provide significant opportunity for gaming thanks to the ownership opportunities they introduce. While people spend billions of dollars on digital gaming assets, like buying skins or costumes in Fortnite, the consumers do not necessarily own these assets. NFTs would allow gamers playing crypto-based games to own assets, earn assets in-game, port them out of the game, and sell the assets elsewhere, such as an open marketplace. 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. 6PDF Image | NFT Engaging Today’s Fans in Crypto and Commerce
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