PRIMER

difficult to ascribe uniqueness or ownership to them. NFTs assist in resolving this issue by identifying each unique asset, whether digital or physical, and thereby granting possession to these fungible resources. NFTs therefore can be compared to a digital certificate of authenticity.

They’re made with blockchain technology, which are public digital ledgers that cryptographically assign and establish ownership of digital assets, and they can’t be stolen or duplicated. Like stocks, you can use NFTs to raise funds and allow customers to own part of your digital assets.

NFTs, like cryptocurrencies, can be purchased and traded on blockchains, and because they can only have one owner at a time, their ownership can be validated publicly.

How To Implement Nfts In Your Business

NFTs can help you improve your client engagement and raise brand awareness in your business.

One way to set yourself apart from the competition is to utilize NFTs in the shape of GIFs. You can enable your audience to buy NFTs for a set period. This aids in the formation of a network around your company.

NFTs can also be used as loyalty/reward programs to increase business, giving customers and clients an incentive to remain loyal and continue doing business with your company.

“This is a great way to take advantage of the NFT craze,” says Erin Ptah, who specializes in blockchain tech for non-technical audiences. “By offering them to your most loyal customers, they can be used instead of the traditional loyalty rewards structure, with cryptocurrency being the incentive. NFTs also can be used to distinguish customers from top to bottom, with NFTs assigned to them based on rarity and value.”

As NFTs require a crypto wallet installed on a smartphone to use, that means payments can also be accepted in crypto. This could include discounts for premium customers, specials, discounts and so on.

Some retailers even create store competitions where the awards are NFTs. This will encourage customers to spend your NFTs and allow customers to purchase your things in NFT form. This will assist you in expanding your business.

You can also use NFTs to track resource shipments or offer them as part of your company’s reward program. Since NFTs exist digitally and have unique markers, you never have to worry about losing ownership of these assets.

Now, maybe you’ve heard stories in the news about NFTs selling for high prices, and that’s what many people are really interested in.The problem is that blockchain marketplaces aren’t regulated.

“It is dirt-common for people to make multiple accounts and buy their own blockchain tokens from themselves,” Ptah says. “There’s a reason that one highly publicized blockchain token with an art URL that sold for $69 million had an anonymous buyer. Eventually it came out that he was, in short, the seller’s business partner.”

But that doesn’t mean that NFTs can’t become valuable and that customers won’t be itching to get them. You just have to do things fairly and honestly.

STILL CONFUSED?

In a nutshell, an NFT is a tiny piece of a cryptocurrency blockchain that is exclusive to who owns it. Usually they come in the form of pixelated 2D or sometimes 3D characters with an assortment of funky colors. Whether they are different cues or a logo created for the store, each one of them has value based on rarity and how they look. They can also be bought or sold on blockchain marketplaces such as OpenSea and MagicEden.

NFTs certainly have a place in billiard retailers of the future, as they can serve as membership cards, wallets and even a form of identification.

For many (this writer included!), all the talk of crypto and NFTs is still foreign, and the idea of someone wanting to own a digital token instead of an actual product might not make much sense, but it’s what many younger generations are attracted to so it’s something everyone should be considering.

Thankfully, there are NFT experts out there you can hire to help create a program for your business, and you can always ask your kids and grandkids for help. This is all normal for them.

To see how one billiard company is making the most of NFTs, check out the emerging NFT brand that J Pechauer Custom Cues has partnered with.