NFT marketing also used for crypto igaming is a relatively new marketing technique that grows your audience with the use of decentralized, transparent and auditable digital tokens. NFTs are not issued or controlled by any party, but they nonetheless provide value to their holders. NFTs do not have fiat value and represent a promise to deliver future goods or services for the users’ participation during the initial sale.
The use of NFTs is designed to avoid the control of any central or third party such as a bank or a regulator, in order to promote and enable privacy, safety and transparency. A token can not be issued from the same address of the company issuing it, so there is no risk for any party (customer, investor, vendor) that may try to manipulate and illicitly steal tokens.
NFTs are designed to be transparent, traceable and auditable. The code of the token is open source and it is possible to evaluate and follow the flow of tokens in the blockchain, as well as see how many tokens are in circulation at any time.
NFTs are issued on top of the Bitcoin blockchain using smart contracts that are visible to all participants worldwide. This means that anyone can verify the validity and authenticity of the NFT without requiring access to any private information about its issuer or users.
The NFTs are linked to the unique physical and legal identities of their issuers. This makes it possible to track their movement on a public ledger, so anyone can check for any attempts of illegal use or counterfeit using blockchain forensics tools.
NFTs are issued using an ERC20 standard, meaning that any holder can easily check the balance of his/her tokens without requiring access to a wallet service. Any token that supports the Mist Ethereum wallet can be imported into the Parity client to verify and track its value.
The NFT transfer is based on the same ERC20 standard as any other token, meaning that it supports a “transfer only” functionality to ensure transaction safety. By using cryptographic signatures to clearly identify traders, you can prevent unauthorized trading and reduce the number of frauds in your ecosystem. Find here.
The use of NFTs by independent entities, such as artists, brands or service providers on a neutral and transparent blockchain can build trust and reputation. The use of NFTs ensures a better customer satisfaction as well as an improvement for transparency by providing an easy way for users to hold their digital assets in an immutable and decentralized manner. This makes it easy to trust a provider.
NFTs can be used as a motivational tool to increase the number of users and promote your brand. You can also offer equipment or services in exchange for tokens in order to improve the participation of its users. NFTs help to quantify the value of the goods or services provided by your company, and can be easily used as an incentive program for your customers and team members.
A more efficient and faster way to transfer value and exchange trust is obtained through the use of NFTs for manual link building. This can be especially beneficial for the business process, because it will reduce the cost of trade. The use of NFTs eliminates third-party fees and financial overhead, thus reducing the total cost of ownership necessary to operate a business.
With the use of NFTs, you can easily set up an ecosystem in a trustless manner that allows you to easily scale your business while reducing operational costs. NFTs are distributed using a grass-roots approach, so they can be easily expanded without permission from any central authority or bank, in contrast to traditional fiat money that requires the support from a central bank in order to issue new notes.
ERC-20 tokens are designed to be fungible. Fungibility means that any unit is worth the same as any other unit. This differentiates them from ERC721 tokens, which each have unique properties and are considered non-fungible. These can represent a wide variety of items in a digital world such as collectibles or game pieces.
10. Enables Consumer Protection
When it comes to consumer protection, a key element is the ability to identify and quantify the product and its attributes. The use of NFTs allows consumers to identify an item, track its history and verify the authenticity before making a purchase. After receiving their virtual asset, traders can easily focus on their activities as opposed to managing access control policies or dealing with other obligations related to traditional fiat payments.
If the company has low liquidity, unnecessary entry barriers, and high transaction costs, the use of NFTs and crypto is an efficient solution to reduce those problems. NFTs are unlike fiat money. They are digital tokens that are issued on top of the Bitcoin blockchain, with no backing or backing by any entity, user or any other entity. Users can track the full history of their virtual assets, and can easily verify them for authenticity. NFTs also allow firms to create new items quickly and efficiently.