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Why NFTs are good for businesses and consumers
While NFTs are often associated with the sale of digital nicaragua business email list art or profile pictures, their applications go far beyond that and can benefit consumers and businesses alike.
For example, consider buying a DVD movie from Amazon. You pay for the DVD, it's delivered to your home, and you own the DVD movie forever.
Now imagine buying digital movies from Amazon and digital song files from iTunes. Just because you paid for them doesn't mean you actually own them forever. Your access to this media is solely under the jurisdiction of Amazon and iTunes. If one of these businesses goes out of business, you may lose access to that outlet, even if you've paid.
NFTs change this dynamic by recording proof of ownership on the blockchain, meaning no central authority can revoke access to or change these ownership records. This decentralized ownership changes the psychology of digital goods. Digital assets now have real value because you can own them just like physical property.
Brands that understand this will gain passionate fans who also understand the value of these new digital assets. NFTs also offer brands new ways to interact with their customers. Just look at the success of IHOP and Starbucks’ Web3 loyalty programs.
Given the potential for engaging with fans, why aren’t more mainstream brands getting involved with NFTs? Because most mainstream consumers aren’t on board yet.