{"id":4250804,"date":"2022-03-29T15:21:36","date_gmt":"2022-03-29T13:21:36","guid":{"rendered":"https:\/\/www.deptagency.com\/insight\/five-questions-brands-should-ask-about-nfts\/"},"modified":"2022-04-14T14:34:29","modified_gmt":"2022-04-14T12:34:29","slug":"five-questions-brands-should-ask-about-nfts","status":"publish","type":"article","link":"https:\/\/www.deptagency.com\/en-uki\/insight\/five-questions-brands-should-ask-about-nfts\/","title":{"rendered":"Five questions brands should ask about NFTs"},"content":{"rendered":"
\n\t\n\t<\/svg>\n\t\t\t\n\t\t\tBack to all articles\t\t<\/span>\n\t\n<\/button>\n\t\tFive questions brands should ask about NFTs\t<\/h1>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div>
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\n\t\tJesse Streb\t\t
\n\t\tGlobal SVP, Engineering & Technology\n\t\t\t<\/div>\n<\/div>\n\t
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\n\t\t\t\t\t29 March 2022\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<\/div>\n<\/div>\n\n
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\n\t\t\tDid you know the first NFT was created in 2015?\u00a0Yep, it took less than five years for NFTs<\/a> to reach worldwide notoriety. And since then, the market for NFTs has exploded, with folks either loving them or rejecting the idea altogether.\t<\/h2><\/div><\/div>\n\n

Because of the polarisation that NFTs have caused, it can be difficult for businesses to confidently participate in the NFT world.\u00a0

Fortunately, we\u2019ve planned, created, and released many NFT marketplaces, and understand both the strategic and tactical considerations surrounding them.\u00a0

There are five essential questions every leader must evaluate before starting down the path of NFT creation.\u00a0

01 What is the state of the NFT market?
02 Should my brand leverage this new technology?\u00a0
03 What makes a good NFT experience?\u00a0
04 Are NFTs bad for the environment?\u00a0
05 Do users need to buy NFTs using crypto?\u00a0

Below, our team helps you answer these essential NFT questions.\u00a0<\/p><\/div><\/div>\n\t<\/div>\n<\/div>\n\n

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\n\t\t\n\t\tWhat\u2019s the state of the NFT market?\t<\/h2>\n\t\t\t\t\t
\n\t\t\t\t\n\n\t\tOpenSea<\/a> is the world’s largest NFT marketplace, valued at $13bn. In fact, OpenSea traded $5bn worth of NFTs in January 2022.\u00a0

There’s just one problem. In that same month, OpenSea admitted that 80% of NFTs created for free on its platform were either plagiarised from other artists or spam.

This leads us to the unfortunate reality of NFTs: a lot of harmful activity, primarily around \u201cCrypto Bros\u201d trying to inflate prices and promote schemes that offer little or no value beyond basic computer-generated digital art. A lot of these are very much \u201cget rich quick\u201d ideas, which are often likened to Ponzi schemes.

But amongst the noise, there are real NFT projects that are thriving. This is especially true of digital fashion and unique collectibles.

At the end of the day, it\u2019s the projects that offer the best utility for the NFT that will succeed \u2013 the perks, experiences, and opportunities that are unlocked by owning one.\u00a0

One final thing to bear in mind… governments are looking to regulate the NFT markets i.e. starting to treat them as commodities that can be taxed. It\u2019s essential to stay up-to-date on the regulations around crypto and NFTs to take full advantage.\u00a0\t<\/p>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\n\t