No Faking Transparency
That permanent record is the crucial factor for firms worried about security. NFTs are part of blockchain, which is a decentralised technology. It isn’t controlled by any one entity. Imagine your network has a ledger for recording every transaction – you can’t add a new one without approval from all users on the network. And you can’t edit or delete an existing record at all, because new entries store data from all the entries which precede it.
In the short term, this means your entirely unique NFT / image of a disinterested monkey is safe from would-be thieves (provided you take good care of your crypto keys).
In the longer term it makes for an even more interesting pivot, as brands won’t have to tout their trustworthiness through every channel – using blockchain means it’ll be pretty much a given. This can save valuable resource on security and make processes much more efficient.
Night-night For Trust?
It’ll be interesting to see what going ‘trustless’ means for banks and brands who otherwise rely on piling extra value on the benefits of security in their marketing communications.
With these characteristics and capabilities baked into blockchain, the system can’t be cracked. And because all transactions are fully visible, there’s a level of transparency you don’t usually get from the world of finance – every provider by its very nature becomes 100% open with its transactional history.
If anything, the way consumers compare banks and other financial providers when it comes to trust and security will vanish, if and when they begin on the blockchain. This leaves an even playing field for marketers; a clean slate on which to stack other USPs.
Brands could – and should – start that preparation right now, because we’ve still got a long way to go.
Nurturing Future Transactions
It’s still early days when it comes to NFTs – and Web3 in general – so don’t underestimate the power of a bit of educational content. We could blog for days on the misconceptions surrounding the technology, but it would probably save everyone a bit of time just to dispel the myths and deal in straight-up facts.
NFTs can take the form of just about anything audio and visual, which presents a great opportunity to get creative with a campaign.
A True/False cheat sheet about NFTs would constitute another quick win – an at-a-glance guide to the potential for NFTs both as a short-term cachet of cool and a long-term security solution.
The same as above, but in the form of a quick video explainer.
Interview an independent expert and get some answers straight from the source, with the added bonus of expertise and authenticity. Stream the chat live, record it for a podcast, or both.
Noteworthy Final Thoughts
The key here is to take what you know your audience responds to and turn a complicated topic into an easily digestible and actionable output. As an added twist, you could ‘mint’ what you make as an NFT itself. NFT-ception!
The technology behind NFTs isn’t quite mainstream-ready, so another bit of advice would be not to rush into things. Build a solid foundation for customers and invite them to dive into the deep waters of blockchain and NFTs in their own time. And don’t rush it yourself.
Or in other words, Nix Fast Temptations.