Investments into digital assets have recently risen way above the levels we've seen before, with the cryptocurrency market tipping over the $3 trillion (€2.64 trillion) mark for the first time. But they're not the only form of digitized coins that are turning investors' heads, as the growth of the NFT or non-fungible token is arguably just as striking.
What is a Non-Fungible Token?
For the uninitiated, an NFT is a one-of-a-kind asset that is verifiable as unique. No two NFTs are exactly the same, giving the owner an exclusivity like nothing else. Think of it as owning a piece of NFT art; you would have the original, and everything else which may look identical technically isn't, as they're recreations of your original. Digital art is where NFTs have made their most significant mark to date, as digital artists such as Beeple are selling their works for millions of dollars in America.
Widescale Applications of NFTs in Different Industries
Interestingly, many other industries utilize the NFTs as part of their offering. Recently, the video gaming industry has begun to implement NFTs into its titles. As developers are offering gamers the chance to obtain one-off outfits for their in-game characters to stand out from the rest, another industry you might not have expected to find NFTs is sports. Thanks to fan tokens, NFTs, offering benefits such as exclusive opportunities to meet players and access to merchandise unavailable to the general public, the industry is radically transforming. That was underlined by many clubs selling their complete allocation of the fan tokens within hours of putting their NFTs for sale.
Do you ask about the possibility of streams linked to an NFT purchase? Yes, that's happening too, with viewers paying for access to exclusive content that's unavailable elsewhere.
NFTs and Live Stream Shopping
NFTs have yet to infiltrate the live stream shopping sector, which is growing at a very positive rate, with some experts predicting it will be worth tens of billions in the next few years. Although Amazon Live has already made a mark in shoppable live streams, fittings NFTs into the livestream shopping model remains worth implementing. Wondering how the NFTs can positively impact the live streaming Industry? Here's how!
Expanding Existing Audience
When you consider what is already for sale on the shows that are broadcast via live streaming channels, there is an instant link, exclusivity. Many channels are already working with content creators, influencers, and individual streamers who already offer something different from what's available elsewhere. Adding NFTs into the offering gives their products an extra layer of authenticity and arguably drives up the demand, which would positively affect the sales funnel.
Focus on Product, not Pricing
This is where live stream shopping with NFTs change the focus from Pricing to Product, where people usually see a promotion on a show as something where they would find a cheap, good value deal. These are items being sold whose underlying desirability is how special and unique they are; no items from the best brands and creators in the world are found at throwaway prices. People are coming to the live stream for something they want in particular, not just something they stumble across.
Entertaining the Audience
People retain their audiences on live streams with their interaction, engagement, and subject matter. The live stream shopping model allows people to be specific about their show; if they were selling some exclusive shoes made in conjunction with a sports star via an NFT, then there's the option of covering the personality broadly in the show. The free-form nature of the streaming platforms allows the creators to go beyond being transactional in their presentation; it is as much a place to be entertained and informed as it is a platform to find your most wanted and unique items.
When all things are considered, the live stream shopping model and NFTs could quickly go hand in hand; it's a digital platform utilizing a forward-thinking digital transaction method. Whether it comes to fruition remains to be seen, but with NFTs transcending so many industries in so many ways, it does seem like something that's just about to happen.
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