We have tackled many times how crypto payments can benefit freelancers and enterprises alike, especially by providing their services on HYVE. Web3 has undoubtedly unlocked many avenues for traditional businesses, especially in developing countries, enabling the potential for instant and secure payments, as well as complete control over payment options. With the emergence of NFTs, there is potential for applicability in a wide array of areas.

There is no surprise nowadays that more and more businesses are minting NFT collections as a way of diversifying their revenue streams. Not only do they create a more immersive customer experience, but they empower users with new utilities which were not present before.

Creatives assemble!

One way NFTs are advancing traditional businesses is by providing a new avenue for monetization. In the past, it was difficult for artists and creators to sell their digital works and make a profit. NFTs have changed this by allowing artists and creators to sell their digital works as unique, one-of-a-kind items. This has opened up new opportunities for creators to monetize their work and has helped establish a new market for digital art and other creative works.

Another way NFTs are helping traditional businesses is by providing a new way to authenticate and verify the ownership of digital assets. This is especially important in the art world, where the authenticity of a work can significantly impact its value. NFTs provide a secure, decentralized way to verify the ownership and authenticity of a work, which can help protect against counterfeiting and fraud.

A new way of ownership

NFTs also provide a new way to track and manage the ownership of digital assets. In the past, it was difficult to track the ownership of digital assets, as they could easily be copied and shared. NFTs ensure that assets are not being misused or shared without permission. This can help protect the rights of artists and creators and provide a way for them to control the distribution of their work.

One of the key benefits of NFTs is that they are stored on a blockchain, which is a decentralized, distributed ledger that is secured by cryptography. This is in contrast to traditional methods of verifying ownership, which can be more susceptible to fraud and errors.

NFTs are here to stay

While some consider NFTs as just a fad, there are very valid reasons to counteract that claim, based on the three main pillars of Web3:

While it is true that several NFT projects have turned out to be hoaxes, it is not indicative of the industry. With a lack of regulation and oversight, it is still important for individuals to be cautious and do their own research before investing in NFTs. Some NFT projects may be scams, and it is important to carefully evaluate the risks and potential rewards before investing.

In summary, NFTs are advancing traditional businesses by providing a new avenue for monetization, a way to authenticate and verify the ownership and authenticity of digital assets, and, lastly, a way to track and manage the ownership of digital assets. As the use of NFTs continues to grow and evolve, it is likely that they will continue to play an essential role in the business world and shape the way that traditional businesses operate.

As you have noticed, HYVE has recently expanded in the NFT sector as well, having announced our Genesis collection - Metalancer. The Metalancer story and design are unique and represent an extension of our creed in the name of decentralization and freedom. More details will follow soon, so be sure to check out our Twitter and other social media channels.

If you are a business looking to develop an NFT project or need someone to give you some more guidance in this area, you are in the right place. HYVE can help you find that professional, as we are the leading web3 job database, with many freelancers ready to provide their services! We also have the lowest fees out of all freelancing platforms, ensuring everybody receives a fair compensation!

What are you waiting for?