Non-Fungible Tokens or NFTs are going like a Renaissance-like period of late. It is being increasingly accepted in the media and sports sectors. The definition of NFT is self-explanatory, as you will realize why they are so popular these days.
A non-fungible token or NFT is like a digital receipt. It means you are certain of owning a collectible item. These are one of a kind as you cannot exchange them. Also, they exhibit ownership of fully unique items. That is the secret recipe for their popularity.
Dan Jurek backs NFTs
Dan Jurek, VP, strategic services of the Lacek Group has explained some popular use cases for crypto assets recently. The company happens to be a loyalty marketing business that concentrates on increasing customer engagement for various Fortune 1,000 organizations.
He mentioned digital assets similar to cryptocurrencies and NFTs are providing new potential for organizations to reward their loyal customers. However, NFTs also have the potential to forge stronger associations between organizations with their customers.
Jurek mentioned that technology has become so advanced that it is possible to offer personalized experiences based on prior knowledge about the customers. He gave a very simple example to substantiate his theory. The VP said quite a few brands are using digital currencies as payment modes for their customers.
There are companies that are using blockchain technology to make sure that transactions are secure, transparent, and traceable. Others are levering non-fungible tokens for promotions and publicity. He stated new applications are launched and fresh digital assets are innovated to help the companies go deeper.