Best Practice

Non-fungible tokens (NFT): what are the enablers of digital ownership

With the advent of the Metaverse, NFTs are set to play a crucial role. How to approach a digital strategy based on these new cryptographic assets?

Non-fungible tokens

NFTs (Non-Fungible Tokens) can be described as cryptographic digital assets registered and transferred on the blockchain. Unlike cryptocurrencies, such as bitcoin and utility tokens, NFTs are not mutually interchangeable. They are “one-of-a-kind” assets in the digital world that can be bought and sold like any other part of a property.

In this context, each NFT represents a unique digital item that can be bought or earned (through the play-to-earn model) by a metaverse user and traded on the market via dedicated digital marketplaces.

The relationship between NFT and digital ownership

The concept of digital ownership is key to the future of the internet and represents the evolution from Web 2.0, where the interaction between users and information is limited to “Read and Write”, and Web 3.0, where “Own” is added to the mix.

In this context, NFTs, which are enabled by blockchain technology, are emerging as a means of asserting and exercising ownership rights over digital assets, which form a foundation for a new digital economy.

The role of NFTs in the Metaverse

Hoarding virtual goods in virtual worlds

Digital ownership is being used to signal what we believe in, show people what we love, and give a shout out to the communities we are a part of. From creating gaming avatars to personalizing emojis, people have been creating extensions of their physical selves in the digital world for a long time: the metaverse will elevate this sense of digital self even further.

This concept of a persistent digital identity that accumulates unique virtual goods can be used in various metaverse gateways. We’re seeing a shift from free and accessible digital content to scarce digital content and can be repurposed as a status symbol. There’s an opportunity for brands to explore how their products and services can be translated into virtual worlds.

What we do as Reply?

Within this constantly changing reality, Reply is the ideal partner to undertake a digital transformation journey supported by Blockchain. Reply, in particular, offers its support within three macro areas.

Exploration, education & consulting

Reply supports companies by educating them and broadening their perspectives on the knowledge of NFTs, cryptocurrencies and everything that belongs to the Metaverse landscape.

NFTs-based marketing strategies

Reply can support companies in NFTs-based marketing strategies, thanks to its holistic creative wrapper, technical expertise and audience-driven & utility-focused project design, as well as proposing a set of KPIs to measure the degree of success of the initiatives undertaken.

Choice of model and NFT platform

Reply is able to support companies in identifying the most suitable model and tool for issuing and managing NFT, by using its own emission platform, supporting clients in using a market platform, or creating a customised new platform based on client requirements.