Non-fungible tokens (NFTs) are amazing and have recently exploded in popularity due to the rising popularity of Crypto Kitties.
Imagine you have a bunch of collectible items. You could get them all in one place like my mom did with her Beanie Baby collection. But if you took the time to pack them up individually and sell them on OLX, you would make more money! That is the same idea behind NFTs. You use the blockchain to store multiple items, the same way Mom stored her Beanie Babies in an attic. The special thing about these tokens is that they are unique just like your baby-sized plush collectibles.
In this article, we will dive deep into corporate NFTs. We will explore the fundamental value propositions of non-fungible assets and why corporate companies are choosing NFTs.
What are Corporate NFTs
NFT stands for non-fungible token and is a special type of crypto-good that is not divisible so it cannot be used to natively interact with the Ethereum network. Each one is designed to be unique – like an artwork, physical good or a collectible asset.
One of the forms of NFTs is Corporate NFTs. corporate NFTs offer consumer exclusivity, digital ownership, and social “flexing” rights in the metaverse. Furthermore, some corporate NFTs offer a cryptographic link with a brand’s physical product as well. This could be like offering immutable and public proof of purchase or ownership.
A quick run-through
The non-fungible tokens (NFTs) are uniquely cryptographic tokens tied to digital content, for example, music and artwork.
The history of NFTs as well as the person who created an NFT, Kevin McCoy, began on the 3rd of May 2014. He coined his non-fungible token "Quantum," way before the cryptocurrency art market was booming.
Although the first Blockchain game Crypto Kitties, made NFTs a hit in 2017, the idea of tokens that are non-fungible originates from a thought experiment conducted by Nick Szabo in 1997.
You might have heard of cryptocurrencies, like Bitcoin or Ethereum. If you have, you know that they have risen in value tremendously. You can be part of the next boom, not by buying cryptocurrency directly, but by purchasing non-fungible tokens (NFTs), which represent a limited-edition asset, like a particular video game character, art piece, or even real estate. Creating and adding NFT to your wallet is as easy as buying it.
Non-fungible tokens are the future of crypto- collectibles. NFTs ease the friction associated with trading digital items. They are perfect for collectibles like VC photos, digital art, and ultra-rare stickers.
NFTs are an emerging class of digital collectibles that utilise the Ethereum blockchain. NFTs can be used for more than just cats—they can represent unique, digital assets from video games, music, sports, and other forms.
Hint: these are real collectibles for the web 3.0 era!
Why Corporate NFTs
NFTs let businesses create an electronic document of attendance, ownership, and even transfer to other experiences that they provide to their customers.
The trend of brands launching brand-specific tokens, also known as NFTs is exploding. As the demand for the trend grows, more businesses are embracing it and realizing the potential they offer. Using these tokens, companies can provide more memorable experiences, provide electronic confirmation of ownership within the moments they provide experiences (such for events) and gain a fresh method to interact with their customers via social networks, as well as earn profits from third-party transactions.
In the first place, NFTs allow businesses to create digital proofs of attendance, ownership, and even transference to other services they provide their customers.
Furthermore, NFTs are instantly transparent. The smart contract encoded in the token cannot be altered or modified, meaning that the company that developed that token would receive the profit whenever that item is sold. If someone purchases an NFT and then decides to transfer the NFT to a third-party that business, it will get a portion of the transaction in accordance with the contract.
The company can still earn revenues based solely upon the reality that the content it designed for its customers is being used and appreciated even if the access was not purchased directly via an online sales channel.
ORAI Robotics gifts NFTs to employees
ORAI recently released its first NFT collection of the generation for employees titled ‘ORAI Upbeat’
The ORAI Upbeat collection is comprised of 500 exclusive NFT collectables, which are specially created for employees and other key users.
The NFTs were validated and then transferred to employees using an electronic wallet.
The creation of this wallet each employee was assisted by ORAI.
ORAI Robotics becomes India’s first-ever company to give away corporate NFTs to employees. We unveiled its long-term strategy to celebrate the accomplishments of its employees and the entire organization using NFTs.
Non-fungible tokens (NFTs) are creating a new economy for artists, traders, businesses, and collectors. NFTs are digital objects that players can buy and sell, but because each one is different and has its own identity, they are non-interchangeable with other items unless you match them up by ID number.
The future is here!
Corporate NFTs are an exciting new way for consumers to engage and interact with their favourite brands. Likewise, some of the world’s biggest brands are introducing the preface of blockchain engagement.
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