NFTs in the World of Promotional Marketing

Naysayers may argue that NFTs are not physical and therefore are not valuable assets....I would counter that your memories are intangible and certainly the most priceless item you can own.  - Gerry Barker

You have probably heard of NFTs and may or may not be comfortable with the concept. There are so many excellent explanations on this topic that we decided to share some of the best ones. As you can see the world of NFTs is almost exclusively today devoted to artwork:

NFTs, explained
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

What are NFTs?
https://medium.com/decentraland/what-are-nfts-5616fdbc2a95#:~:text=NFTs%20are%20the%20digital%20manifestation,of%20uses%20and%20unforeseen%20value

Many people have envisioned NFTs as a crucial lifeline to tens of thousands of artists that need a way to showcase and sell their work. By using NFTs, artists are able to create and sell a “digital canvas” in a tokenized format that can be uniquely owned. Why is this important? Because being the true owner of anything is considered to be valuable in our world of collectors! Just think if you saw the original of Van Gogh’s “Starry Night” painting amidst thousands of copies. No one would be able to spot the original…. but knowing the original immediately gives it tremendous value—maybe hundreds of millions of dollars vs. a few dollars for the copies.

This might be a hard concept to wrap your mind around, but those in the digital space do understand that this uniqueness can be digitized as an NFT--- a Non-Fungible Token. NFTs (or “non-fungible tokens”) are a special kind of crypto asset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets. However, the uniqueness of an NFT is that it can’t be something else…. and is the original.

The blockchain concept is also difficult to understand but a great analogy might be the title to an automobile. As the car is sold to new buyers, the title changes hand. Wouldn’t it be great if there was a chain—a unique, fully verified, impossible to steal or forge—chain that linked every owner to the next. In essence, this is what the blockchain allows.

SO WHY DOES THIS MATTER IN THE WORLD OF PROMOTIONAL MARKETING

We feel that NFTs have a place in the promotional marketing world and can see a number of exciting applications. These applications include the creation of unique art images showcasing client’s brands, but also the capturing of unique moments in time that can be very desirable such as a child’s birth, a wedding, a graduation memento, or even a recognition event for sales success. Once we open our minds to the possibilities- the opportunities are endless.

I LOVE THE IDEA, BUT HOW DO I CREATE THE NFTs?

There are a number of people who specialize in the creation of NFTs--- and these are generally characterized as NFT artists. However, anyone can create the work that becomes an NFT, though it is a skill and just as we would look to a graphic designer to create a logo or a construction engineer to build a building, we would contract with an NFT artist to create the NFT. And at PromoNFTS we are constantly expanding our collaboration with responsible creators.

SOUNDS GREAT BUT HOW IS THE NFT ACTUALLY CREATED?

Great question! And this can be somewhat complex but the mechanics don’t need to be known by the buyer, just like the television viewer has little understanding of how the TV actually works! However, if you are interested, the process of actually creating an NFT is called MINTING. And most creators of NFTs know exactly how to accomplish this. And along with the MINTING are fees called GAS fees, which are the fees required to responsibly handle a transaction on Ethereum.

IS THIS CRYPTO…..I DON’T UNDERSTAND CRYPTO!

Yes, this does involve crypto currency but that needn’t be a worry as working with PromoNFTs, your business would be conducted in dollars.

HOW DO I ACTUALLY RECEIVE MY NFT ONCE ORDERED?

To receive the NFT you must have a Crypto wallet. This is easy to obtain on certain platforms like Coinbase and we will walk you through it.