The NFT and metaverse ecosystem is at an exciting part in its development where retail brands and retail traders can realistically take part in the NFT space
It’s bound to get too restrictive
One of the most exciting and powerful reasons for the spectacular rise in the value of NFTs is that for the first time in the lives of most millennials and Gen Z, we can participate and enjoy the benefits of a financial tool at a reasonable and realistic price point.
Most other traditional investment tools have become restrictively expensive for the average person, but NFTs are different for the most part. Except for super successful projects and collections like BAYC, CryptoPunks, and the likes, there are a considerable amount of reasonably priced NFTs from scintillating collections.
In more ways than one, NFTs have become the “people’s financial tool,” this makes it possible for brands and retailers to get in on the action and secure a place at the table before the wide-scale migration to the metaverse.
As more people move to the metaverse, NFT, and Web3 space, it begins to look more attractive to businesses and entire sectors. If history is anything to go by, retail traders almost always get pushed out when institutional players enter the scene.
At this point, it feels like no industry has been untouched by the NFT movement, and retail trading is a perfect tool to give more people a place at the table.
NFTs in the business world
So far, the majority of NFT projects from a lot of brands have been one-off collections to test the waters and define its viability. As more companies enter the NFT space, we can expect to begin seeing more sustainable NFT programs from brands of all sizes. A few of the other perks of NFTs include;
NFTs can help with improving loyalty programs, and many seasoned brands leverage their popularity to earn some money and clout through NFT programs. Brands can reward customers with NFTs that’ll help make customers feel a stronger connection to the brand.
NFTs allow marketing and growth managers to focus on how to get customer insights in a post-cookie world. NFTs help foster people’s emotional reactions, which can help companies quickly cultivate online communities. Sooner or later, community members will begin exhibiting data-yielding behaviors.
When will corporate players take over the NFT ecosystem?
More than once, we’ve witnessed promising spaces, and industries get “hijacked” by corporate players that make the space restrictively expensive for everyday players. Naturally, people are scared that companies and corporate players may soon overrun the ecosystem we’ve collectively cultivated, but this fear brings a new question.
Do we have to let corporate interests hijack the NFT ecosystem? It might be easier said than done, but some actions could be taken to ensure that we preserve the accessibility of the NFT ecosystem for the good of the majority.