Over the past couple of years, technological advancements have occurred at such a breakneck pace that even light has a hard time keeping up, which says a lot since technically, light is standard for breakneck pace. Blockchain technology has been at the forefront of this technological evolution.
NFTs are versatile. Almost anything can be turned into an NFT – art, tweets, songs, videos, and even land (an innovation proposed by Next Earth). Virtual real estate is a format that has enjoyed increased popularity on NFT platforms at the moment.
Why Are NFTs Important to Brands?
A major reason NFTs are important to businesses is that they can represent digital files. Their versatility also makes it possible for them to represent creative work like virtual real estate.
Thanks to the global awareness NFTs have generated, they have created new ways of sharing brand stories and interacting with customers, which are the main aspects of effective brand marketing.
Why NFTs Influence the Spread of Businesses Throughout Metaverses
Creating new monetization models for businesses
A revolutionary aspect of NFT is the ability to change the distribution and monetization of digital media. Most digital media is monetized via platforms that act as middlemen between business owners and consumers and take a cut since they are the distributors. Although business owners will still retain the copyright of their services, they will lose part of their ownership and control over the business to the platforms.
NFTs aim to change this by developing a new ownership model that makes it more creator-centric since they are the lifeblood of the digital economy. For instance, Next Earth allows people to buy and sell land directly from their wallets without interference from any third party. Landowners will have sole proprietorship and control over their properties without relinquishing their autonomy to marketers and other intermediaries.
Creating value for goods
An NFT makes it easy to trade goods, making their values more likely to increase via trading activities. Since everyone on the network will see the chain of ownership, NFT’s value can change depending on the previous owner.
To date, most of the NFTs are associated with digital art and video games. However, they could also expand into assets like real estate. Next Earth makes this transition easy for anyone interested in the real estate industry to buy and sell lands. It capitalizes on the monetization opportunities that exist in the physical and virtual business scenes. The Next Earth platform thus provides rewards for those that want to benefit financially.
Authenticating access to digital experiences
NFTs help businesses explore new ways to hack access management. In addition to the fact that digital tickets can be easily transferred and interchanged (since they perform the function of authenticating access to business experiences), Each ticket is made unique in itself. Next Earth tokenizes and commodifies access, thereby making the assets (in this case, land) bought and sold without the need for third-party interference.
What Can We Learn from This?
Virtual real estate is growing, thanks to NFTs. This new economic model will engage consumers differently. The Next Earth ecosystem will sustain its growth by giving income from land purchases and other special allocation activities. Millions will also participate in the digital land grab reminiscent of the URL domain grabs prevalent during the early Dotcom era. Consumers and participants will also benefit from the businesses’ successes in ways that didn’t exist before.
Next Earth is the future! Be a part of the future on Next Earth.