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According to Forbes, Tal Lifshitz, an attorney at Kozyak Tropin & Throckmorton, explained the new trend of big brands like Taco Bell, Pizza Hut, Adidas, and Nike buying and developing Non Fungible Tokens (NFTs).
‘It’s trendy, it’s fun, and it’s cutting edge technology that actually has the potential to redefine the way brands do business and engage with their consumers.’
Still from this same Forbes article, an associate Professor Dr Dustin York says,
‘When customers gravitated towards malls, brands followed. When customers gravitated towards e-commerce, brands followed. And when customers are now gravitating towards Web 3.0, digitally native brands are following, giving even more legitimacy to NFTs.’
If you’re reading this article, you’ve realized value in business transactions and outsized returns NFTs can yield long term.
You want in on the action and we’re here to help.
What are NFTs
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In this article, we’ll examine how we can help your business develop and market NFT projects via our NFT advisory feature and a suite of complementary services.
But what we love even more than guiding and supporting a client to build and market their NFT project, is to educate them on the technology, its significance and the fast-developing hub around it.
So what’s an NFT?
It’s a transparent way of capturing value and laying claim to it across the board of human relationships and engagements. Actions, like productivity, and the stories surrounding such actions create value around human interactions. And NFTs, built on the back of blockchain technology, make such value tangible enough to trade and covet.
Let’s say for example the year is 2035 and you just listened to an amazing podcast interview of a writer and you’re on their public wallet to see what memorabilia they’ve got. They’ve got an NFT table reservation to a local restaurant in your city. Now you may want to go there on your next outing. Their recurring visit to your local restaurant becomes of tangible token or experience worth having.
What if you built a home and minted an NFT ownership certificate of the house with a royalty share of 5% on every sale of that home in perpetuity?
And then 4 buyers down the line, your 2nd buyer becomes a person of notoriety. Your royalties remain 5% on the next sale but you’ll sure be getting a bigger package.
You’ve captured the value of being the founding owner of the house in addition to the brand brush-off your 2nd client has had on the property.
It’s a perfect example of using NFTs to capture value to trade (in the case of building the house) or covet (when it comes to table reservations), or both.
We’ll show you how such opportunities exist within your interactions as a business with partners, customers and even your untapped market.
NFT Advisory Services
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As an informed client, it’s time to see where our help is needed to take advantage of the myriad of business opportunities NFTs present you.
You see, we at Financely help clients, just like you, create and manage every aspect of their NFT project from token creation to distribution. Our engineers and consultants are equipped with the experience and creativity to develop applications and customer experience to bring your projects to life. Every stage of the process is catered for with a slew of complementary services to smooth the process.
Let’s discuss these services, shall we?
NFT Design
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NFT design is really about finding ways you can create value ownership for your partners, customers and company. Say you want your domain name minted on the blockchain. You get to buy that name and hold it for as long as you want without anyone tampering with it. You own that link with whatever brand value associated with it.
The format of that NFT may not be as important as it would be for a loyalty program or membership subscription your customers can be part of. NFTs that signify an investment of that kind by the customer may need a different type of format, say a befitting artwork.
Some of the formats we’ll help you consider are
- JPG
- Mp4
- MP3
- PNG
- GIF
- FVG
- WEBM
- WAV
- OGG
- CLB
- GLTF
There are multiple uses and formats for NFTs and whichever way you choose, we’ll be there to help. We have depth in both expertise and experience to develop effective projects within the boundaries of your unique requirements. Our guidance also extends to ideation and testing to create great NFT projects for your partners and customers.
Smart Contract Creation
So what’s an NFT smart contract?
It’s a piece of code that enforces agreed upon transactions by buyer, loaner or seller of an NFT. It gives your NFT project life as your customers interact with you and each other via your NFT project.
Once you know what kind of NFT project you want to embark on, it’s time to make a smart contract. It’s like having the blueprints to your dream home.
That house won’t build itself.
You need to live in it, rent it, take loans on it or sell it. Can’t do that with a blueprint.
So at this stage, we’ll work together to consider use cases of your NFT project. We’ve worked with businesses considering rights of media assets minted on the blockchain.
We’ve dealt with concerns around managing rights to assets like blogs for writers, Ad copy for copywriters, podcasts and video for content creators. Also testimonial videos and similar user generated content raise questions around sharing format between customer-creators and businesses.
It doesn’t end there with smart contracts.
There’s consideration for your NFT tokens and how they’ll be minted and whatever benefits accrued to owners of these NFTs. Say you’re an events based business selling tickets, how many tickets do you hope to print and how much more value will be layered on ticket holders long after attending said event?
What percentage royalties would you make on the resale of your NFT tickets?
These are questions and conditions we set out to answer with our clients before writing up smart contracts to address contract problems and enforce our decisions.
Smart Contract Audit
So what is a smart contract audit?
It’s the process of validating the quality and security of your smart contact code. It starts with an initial analysis by the auditor, of which findings and suggestions are made and presented to your NFT project team. Changes and corrections are made by the team and resubmitted. And the audit team goes through these corrections made and releases a report detailing the whole process.
With a landmine of security breaches and legal troubles, your NFT project has to go through a smart contract audit. That’s standard practice before your NFT project is operational and investors care about such projects done by the books. We’ve got relationships with top audit firms to help ensure the quality of your code and the legality of your smart contract.
White Papers and Tokenomics
Having designed and minted your NFT project, it’s time to sell its value to stakeholders. The study of all factors affecting your NFT project or token is regarded as tokenomics. Laying out these factors in such a way that convinces decision makers to buy into your NFT project is done on a public-facing document known as a white paper.
There are demand and supply incentives to your project and if you want it to be worth anything, then you should explain its value to partners or consumers. Our team of technical writers will help draft effective communication concerning the workings of your NFT project.
Public Relations
Great products need great campaigns. The flooding of the physical and digital markets with winning products that aren’t necessarily the best products in their niche is testament to that.
So despite having designed and minted your NFT project, audited its smart contract code and addressed its tokenomics on your white paper, you have to let people know about it. For the most part your current distribution systems would do. You could reach out to your email list of buying customers to explain the benefits of your NFT project.
You can also reach out to influencers and niche media in or around your industry. Announce your airdrops on their channels to drum up public attention and support for your NFT project. Write blog posts around the problems your NFT project seeks to solve and publish them not just on your website for Search Engine Optimization purposes but as guest posts to extend the reach of your media assets.
Press releases on blockchain and Web 3 media spaces can go a long way for reaching out to an untapped market of early adopters who might not be original buying customers of your company but would be curious to become one as they’re lovers of this new form of technology. It’s no different from a toy store choosing to market their website to geeks in 1993 because they were pretty much the bulk of website search at the time. You should consider business sites if you want to market your NFT project to potential investors. We’ve got PR experts and team members willing to go the mile to get word out there on your NFT project.
Social Media
Our social media approach to promoting NFT projects of our clients is to build community. After all, what’s the use of drumming up all that attention and traffic without a place to settle into a value-driven community. Our team of seasoned marketing experts would help you grow your accounts across different platforms like Instagram, Reddit and Twitter.
There will also be the strategy of connecting and contributing with existing communities in the NFT/Blockchain space to build rapport and goodwill. All the while selling your vision, finding the right audience for your NFT project and getting them to trust your brand. When it comes to audience building, we consider a 2 prong approach.
You have the part of your audience that are tech first in their approach to your product. They’re usually early adopters of blockchain technology and are passionate about the future of the internet — Web3. With this audience, you don’t have to worry about the trust bump because they get it. All you have to sell is the tokenomics of your NFT project.
On the other hand, you have benefit based and have to be coached concerning the technology powering your project. Those could be buying customers, warm leads and even prospects. Here you lead with the brand of your company. Regardless of where you are in the process of social media campaigns, we’ve got a team to help you get results across platforms.
Conclusion
Financely is equipped to guide you through the process of designing your NFT project, minting it, creating and auditing your smart contract code, outlining its tokenomics on a whitepaper, and promoting it to a vibrant community of investors and believers.
We’ve worked with big established corporations seeking creative ways to expand their markets and deepen relationships with their customers. And we’ve partnered with start-ups solely focused on solving difficult problems via NFT and blockchain technology so as to usher in a better version of the internet we have today.
Creating your own NFT or cryptocurrency collection is easier than you think. And we’re a team of highly skilled and motivated professionals here to help make the process even smoother. Whether you want to increase your customer base or strengthen your business relationships with existing ones, Financely is here to help. You can reach out to us right here and we’ll pick it off from there.
