Do you need an NFT strategy for your business?
The Six Percent Entrepreneur
Do you need an NFT strategy for your business?
March 17, 2021
In this episode we discuss if you should incorporate NFTs into your business.
Should you incorporate N f T s into your business? That's a great question. So first, what are NFTs? NFT stands for non-fungible token. And you might have heard the word NFT being passed around a lot lately. But what really is an N F T? You can say non-fungible token, But what does that mean? 

There's a lot of confusing ways to explain it, and I'm going to explain it in a very simple way. The way you can think about an NFT is just a certificate of authenticity that lives on the Internet, and it can't be copied, so it is a secure form of ownership. Now the certificate of authenticity can't be copied when you pair it with something in the real world, which is what's happening now. What people will do is they'll come up with art and this piece of art. If they want to have a unique license for this piece of art, they'll pair it with an NFT, which is your digital certificate of authenticity. And that's really all it is. 

But people can always copy the artwork and the artwork could be mass-produced, etcetera. But the value, however, resides with the token, which is your digital certificate of authenticity. And because the value resides with the token, it doesn't actually even matter if people copy the art. So I could, for example, by a real Banksy. And let's say the Banksy comes with an NFT attached to it. And this n f t pretty much says that I own this Banksy. However, I can go and make a duplicate of the actual Banksy the physical product, and I can sell the real one or yeah, I can sell the real one. But keep the token and the ownership would still stay with the tokens. 

So wherever the real Banksy is, it doesn't even have any value. It doesn't matter if it's real or if it's not really all that matters. Is that an actual token that you own, which is your digital certificate of authenticity. So if you pawn off your original Banksy and you keep the copy, but you keep the copy paired with that token, then the copy is what owns or what holds the value for your Banksy. So if you're using an NFT for your business. How can you incorporate it? And one of the questions that you might ask yourself is, Should I strategy right? Or should I strategize around? I can't believe I just said Strategy, strategy rise That sounds like it should be a word. I might start just using that strategy rise anyways. Should I strategize using NFT? Or should I strategies? My brand around the NFT. And the way they think about NFT is NFT is just a tool. 

The Blockchain All it is is an Excel spreadsheet that is a secure way of seeing what is on a database by a lot of people. Um, and that actually probably sounds confusing, but the point is, an NFT is just a tool is just an It's just the next level version of a certificate. Authentic. Uh, yeah, certificate of authenticity. So this NFT now gives you a way to have a digital certificate of authenticity that can't be copied. It is unique, and you can show where the ownership lies just with the NFT. So if you're incorporating NFTs into your business. You have to think, How could I put a digital certificate of authenticity into my business? There's actually a lot of unique use applications for NFTs, and they're pretty. Some of them were pretty cool. So crypto kitties, for example, is one of the first entities that I personally bought back in 2017, I believe, and crypto kitties is really cool because you can have a crypto kitty, which is essentially a digital certificate of authenticity. 

And if you take two crypto kitties and make them have babies, they will make a new crypto kitty that is just as unique. And these are unique assets that live in the digital world. So basically, it's kind of like to digital certificate of authenticity is getting together having a baby and that baby is also a digital certificate of authenticity that is unique on its own. So that's one really unique application of NFTs. And it'll be really interesting to see how people start using NFT s in future business, because what N F T s will allow people to do is they will allow people to be really creative in how they do business with each other and because NFTs are secure on the Blockchain, then you can enforce a lot of contracts that you create using NFTs. One of the problems that you have right now is with enforcing contracts, and that's why we have courts and lawyers and cops and jails. But if the contract is enforced with math using an N F T on the Blockchain, then you don't need all those middle players. You know that you can get into a contract with someone in that contract will be enforced because it's there for everyone to see and everyone that is looking at it, they will. They have to agree that this is the truth that they're looking at, and it is a much better way of proving ownership than having a court system. Um, I can give you an example. In Tulum, Mexico, where I live, there are people that own a lot of beachfront properties. However, that beachfront property is secured by a deed, and that deed is secured by the government that says you have this deed, the cartel in Mexico. However, what they were doing is they started rounding up a lot of judges and basically killing them. If they didn't hand over some of these property rights over to the cartel, so the cartel would say No. This deed that was signed by this problem this, uh, new beachfront owner is invalid because we actually owned the property. We've had this existing agreement and they get a judge to certify it. If the judge doesn't certify it, they killed the judge. And obviously, if they don't kill the judge and the judge is certifying it and the cartel takes over, so it'll solve little things like this. Because if you have a smart contract and you can show unique ownership for a piece of property with a digital token and you own that token, it doesn't matter how many judges you kill or what you do. No one can take that token from you. That's okay. In is yours. And it's protected by whatever password that you have for the token. I mean, I guess someone can come and threaten you to take that token from you. But that is something that I don't know. I guess it's for another episode. I will see you guys in the next episode. 

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