Customers are increasingly interested in owning a piece of or participating in the brands they care about. The growing demand in custom and configurable goods is proof of this. We want what is rare and unique and we want to show those things off to the world.
Why Offer Product NFTs?
Your customers want them.
You’ll start to build the foundation for an additional revenue stream.
In the not too distant future, all products will have a “digital twin”...a virtual version of every physical product that can be wielded in the metaverse. This will become a routine “add on” to any product purchase.
You’re an innovative brand with your pulse on “what’s next.”
Many brands–Adidas, Clinique and Taco Bell among them–have already made successful NFT offerings on a limited basis. The next phase will be offering these experiences at scale to the everyday shopper. If you provide 3D product configuration, and therefore, the ability to make unique goods, on your site, you’re halfway there. NFTs are the next step.
Getting Set Up for NFTs
To be ready to sell or buy NFTs, you and the shopper need to complete a few simple steps.
STEP 1
Get 3D configuration
Provide a configurable 3D experience for your product. The NFT is built on 3D assets this entails partnering with a platform like Threekit.
STEP 2
Develop parameters around your initial NFT offering
Some questions to consider:
- Do you want it to be a limited drop or a promotional offer?
- What will you do with the proceeds–reinvest or give to charity?
- Will the NFT come with special privileges for the owners? Special brand content, access or discounts?
STEP 3
Enable NFT Transaction
Work with your selected 3D partner as they connect your brand to the NFT market via an API and “mint” the NFTs for your brand.
STEP 1
Set up a personal NFT Account in a market like OpenSea
STEP 2
Connect their crypto wallet
They’ll need cryptocurrency which they’ll use to purchase an NFT. An example of this would be MetaMask or something similar. Within their NFT account there will be directions on how to connect the wallet to the marketplace
STEP 3
Purchase cryptocurrency
They’ll need to purchase Ethereum (ETH) the currency used for NFT’s . To purchase ETH, you can do so with a credit or debit card or you can exchange other cryptocurrencies to ETH if you already own some.
The price of ETH changes about every 10 seconds, usually by very small increments.
STEP 4
Purchase an NFT on Your Site
Once they have ETH, they can go through your brand’s shopping experience and check out as they typically would.
Upon checking out, they might be given an option to “Purchase this Product NFT”.
For a brand
STEP 1
Get 3D configuration
Provide a configurable 3D experience for your product. The NFT is built on 3D assets this entails partnering with a platform like Threekit.
STEP 2
Develop parameters around your initial NFT offering
Some questions to consider:
- Do you want it to be a limited drop or a promotional offer?
- What will you do with the proceeds–reinvest or give to charity?
- Will the NFT come with special privileges for the owners? Special brand content, access or discounts?
STEP 3
Enable NFT Transaction
Work with your selected 3D partner as they connect your brand to the NFT market via an API and “mint” the NFTs for your brand.
For a shopper
STEP 1
Set up a personal NFT Account in a market like OpenSea
STEP 2
Connect their crypto wallet
They’ll need cryptocurrency which they’ll use to purchase an NFT. An example of this would be MetaMask or something similar. Within their NFT account there will be directions on how to connect the wallet to the marketplace
STEP 3
Purchase cryptocurrency
They’ll need to purchase Ethereum (ETH) the currency used for NFT’s . To purchase ETH, you can do so with a credit or debit card or you can exchange other cryptocurrencies to ETH if you already own some.
The price of ETH changes about every 10 seconds, usually by very small increments.
STEP 4
Purchase an NFT on Your Site
Once they have ETH, they can go through your brand’s shopping experience and check out as they typically would.
Upon checking out, they might be given an option to “Purchase this Product NFT”.
NFTs are Taking Off
Growth of the NFT Marketplace
The trading volume for NFTs went up 700% between Q2 and Q3 of 2021.
Adidas' first NFT drop made over $23M in less than an hour.
NFT sales totaled $41 billion in 2021 - almost as much as the total art market
NFT and Metaverse Learning Center
Explore our thought leadership series to get grounded in the terminology, basic principles and projections on NFTs and metaverse.