Business Model

2.1 How OfficialNFTÂŽ Stands Out

Google search “NFT Marketplace”, and you’ll be flooded with marketplaces selling digital art pieces for astronomical prices on Ethereum. NFTs are so much more than the ability to purchase a digital art piece and we’re creating the platform to offer a multitude of solutions to benefit brands and individuals. The current marketplace is not offering or building beyond the digital art play and we’re here to optimize the incredible functionalities of NFTs. This is why OfficialNFT® was conceived.

OfficialNFTÂŽ is an NFT ecosystem designed for everyone, including corporate brands to mint NFTs that are linked to whatever they want. For corporate brands, they can easily mint NFTs that are linked to their products, events, experiences, and marketing campaigns.

Yearly, corporate brands lose billions of dollars to imitations. Unscrupulous elements imitate reputable brand products, instead of crafting their own. With the coming of the internet and social media, it has become relatively easy to imitate the products of a corporate brand and pass them off as legitimate. Brands are affected by piracy and imitation to the extent that they lose billions of dollars annually. They also lose goodwill because their customers receive illegitimate products produced at low quality.

Corporate brands stand to benefit greatly from the functionality that OfficialNFTÂŽ is offering. Fighting imitation and piracy will become greatly improved with the presence of OfficialNFTÂŽ. Corporate brands stand to gain a lot including keeping and incentivizing resells to stay on-chain, by rewarding all past owners with a customizable commission structure. This incentivizes resellers to stay on-chain and provides certifiable authenticity for those resold products in the secondary market. It solves the problem of brands losing millions, and even billions to imitations of their brand products being sold as well as providing the potential for recurring commission on resells for the brands and data that does not currently exist for resold products.

The ability to create a dynamic smart contract with features like multi-generational recurring royalty model, purchase reveals interoperable with eCommerce platforms, and NFTs connected to physical goods or assets does not currently exist in the NFT space.

2.2 Functionalities on OfficialNFTÂŽ

OfficialNFT® is building the 2.0 of NFT marketplaces, featuring differentiated NFT minting, dynamic recurring commission models, vertical solutions to register physical products to the NFTs, and “normie” UX for minters and retail buyers. An underlying feature of OfficialNFT® is to construct an NFT ecosystem that provides optimal value to all participating in the ecosystem.

Use Case A

Alice mints and places an NFT on the OfficialNFT® marketplace. Bob buys the NFT and receives a credit for Alice’s online widget store of $100 upon purchase of the NFT. Bob can then sell that NFT on the marketplace again for $100. Alice will receive a commission from Bob’s sale as the creator. Dave (the new buyer) will receive a new, unique reveal upon purchase with a new $100 online store credit to Alice’s online widget store. This sale with commission and reveal structure can continue infinitely.

Use Case B

Alice wants to sell a pair of Nike sneakers she bought on StockX. Our NFT solution solves the issues associated with selling sneakers online. Alice creates an NFT for the sneakers she owns. She includes photos of the sneakers, the StockX receipt, and any other verifiable information to certify authenticity. Bob buys the NFT from our marketplace and triggers the shipment of the sneakers to the address Bob provided. He now has certification of authenticity (the NFT) with the sneakers he has purchased. If Bob ever wants to resell the sneakers, he is incentivized to do so on the OfficialNFTÂŽ marketplace. Selling the sneakers with the NFT keeps the sales on-chain and verifiable, and Alice receives a commission on all generational on-chain sales as well as any other future sellers keeping the sales on-chain.

Use Case B-1

Moving this model upstream: StockX can mint the NFTs for all sneakers for sale on their site, making the product verifiable and earn commission on all resells on-chain.

This model is attractive to the retailer that Alice bought the sneakers from as they would like to be included in this commission structure.

Use Case B-2

And taking the model to the top of the stream: Nike can mint the NFTs for all sneakers they produce- making the product verifiable. Nike then earns a commission on sneakers resold and ensures their customers are purchasing verifiable Nike products. This solves 2 very big problems for Nike. It keeps their products verifiable and enables Nike to capture commission from their products that are being resold in the very lucrative resell market.

This model is attractive to the brand as they are at the top of the sales structure and can incentivize and dictate the commission structure on the resells of their sneakers. Nike is losing billions of dollars per year by not having this solution in place.

2.3 Economic Growth & Potential Benefits

The NFT marketplace business model is an intriguing one that has the potential to grow annually. When blockchain technology was introduced decades ago, many of the innovative solutions that it now hosts were not presented during the infancy stage. The same can be said for the NFT realm now. Though the NFT world is still at its infancy stage, it is currently worth over $90 billion. Very few features and innovations currently exist, yet the market is worth that much. With the coming of the OfficialNFTÂŽ marketplace offering new and innovative NFT features to corporate brands globally, the value of the ecosystem will soar because of the influx of new participants- corporate brands.

OfficialNFTÂŽ marketplace and its Whitelabel solution provide a platform to build an industry that will exponentially scale in the next 10 years.

With our existing business-to-business network, we can collaborate with thought leaders and category winners in industries such as apparel, sportswear, sneakers, bicycles, e-bikes, influencer marketing, outdoor equipment, trade shows, professional sports leagues, EDM festivals, music merch and music festivals. Our team’s combined experience of over 80 years in these industries enables us to leverage our experience and credibility to optimally position our effort with OfficialNFT®. Like those that positioned themselves during the early stage of blockchain technology are reaping their smart and rational decision, OfficialNFT® and its stakeholders will enjoy the same perks of the progressive steps they’re taking now.

The fact that OfficialNFTÂŽ is solving some crucial business issues and opening up a new source of revenue to brands will make it irresistible for a long time to come.

2.4 OfficialNFTÂŽ Decentralized App

OfficialNFTÂŽ is incorporating its incredible features in both a mobile and a web app that are designed to be seamless for users.

Mint NFTs easily

The user interface guarantees to offer a seamless user experience, allowing users to easily mint their NFTs and link it to their brand products without typing any line of code. Minting an NFT on OfficialNFTÂŽ is a walk-in-the-park process as there are easy-to-understand step-by-step guides layered on the UI to smoothly guide users to success.

Dedicated Customer Support Team

Once the marketplace is live a thorough customer support team is on hand every day to field questions, offer solutions and take suggestions from users. We have a Discord and Telegram to build community and collect feedback, assist developers and build culture. OfficialNFT® is customer-centric and for the past 14 years, we’ve been interacting, engaging, and improving our CSR. We have existing infrastructure and experience to scale customer service needs.

Auctioning

The app allows them to not only create NFTs, but peg prices or carry out an auction. In an auction, potential buyers bid on the minted NFT.

Originality tracing

Those with the OfficialNFTÂŽ app can easily check the originality of a product in the ecosystem. This will cut down on imitation and piracy of premium brand products.

Smart Contract Functionality

The app allows users to enjoy functionalities and innovations like creating smart contracts from the comfort of one's home.

2.5 Market Opportunities For OfficialNFTÂŽ Services

Brands need NFTs for numerous reasons, and OfficialNFTÂŽ is the one-stop ecosystem to make that happen. A significant reason that NFTs are important to corporate organizations is that they can be minted to represent their digital files like video, audio, and art.

The versatility of NFT is intriguing because it can be linked to anything digital from products, to licensing, down to real estate, and so on. Using NFT in your brand's marketing storytelling strategy will revolutionize how your brand is seen because of an increase in interest in NFTs globally.

NFTs allow brands to do the following:

  • Present a unique brand experience

  • Improve the level of awareness surrounding the brand

  • Motivate clients and prospects to interact with the brand using calls to action and on-chain incentives

  • Produce interest in the brand and the products it offers

If properly utilized, NFTs can drive up revenue by increasing conversions. The way the internet and social media marketing has become a crucial aspect of every smart brand's marketing strategy is the same way that NFTs should be utilized by every brand that wants to stay on top of its game. The market opportunity for OfficialNFTÂŽ is incredible because more brands are realizing the importance of minting NFTs. We will analyze some brands that are effectively incorporating into their business strategy.

Taco Bell GIFs

Millennials tend to opt for brands that are in tune with their values, and this is why those brands that interact with them positively on social media tend to sell more than those that ignore it.

To show that they are aligned to their NFT values, Taco Bell decided to sell taco-themed NFT GIFs to support the Live MĂĄs Scholarship. Twenty-five NFTs were placed in an NFT marketplace, and before thirty minutes elapsed, they were sold. Every NFT was bought for thousands of dollars. Incredible, right? Not only did NFT make a buzz on social media for doing this, but they also created a new revenue source that earned them thousands of dollars in less than thirty minutes. With NFTs, corporate brands can improve their brand awareness, create an alternative revenue source, and even support a good cause.

RTFKT Digital Sneakers

New and unknown brands can also use NFTs to their advantage in a way that disrupts the market and makes a name for themselves. RTFKT tried this and it worked for them. They created an NFT sneaker for the Chinese New Year, then placed it up for auction. It created the needed buzz and raked in $28,000. Amazing, right?

It is intriguing that a young brand can pull this off because of NFTs. Imagine minting an NFT sneaker that can not be touched or worn for that amount.

They did not stop there. Another NFT sneaker was minted by this firm in partnership with FEWOCiOUS, an 18-year-old artist, and it sold for $3 million. Since NFTs are in their infant stage, it is an awesome time for brands to immerse themselves into the ecosystem and features. It is a perfect way for marketing teams to create a buzz and build a group of loyal fans through NFTs.

Brand marketers should analyze what RTFKT is doing, and incorporate it into their marketing strategy. Churning out a limited edition of memorabilia to announce a special event or celebrate a holiday can turn a brand's marketing campaign around. These NFTs can be given for free to the first clients or can be auctioned by themselves. Partnering with influencers in pop culture to mint a limited edition NFT for your brand could seal the deal for you.

Kings of Leon ‘When You See Yourself’ Album Launch

It’s not news that the music industry is highly competitive. In order to succeed, artists and music industry executives must differentiate themselves from the competition. Creating innovative ideas for your loyal fanbase is not an easy process for anyone. How did The Kings of Leon do it?

Instead of releasing the typical digital album that other artists and bands do, they took it up a notch by releasing it as an NFT.

The tokens used in this album launch come in three forms. For the first, a special album package was created. The second one comes with live show perks, while the last kind offers exclusive audiovisual art. Doing this increased the buzz around the album, and the band was thankful for it.

To drive people to purchase, the album tokens were limited and sold for only two weeks. This means that no other album token was created, making the tokens scarce and tradable.

Kings of Leon know that they are the first band to do this, and they milked the opportunity. In a few years to come, the value of those album tokens will have skyrocketed.

Apart from that, the band has set itself in the hearts of its fans for future purposes.

Beeple Artwork

For everyone that has been in the NFT realm for a while, there is a great chance that you may have come across the Beeple Artwork. Before Mike Winkelmann became an NFT art legend, very few people knew him in the mainstream art circles, but that did not stop him from selling a JPG file for $69.3 million. This milestone made him the third most expensive living artist during that period.

When the news of this rocked the NFT realm, more people became interested in what it had to offer. The auction was the first digital-only NFT auction held by Christie’s, and it lasted for two weeks. It created a wave during its last hour to the extent that it had to be extended by over a minute to allow the latecomers to have a bit of the action.

An important lesson that brands should learn from this is that embracing new and innovative technologies is not a bad idea. The competition in the business world is fierce, meaning that smart brands should be disruptive to outperform. OfficialNFTÂŽ makes this possible.

Nyan Cat GIF

Years ago, the Nyan Cat GIF burst was created and it was embraced by everyone in the digital scene. Chris Torres decided to incorporate it into the NFT marketplace recently by creating the NFT variant of the GIF. Doing that made the creator $500,000 richer. It is intriguing that an animated GIF that everyone thought had been forgotten in the annals of time was rebirthed and given a breath of new life, then sold for half a million dollars.

Did Chris only sell the Nyan Cat GIF? He decided to auction other classic memes as NFTs, and they have been selling for a lot. Bad Luck Brian, a good oldie was bought for more than thirty thousand dollars.

From what is seen above, brands can benefit from their clients when they offer them awesome experiences. Those past ads that brands made, which resonated in their target community in the past can be rejuvenated and minted into NFTs. They can auction them on OfficialNFTÂŽ, and garner publicity. Doing this offers them publicity and another stream of income. They can easily improve their brand awareness and garner new clients.

The use cases of NFTs go on and on, and it is left for smart brands to decide to incorporate it into their business design and blossom with the flow. OfficialNFTÂŽ is here to help in the process.