"Soon, businesses will begin leveraging [NFTs] to increase appreciation, trust, and value for their clients. Many forward-thinking companies already have.” —Zach Hoffman, CEO of Exults Digital Marketing
FORT LAUDERDALE, Fla. (PRWEB) April 29, 2021
Last month, Non-Fungible Tokens (NFTs) experienced a rapid rise in popularity after digital artist Mike Winkelmann—also known as Beeple—sold their work for $69 Million at a Christie’s auction. Many were stunned to hear a digital asset of this type receive such an enormous valuation, and even more were left with questions about what an NFT actually is. As leaders in analyzing digital trends to leverage online marketing for businesses, Exults wanted to provide an overview of NFTs and why consumers will see them all over the web for years to come.
As culture around the world continues to shift into digital mediums, so too do the works that represent and reflect that culture. Alternative asset classes have already started taking shape online over the past decade in the forms of cryptocurrencies. While art previously only held value in physical forms such as paintings and sculptures, the rise of creation in the digital space has led to a demand for housing valuable art in a virtual format.
NFTs fulfil that demand by providing asset ownership that records on a blockchain, usually that of Ethereum. The blockchain works as a permanent and public ledger that verifies transaction and ownership of the NFT for a given user. This is where the “non-fungible” portion of the NFT name applies, as it communicates the uniqueness and irreplaceability of each token.
Though the file itself may be replicable, and may already exist in other forms across the Internet, the ownership of the original asset is where the current value with NFTs rests. Prior to the $69 million sale in June, the previous highest price for any NFT asset was $6.6 million for another artwork from Beeple. That immediate tenfold increase in the highest valuation for one item in an asset class speaks to the market potential for this medium among art collectors.
The Christie’s auction where the record NFT sale occurred was notable for its attendants as well as its results. The auction house relayed afterwards that 91% of its bidders were new clients, nearly two-thirds were of millennial age or younger, and the majority were from the United States. The sale of Beeple’s work—entitled "The First 5,000 Days"—vaulted them into the top three artists around the world according to sold value.
“NFTs are here to stay, and not just for art collectors,” said Zach Hoffman, CEO of Exults Digital Marketing. “The idea and desirability of virtual ownership are both still in their infancy. Soon, businesses will begin leveraging this concept to increase appreciation, trust, and value for their clients. Many forward-thinking companies already have.”
Indeed, several major organizations have already ventured into repurposing their assets into NFTs. The New York Times sells articles valued at over half a million dollars, while Nike has explored a sneaker authentication system via NFTs that it affectionately calls CryptoKicks. Influencers across social media and other online platforms have also started offering personal NFTs as another channel for selling merchandise.
NFTs will continue to permeate the business landscape as digital trends continue to shape the development of nearly every industry. If you need help utilizing these trends, a website, or the Internet generally to grow your business, Exults’ digital marketing experts are ready to assist. Exults keeps your business ahead of the competition with a full range of Internet marketing services that will help your company thrive in the online ecosystem and generate results.
More About Exults Digital Marketing
Exults is a full-service Internet marketing company that is results driven. Offering a complete assortment of Internet marketing services to reach its clients’ goals, Exults premier services include:
- Digital Branding
- Website Design and Development
- eCommerce platform development and management
- Search Engine Optimization
- Pay Per Click Management
- Social Media Marketing
- Digital PR
If you are interested in rebranding your company for the digital business world to spark meaningful engagement and online sales, contact Exults. For more information, please visit the Exults website (https://www.exults.com/) or call 866-999-4736.