NFTs and Budweiser beer. These are not three words I’d ever imagined together. I’ve read about NFTs, non-fungible tokens, related to artists and their art.
I know many artists scratching their heads about NFTs and how they work. It’s a boon for digital artists like Beeple, who can now make a creation unique, one of a kind. It’s a possible moneymaker for businesses seeking to leverage their unique brand.
How much of a moneymaker? The Budweiser Core Heritage Can token sells for $499. And you don’t need cryptocurrency to buy, only a credit card.
Budweiser’s collection sold out in less than 24 hours. One analysis of the NFT market indicated $77 million in sales every 24 hours. Have I piqued your interest in NFTs now?
Before you rush off, ready to create a collection for your business to sell, let’s consider a few things. What will you be making? An image associated with your brand or company occupying a specific area in a blockchain database on a network.
What image will you use, and how many tokens do you offer? How will you sell them? NFT theft is a huge problem in some marketplaces.
Will you be putting your IP or brand at risk for theft? Your brand may be at risk already if someone else capitalizes on it by making their own NFT. Checking for ownership rights is lax on many NFT marketplaces.
Author: Kris Keppeler, a writer who finds technology fascinating and loves humor. She writes for Crossing Genres on Medium.com and Does This Happen to You? on Channillo. Award-winning podcast producer who enjoys telling stories. Follow her @KrisKKAria on Twitter or on LinkedIn.