Ever since non-fungible tokens (NFTs) took over the world’s attention, they have been seen as the solution to most problems we face. Why? All those issues involved hassles caused by intermediaries, and NFTs eliminate such parties by using the power of blockchain technology. eCommerce is one such domain that has been exploring the usage of NFTs in it. Advancements have already been made with promising results, with global brands leading the way. This blog from CES’s experts talks in depth about the business applications of an NFT eCommerce platform. The quote below resonates with the scope of NFTs in eCommerce.
“Always deliver more than expected.” – Larry Page, Co-founder, Google.
What is an NFT eCommerce Platform?
An NFT eCommerce platform is an application where businesses can sell products backed by NFTs. These platforms make it possible for NFTs to touch real-world use cases, making them attractive to more people who might have been skeptical of NFTs due to their digital-only nature.
An eCommerce platform selling NFT-backed products can look similar to a conventional online store but with extensions to attach crypto wallets and transact in cryptocurrencies. The growth of NFTs in eCommerce is expected to multiply this year as the Web3 market is experiencing a resurgence after a long time.
Applications of an NFT eCommerce Platform in 2023 and Beyond
Collector Item Sales
An NFT application for eCommerce can be used for selling phygital collectibles that offer both physical and digital experiences to buyers. This model has already been tapped by prominent sports teams and consumer brands as a way to celebrate their hard-core fans and establish closer relationships with them over time.
Metaverse-compatible Versions of Products
Brands related to fashion have ventured into the NFT space with virtual items that can be used in metaverse worlds. Digital versions of branded clothing, footwear, and accessories are available for people to use in virtual worlds. These can be a way for brands to show their presence in Web3.
Utility Beyond Limits
“Utility” has become a buzzword in the eCommerce NFT world, as most projects intend to offer real-world perks to their buyers as a way to appeal to the market. As NFTs offer interoperability, utility NFTs can be used in different places that could redefine how users use loyalty membership experiences.
Ownership and Transaction Provenance
Since NFT transactions occur on the immutable blockchain ledger, one can easily check for an NFT’s ownership and transaction history through scanning applications. This can be helpful in eliminating disputes between retailers and consumers, such as problems during asset exchange. Secondary selling can also become trustable with NFTs to help.
Teasers for Physical Items
An NFT eCommerce platform can be a way for brands to release virtual teaser versions of their upcoming products to see the public reaction. Such campaigns can help businesses a lot in planning future product launches and finding loyal customers who are willing to involve themselves with the brand anytime.
Display in the Real World
NFTs in eCommerce can be taken to the next level by displaying them in the physical world to enable people to appreciate the significance of digital products. Special wearables can help show NFTs on the go, and eCommerce applications focusing on Web3 can be powerful to make these items go mainstream.
Physically Redeemable NFTs
NFT eCommerce platforms can support NFTs that can be redeemed for physical products, which can be a game-changer for mainstream Web3 adoption. Redemption can either be carried out by burning or not burning the NFT, which depends on the project’s mission. Several brands have already begun redeemable NFTs through eCommerce applications.
Physical x Digital Experiences
eCommerce NFTs can help businesses explore offering exclusive physical experiences for digital NFT products. This is seen to be a top use case that can break the barriers for NFTs in 2023. This is possible as the markets witness a new era of adoption, where use cases lead to speculatory predictions.
Adding to One’s “Metaverse Life”
An NFT eCommerce platform can be utilized to add fundamental elements necessary for a user in the metaverse. This can be enabled by allowing users to purchase virtual versions of real-world items to be used inside these worlds. This use case is also expected to raise the bar for NFTs.
Digital Certification for Products
Concerns about counterfeit products have put the retail sector in distress, and eCommerce NFTs can be the perfect solution. These NFTs can work as virtual certificates registered on the blockchain that can help users to trace a product’s origins and intermediate steps, alongside ensuring its authenticity from the manufacturer.
Conclusion
We have seen the various use cases of an NFT eCommerce platform in this blog that businesses can make use of. At CES, we ensure to create applications that appeal to the broader Web3 space while making sure businesses reap the most benefits. eCommerce NFTs are still evolving, and you could make use of the domain to grow as a Web3 business. Schedule a meeting with one of our experts if you are interested in building an NFT venture based on digital commerce.