What value has a NFT for my business?
Unless you are a very talented artist, just creating some artwork and putting that onto a NFT will not create much value for your business.
The business value of a NFT is made by a combination of:
great artwork
functional utility with clear benefits
a living community
The ideal NFT has the combination of the three elements, but most of the time with 2 of the three elements already a lot of value can be generated. Great artwork can make a lot of value, when the "emotional value" of the artwork is so high it does not require a utility or a community. Without a community, chances are slim that enough people see the artwork to get to high valuations.
When the goal of the NFT in the business rather serves identity purposes or pure utility purposes, a community is not really required, neither is great artwork, although this is always a +.
Read also our blog article what are NFTs and what can you do with them?
The business value of a NFT is made by a combination of:
great artwork
functional utility with clear benefits
a living community
The ideal NFT has the combination of the three elements, but most of the time with 2 of the three elements already a lot of value can be generated. Great artwork can make a lot of value, when the "emotional value" of the artwork is so high it does not require a utility or a community. Without a community, chances are slim that enough people see the artwork to get to high valuations.
When the goal of the NFT in the business rather serves identity purposes or pure utility purposes, a community is not really required, neither is great artwork, although this is always a +.
Read also our blog article what are NFTs and what can you do with them?
Updated on: 19/05/2023