Are You Selling NFTs?

*DeadFellaz - In February, within a 7 day period, 213 of these NFTs sold for a total of $2,008,381*

What might seem like pixelated, meaningless images of random characters or a bunch of senseless boxes organized in no particularly appealing way, these images are actually selling for millions. That's right, dollars! Well, technically you're paying in crypto but either way, it's a lot of dough.

This photo (above) of monkeys is actually known as a collection of NFTs called Bored Ape Yacht Club. These images are selling for roughly $500k each and almost 600 of them have been sold. That's a nice round number of $300,000,000 that the company who created this has made. Celebrities like Drake have purchased them. Along with this image, you also gain access to a club exclusive to owners of these NFTs. Wild right?

You might be thinking, why in the world would someone pay that much money for a static image and an exclusive community (which many NFTs don't even come with). The answer is the same as if you'd asked the question, "why would someone pay $450 million for a piece of art?" NFTs, just like art are seen as a financial investment. Because the coding on these NFTs makes it so that they are unable to be replicated, it causes the supply to be limited and the value to go sky high. There will only ever be 1 of each unique NFT, but it's up to the creator to maintain the buzz that keeps the value high.

*Doodles - In February, within a 7 day period, Doodles sold 260,035 NFTs for a total of $6,021,178*

The secret to creating a high-worth NFT, according to experts, is the community behind it. Think of the loyal fans of Harry Potter or Star Wars and how they would buy or support pretty much anything those brands put out. Well, that's the kind of fandom you need to create to drive the sales of your NFTs.

So how are companies, in particular, smaller companies, capturing space in this market and utilizing NFTs to build their businesses and generate more revenue? Here's an example, a local plant business in Miami, Dade Plant Co, has designed numerous images representing their company to be sold as NFTs. Along with the purchase of the image, the new NFT owner will receive one free plant per month. Sounds like a subscription right? That's precisely what it is. NFTs are being used not only like artwork, but also like subscriptions, tickets, or memberships. Fascinating, huh?

Have you thought about if and how this could benefit your company. Do you already have a strong, loyal, and large community of customers who eagerly support your new products and services? If so, you might really want to consider creating NFTs and banking on this trend. Or, if you don't have that community, maybe it's time to start building it.

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