Unanswerable Questions
Clear communication, education, and customer support is key to effectively creating and selling NFTs. After integrating NFTs into the business model, brands must educate the consumers on how to use NFTs, while growing the already educated audience. Brands must find ways to connect the two worlds – those familiar and unfamiliar with the value of NFTs. Brands can use NTFs and the related technologies of the emerging metaverse to gain exposure, but brands must bring the rest of their consumer base with them.
Many rising independent designers focus on selling their designs directly to consumers using e-commerce channels or selling through other retailers. However, brands that have a physical presence can combine NFTs with the physical store experience by expanding upon the loyalty component.
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When pushing for sustainability, brands should also be conscious of the electricity use and environmental impacts of NFTs on certain blockchains. Specific blockchains can add to carbon dioxide emissions due to the energy-intensive process. However, methods like the proof-of-stake operating method can help brands generate NFTs without using an excessive amount of electricity.
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There is an inequality issue when it comes to NFTs. The barriers to entry for accessing the NFT marketplace can inhibit small brands and upcoming designers from effectively utilizing NFTs. This issue is ironic, given the potential for NFTs to help designers protect their digital creations. An NFT’s worth typically hinges on established desirability and a scarcity model, a world in which luxury brands dominate. A few of these new technologies and platform updates can help lower the barriers, but the brand and the designs must have a unique quality.
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