NFTs in Ecommerce

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How Non-Fungible Tokens (NFTs) Are Transforming
The Ecommerce Industry?

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A Brief Introduction to NFTs

• Non Fungible Tokens, NFTs are digital tokens or
  digital assets that are backed with blockchain
  technology and this can be purchased through
  cryptos or digital wallets.
• These NFTs can be utilized to represent any
  assets such as JPEG or GIF files, audio, digital
  arts, recording, or anything else.
• By purchasing an NFT, a person buys the complete
  ownership of that particular token and not just
  the license to access it. This makes them retain
  ownership unless they hold the token without
  selling it to a new person.

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Why do NFTs sound heavy in recent air?
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• From a little-known term in blockchain, these
  NFTs have become one of the hottest trends in the
  art, fashion, and gaming world.
• Within a few months, the market has been
  inundated with NFTs that feature everything from
  videos to digital works by famous personalities
  like LeBron James, Grimes, and more.
• The graphic artist Beeple sold a digital file at
  Christies, which is the third-highest price paid
  for work for an eye-watering 69.3 M.This is a
  big surprise that NFTs caught the eyes of major
  brands and many brands like Gucci have planned to
  bring their own NFTs for circulation.
• Since more businesses sell real-world products
  for cash, selling through NFTs sets a trend that
  trades digital commodities.

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NFTs in Ecommerce Industry

• E-Commerce is an online platform that lets
  individuals buy, sell goods through digital mode
  using the internet. This concept of E-Commerce
  can be models such as Business to Business (B2B),
  Business to Consumer (B2C), Consumer to Consumer
  (C2C), Consumer to Business (C2B), and so on.
• The use of NFTs in Ecommerce is becoming a trend
  among the crypto community and many eCommerce
  platforms started using NFTs. The utilization of
  NFTs in Ecommerce can help the online retail and
  eCommerce industry to drift in a path with high
  ROI and ever-increasing business growth. Thus
  NFTs transition into tokenizing the physical
  goods and virtual items is completely a new form
  of the source which generates revenue
  opportunities.

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How are NFTs used in Ecommerce?
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1. Instant Gratification

• Ecommerce rapid delivery will never be able to
  compete with the immediacy of buying in-store and
  taking products the home. Even with the same-day
  delivery options, consumers feel the friction of
  delayed gratification which means it becomes
  harder to compete for brands that cannot meet
  such tight delivery deadlines.
• The hybridized product catalog of NFTs physical
  goods allows eCommerce merchants to fill this gap
  of experience. When such tangible products come
  with virtual NFT, customers can take instant
  ownership. Even there are several days for
  delivery of actual items, its equivalent virtual
  item allows consumers to engage with their
  purchase at a more creative level.

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2. Product Verification

• With the blockchain-based verification systems,
  these NFTs become appealing in industries that
  frequently struggle with an undercut in this
  competitive online marketplace.
• For Example Couture designers are undermined by
  fast fashion brands.
• If garments use NFTs for both personal signature
  deed of ownership, their perceived value will
  increase

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3. Twinning Physical Products with Non-Fungible
Tokens

• Pairing NFTs with real-world products can offer
  brands a way to appeal to early adopters as well
  as a huge traditional customer base.
• For Example
• Nike makes strides into NFT space by securing a
  patent for NFT based line of sneakers called
  "Cryptokicks".
• Thus, Nike will pair real-life sneakers with NFT
  counterparts, which allows customers to enjoy
  purchases in unique ways of digital artworks.

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4. Addition of value to NFTs with AR

• AR, Augmented Reality has already been applied in
  eCommerce, particularly D2C brands that lack
  physical storefronts for showcasing products.
• For Example, Waby Parker has added high value in
  2017 through the development of an AR app that
  allows prospective customers to "try on"
  different styles of eyewear before they make a
  purchase.
• These NFTs allow merchants extra steps b offering
  3D visualization of their products themselves.

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Benefits of NFTs in Ecommerce

• 1. Offers Instant Gratification for online
  commerce merchants
• 2. NFTs adds value to the loyalty program
  increases trust
• 3. The verification of Products and design made
  simple easy
• 4. Use of AR to add value to NFTs and the
  eCommerce industry.
• 5. Blockchain NFTs offer a way to magnify the
  traditional customer base.

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Know Future of Ecommerce with NFTs

• How Non-Fungible Tokens (NFTs) Are Transforming
  The Ecommerce Industry?