NFTs – What are they and how can affiliates use this tech?
- April 13, 2021
NFTs – or non-fungible tokens – are part of Ethereum blockchain. They can be beneficial to a wide variety of businesses, but affiliates and iGaming brands are taking a closer look at some of the opportunities blockchain can offer. Could these tokens be a good solution for affiliates? Let’s take a look.
What are NFTs?
The key part of understanding NFTs comes from the F – fungible. Fungible items are ones that can be traded for similar items. Let’s take the example of a typical currency here, like the US dollar. One dollar can be traded for another. The same can be seen with cryptocurrencies – one token is the same as another.
A good example of a non-fungible would be a train ticket. You are usually not permitted to just get on any train that you want – there will be a set day that you need to travel on, a destination you need head to on a specific route, and maybe even a limited time that you can travel in.
Why should we use NFTs?
NFTs are an entry on a blockchain that guarantee the value of a certain item. They are commonly used in art dealings as they help to confirm the authenticity of the item in question. In terms of art, this gives a guarantee that you are both the owner of the piece and that you have access to it.
It is notoriously difficult to alter blockchain, so your ownership here is secure. With many digital assets, there is the risk of it being duplicated and passed on to other buyers and this can quickly make a rare item worthless. The NFT prevents this from happening. It provides confirmation that the item itself is unique – and that the person who claims to own it is the true one.
How can brands and affiliates make use of NFTs?
The most important factor of these types of tokens is their uniqueness. Whether you are in iGaming or in some other industry, a brand can make use of an NFT to create a unique brand experience that is unable to be duplicated by ant other on the web.
Though only one entity can control the token, it can be viewed by others. This allows you to generate a stream of traffic that goes past and experiences it – similar to how the Louvre allows people to view the Mona Lisa.
If a brand is able to use NFTs to their fullest abilities, they will find that they are able to encourage interactions with their brand and drive interest in their products. Though this is still a new area that people are looking into, it is one that is causing a lot of interest.
These types of tokens have the potential to be used to control the rights to many types of digital assets. Affiliates and brand owners could use them to create memorable experiences for customers that can be used to drive engagement and other interactions. Have a look into what NFTs can offer your brand now!