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What do companies confuse about the NFT function?

What is NFT?
Simply put, an NFT (non-fungible token) is a unique digital identifier that cannot be duplicated. It is like giving a digital object or information a PESEL number. It’s unique, right? Exactly. In this way, its authenticity can be verified.

“Stupid” NFT – you hear about them the most.
Loud stories about creating and selling digital objects for big money (including monkeys, bears, aliens or even the sound of an opening can of a popular soda) – it is probably thanks to them that you heard about NFT. These are the stories of how a picture was bought for a few dollars and now its price reaches tens of millions of dollars. Or when some kid sold his Instagram photo and bought a luxury car in return. People list and buy digital items in the hope that the price will increase, and then sell them further for a profit (We recommend the OpenSea portal). Such great profit stories are accompanied by information about great crashes and digital thefts. These are the facts. It all looks like pure speculation. As long as your company is not in the field of creating digital goods – this kind of NFT will not affect your business too much.

Intelligent NFTs – you may only find out about their existence now.

NFT as a blockchain element can be programmable (!). So you can encode NFT with specific information, assign them attributes, functions, as well as the time and place of their activation. What for? This is the beginning of the loyalty program revolution. For example, NFT collected by the consumer “by themselves” activate rewards for him – eg discounts. Not only that, each time they activate a different reward, e.g. depending on the time of day or the weather. Your company’s NFT can be “instructed” to perform a variety of customer relationship activities. Think of them as digital “robots” programmed for a specific purpose. It is predicted that we will just buy airline tickets, concert or restaurant tickets in the form of NFT. And your NFT, which becomes your client’s NFT – is a new, direct channel of communication with consumers. Your business should pay attention to such NFTs.

You will learn more about the interesting application of NFT from one of the Innovators webinars.

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