How the NFT Marketplace is Changing the Online Economy

The internet has enabled people from every corner of the world to purchase goods using a convenient marketplace of their choice. With digital creators from varied walks of life capable of reaching their ideal target market, this process has helped countless artists make a stable living.

However, the recent rise of NFTs means this process is more streamlined and secure than ever. Whether you’re purchasing digital art, collectibles like trading cards, or video clips such as NBA Top Shot, buying and selling NFTs has changed how the online economy operates.

To help you understand how the nature of digital assets has undergone a revolution, we’ve highlighted the advantages of NFTs for online businesses and delved into which top NFT marketplace is the right choice for your needs.

How Are NFTs Transforming Digital Goods?

NFTs have become a massive marketplace virtually overnight because blockchain technology offers intriguing advantages over purchasing digital assets with fiat currency.

With your business potentially benefiting from secondary sales, using a platform that supports these transactions helps give you an edge over the competition.

Increased Customer Lifetime Value

Customer lifetime value (CLV) is a hugely important metric for online businesses to keep track of. As this signals how much income your relationship with an individual customer will generate, producing inventive NFTs for your online marketplace can enhance the profitability of your platform.

With NFTs becoming an attractive item for countless customers around the world, producing a series of digital assets that appeal to your target audience can increase your bottom line. For example, customers who purchase a branded NFT might gain access to specific discounts or merchandise they won’t find anywhere else.

Improved Product Authentication

NFT transactions have an incredible advantage over traditional products because they are secured by blockchain technology. With underground organizations the world over developing counterfeited versions of consumer goods and digital assets, the immutable nature of NFTs means the original can always be verified. This feature is shared across all NFT marketplaces.

Modern consumers also want their brands to have greater transparency about how businesses conduct themselves. If they purchase from an NFT marketplace, their item can contain insightful metadata such as location, ownership history, and packaging information, so consumers understand the lifecycle of their purchases. This way, buyers are protected against fake collectibles and concerning issues.

Precise Record Keeping

You never have to worry about an item’s records when purchasing it as an NFT. For example, the buyer of a second-hand car might want to know who has owned it and what works have been completed over the years. If the car’s physical records haven’t been kept up to date, figuring out this information can be simply impossible.

However, NFT transactions made using a digital platform give you access to the item’s entire history while being designed specifically so it can’t be altered. With NFTs already being used to sell art, houses, cars, luxury goods, and much more, knowing that the NFT marketplace supports exact record keeping is a benefit that shouldn’t be underestimated.

Fascinating Digital Art Projects

While NFTs can enhance the products you stock on your platform, you can also use this creative medium to stand out against your competition. With the best-known application for NFTs still digital art, minting NFTs on a highly accessible marketplace can drive new and existing customers towards your brand.

Today, most NFTs are available via the Ethereum blockchain. With everything from collectibles and gaming items to works of art ready for purchase, carving out a part of this market for your business could prove incredibly lucrative. Alongside a sharp promotional campaign, including editorial content, creating new NFTs to market is a wise decision.

What are the Top NFT Marketplaces?

If you’re looking to sell NFTs on a hugely popular NFT marketplace, it’s important to understand the differences between these platforms. With transaction fees, crypto wallet integration, and trading volume potentially affecting your decision, finding the best NFT marketplace that suits your needs benefits your digital asset.

OpenSea

OpenSea is easily the largest NFT marketplace, having handled billions in purchases and unmatched trading volume. If you’re ready to create NFTs that reach a massive audience, this is perhaps the ideal platform for selling your exciting new items. Based on the Ethereum network, you’ll find every kind of digital asset imaginable.

Irrespective of the platforms you choose to sell on, consider the cost of gas fees – essentially fees for using the Ethereum blockchain. Although numerous variables determine this price, it may influence your profit margins. With OpenSea featuring the top collections from famous NFT artists, offering your art for sale can deliver massive interest.

SuperRare

Although some NFT marketplaces are designed for maximum accessibility, SuperRare has decided it wants to attract an exclusive customer base. With artists featured on the marketplace hand-picked by its expert curators, they have featured some of the world’s biggest brand collaborations. However, you can also apply to have your NFTs included.

Positioning itself as a luxury auction house where you can buy NFTs, the marketplace has generated enormous success since its launch. Meanwhile, SuperRare has also taken a forward-thinking approach to digital creations by hosting limited-time online exhibitions and taking part in prominent real-world events like Miami Art Week.

Nifty Gateway

Nifty Gateway is one of the best NFT marketplaces on the internet. With the website helping pioneer the NFT market, it makes it easy for curators, artists, and brands to get started with its remarkably powerful publishing tools. For example, users interested in buying NFTs from your brand can use fiat currencies or their crypto wallet, helping to expand your audience.

The platform also offers a powerful solution for smart contracts, featuring optimized gas fees that ensure minting your NFTs comes at a lower cost. Plus, the platform takes control of revenue splits, payouts, and even tax forms, so you can focus more on creating exceptional artwork rather than dealing with the annoying details.

Level Up Your Business with NFTs

Getting started with NFTs might seem intimidating, but this trending technology enabling virtual worlds and a new digital economy isn’t so complicated once you learn the basics.

By teaming up with a highly experienced digital marketing agency like First Page, we can help your brand get to grips with the latest in NFT art and NFT marketplaces.

With our in-house experts knowing the ins and outs of Bitcoin, Ethereum blockchain, and NFT trading, your business can engage new audiences to increase its growth and revenue.

Get in touch with our friendly team to receive up-to-date advice on how NFT marketplaces work and what you can do to make your campaign a success.