Get started on the NFT strategy you need.
Non-fungible tokens (NFTs) have taken the world by storm with over $25 billion in sales volume in 20211 and $37 billion in less than 6 months in 20222. While the exponential number of use cases and growth of NFTs are exciting, you may still wonder exactly what an NFT is.
While understanding web3 may seem daunting, there are resources and subject matter specialists that brands can leverage to become confident web3 participants. PwC’s global community of solvers works to help you navigate this unique space. Our team has been on the ground with the web3 community, contributing to discussions, gathering insights, and building the projects that power our clients’ tomorrow.
Get started on your organization's NFT strategy.
As this technology is still relatively new and constantly evolving, there is not yet a playbook for entering the NFT space. Nor should there be. Every company should have their own unique approach to participating in this market aligning with the uniqueness of their corporate strategy.
Why are you going into the NFT space now?
Why does your brand want to use web3 and NFTs? Does it support your larger, organizational strategy or achieve a near-term goal? Your approach, priorities, and end products will change based on what you are hoping to achieve. For example, the growth of your latest action-figure line has plateaued and you need a new way to engage customers and regain early excitement.
Who are your target customers?
Who do you want to reach: your most engaged customers, brand new customers, or some combination? How much education/support will your audience need to engage with the NFT? Think about your target audience and how your strategy will impact existing and prospective customer experiences. For example, a publication that wants to build a community around their most loyal subscribers could launch an NFT that gives unlimited access to the publication, as well as other access perks.
What assets could you make into an NFT?
What assets do you already have available? Are they good candidates for tokenization? How much are you willing to collaborate with your customers? For example, you may have a piece of art, a character or other content suitable for tokenization, and others that, for strategic or legal reasons, shouldn’t be NFTs. Carefully consider the boundaries you set for your intellectual property.
How will you get into the space?
How can you leverage NFTs to achieve your goals? Do you have personnel with the right skillset to operate in this space effectively and securely? Once you have defined your strategy, we suggest gathering the right components that will help you achieve your NFT goals.
TAG Heuer’s Newest Watch Lets You Display Your NFTs. It Can Also Tell You The Time.
Jul 01, 2022
by Alex Levin for Forbes.com
Lamborghini’s Last Aventador Ultimae Coupé Is Up For Auction, Alongside An NFT And Digital Twin
Apr 19, 2022
by Alex Levin for Forbes.com