The document discusses 5 ways that small businesses can use NFTs (non-fungible tokens) to grow their business. It explains that NFTs can be used to issue single-use promotional tools like coupons or tickets, establish customer loyalty programs through digital loyalty cards, conduct cause-related marketing or fundraising campaigns, crowdsource funding for expansion, and run promotional games or scavenger hunts. The document advises that small businesses can learn how to create their own NFTs or hire a freelancer to develop an NFT-based marketing campaign, given the growing popularity and potential of NFTs.

1. 5 Ways NFTs Can Kick
start Your Small Business
How your business can benefit from
the NFT bonanza.
NFTs seem to be everywhere. Whether it's the NFL, rapper Snoop
Dogg, Burger King, Shakira, or even the "side eyed Chloe" meme, it
seems you can't swing a dead CryptoKitty without hitting someone
jumping on the NFT bandwagon. Here's the thing, NFTs aren't just for
celebrities and billion dollar corporations, they are perfectly designed to
benefit small businesses, as well.

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Before going too far into how founders can use NFTs, let's take a minute
to understand what they are first.
What is an NFT anyway?
A non-fungible token (NFT) is a digital asset that represents an array of
virtual and physical things, which cannot be substituted or switched with a
fake since they are created on a blockchain that can always be traced back
to the original owner or creator. NFTs can be works of art, photos, music,
videos, collectibles, memorabilia, contracts, coupons, certificates of
authenticity, ID files, health records, and more.
NFTs were little more than novelties until they started to get traction in
2017 with the launch of CrypoKitties and CryptoPunks, which are
different collections of digital trading cards. According to nonfugible.com,
total NFT sales in 2018 topped $40 million. Annual adoption and sales
continued to grow through the end of 2020, when NFTs exploded onto the
mainstream, exceeding $338 million in yearly sales--due in large part to

3. the launch of the NBA's Top Shot NFT website. Since 2020, some
individual NFTs have sold for more than $50 million each. Once
purchased, the digital assets are stored for safekeeping in digital
wallets either online or offline.
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NFT growth is continuing to skyrocket
According to the website's Non-Fungible Tokens Quarterly Report: Q2
2021 Second Quarter 2021 Report, that three-month window was a record
breaker for the NFT industry. The nonfungible.com report shows that in
Q1 2021, the total volume traded exceeded $500 million. During Q2, it
soared an additional 40 percent to more than $700 million.
The second quarter also saw a new record in the number of active wallets
(more than 175,000), which shows a strong growth rate of interest.
Additionally, the number of buyers and sellers is still increasing.
Specifically, the number of buyers (over 38 percent) is increasing faster
than the number of sellers (over 25 percent), which means that NFTs have
a greater rate of uptake than attrition.
Two of the biggest reasons for the growing adoption and increased sales of
NFTs are that humans like to collect things and NFTs are programmed to

4. be scarce. Basic economic theory states that scarcity of nearly anything in
demand bids up its price.
Additional attributes of NFTs are:
 Digital permanence: They last as long as the blockchain they're built
on continues to exist.
 Cannot be counterfeited: Anyone can confirm authenticity by
checking the blockchain.
 Provable ownership: Which can be transferred if the NFT is
programmed for resale.
Boost your local business with NFTs
All of this suggests an opportunity for small businesses to take advantage
of the current NFT mania. Here are five ways that you can use NFT
technology to grow your business and retain customers.
1. Counterfeit-proof issuance of single-use promotional tools:
coupons, promotional discounts, event tickets, BOGO deals, etc.
Blockchain codes or QR codes serve as uncopyable, tamper-proof
access/discount assets with a wide array of use cases.
2. Establishing a customer loyalty program: Consider a digital NFT
loyalty card. Once customers sign up for it, they download it to

5. their mobile device. Every time they visit your business, they scan
the loyalty NFT code to accrue loyalty points. At certain
thresholds, you can push rewards, discounts, or blockchain tokens
to be used in store.
3. Cause-related marketing and charity support: NFTs were used to
raise money to help empower Afghan women in the aftermath of
the recent U.S. exodus. A similar program could be duplicated at
the neighborhood, town, city, or state level to spur geographic-
affinity marketing or support local charities.
4. Secure fundraising for expansion: If your business is considering
opening another location or expanding your existing site, an NFT
campaign could be a low-cost funding alternative to a traditional
bank loan. Think of it as a scam-proof Kick starter: Crowd funding
campaign where donors know and track that money, which is only
issued if milestones are reached as determined by smart contracts
established at the start of the campaign.
5. Sweepstakes or gamification types of promotions: These types of
marketing campaigns can be expensive to run and usually only
make sense for large enterprises, such as McDonald's franchises
that participate in Monopoly game pieces or Publishers Clearing

6. House, which still uses sweepstakes marketing. With a little
creativity, NFTs bring the possibility of highly engaging
gamification marketing to small businesses. For example, a
Chamber of Commerce could launch a digital NFT scavenger hunt
involving dozens of locally-owned businesses to drive customer
traffic to each location. The potential is limited only by
imagination.
Get your NFT on
If you're fairly Internet savvy, or have access to a college intern, you can
get started learning how to DIY your NFTs using online resources such as
free articles and videos. If you don't have the time, interest, or patience for
all that, you can pick one of the ideas above (or use your own creativity)
and hire a freelancer to complete the entire project. Some of the best
freelance sites are Upwork, Freelancer, and Guru.
Regardless of how you get started, you might want to give NFTs a try.
With little to lose, your small business's bottom line may see significant
gains, as NFT popularity shows no signs of slowing down.
Tor Constantino has holdings in BTC, ETH, ADA and XRP.
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7. Credit: https://www.inc.com/tor-constantino/5-ways-nfts-can-kickstart-your-small-business.html