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Primary Blog/How NFTs and Blockchain will BUILD A Community Around Your Brand

How NFTs and Blockchain will BUILD A Community Around Your Brand

Friday, November 04, 2022

NFTs are no longer only being used as investments in digital art, they are starting to be used to build communities around brands. Starbucks, Taco Bell and McDonald’s are examples of where brands are using NFTs to build excitement in their customers. What is an NFT? NFTs (non-fungible tokens) are digital assets that represent authenticity and ownership. Don’t get caught up in the big words. NFTs are a way to digitally represent everything but money. Money is considered fungible. Music, artwork and even real estate deeds are considered nonfungible. Before we get out of the weeds let’s talk about blockchain. The blockchain is where NFTs are stored and managed. From a user’s point of view, it is a website. Blockchain is described as a distributed ledger. The features designed in the blockchain are what make it a safe place to post and manage the ownership of valuable digital assets such as NFTs or the status of processes such as supply chains. These features include:

  • ​Immutability – information put on the blockchain can’t be changed or altered.
  • ​Decentralized - it doesn’t have any governing authority or a single person governing it.
  • ​Secure - Cryptography is used throughout the storage and validation of information put on the blockchain.
  • ​Distributed Ledgers – Exact replicas (nodes) of the information on the blockchain are over 10,000 thousand complete nodes stored throughout the world which results in transparency. Your transactions are public but only you know your true identity.
  • Consensus – The status of information cannot be changed, and new information cannot be added without being validated through a mining or staking process.

NFTs, as digital artwork, have shown that they can create a community of customers who are loyal. Bored Apes Yacht Club (BAYC) and Cryptopunks are examples of these communities. These like-minded collectors work together to build and promote their communities.

Our goal is to familiarize you with blockchain and NFTs, not to make you experts in these emerging technologies. We will not bore you with the technology behind blockchain and NFTs anymore unless you need to better understand it for a specific use case. Our two goals are to let you interact with the technology and to use it to develop use cases that create bigger and stronger communities around your brands.

We are looking to collaborate with early adopters to implement this new community building tool. Early adapters have unique access to a potentially promising innovative technology. Contact us to talk about this exciting new way to grow your business

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