NFTs are here, and the world is still grappling with what this technology represents for our collective future. Businesses building in the space have already seen a glimpse of the potential that NFTs hold, but few understand how to maximize business opportunities and build for what's next. As the demand for NFTs continues to grow, the true potential of NFT products will begin to emerge and impact our experience as users and developers of software.

The internet’s architecture is changing as blockchain development intensifies, and decentralization is becoming a guiding force for builders and users. This next stage of the internet is referred to as Web3, still a mysterious term for the average person. But, beyond the hype and the buzzwords, lives the potential to transform how we experience and engage with each other and content online. 

Blockchain technology has made it possible for thousands of different fungible tokens (FTs) to be deployed by a diverse range of projects across industries. These tokens' concept, use, and value vary drastically from project to project. The full spectrum can be explored, from native tokens like Ethereum (used for payment, fees, and transaction verifications on the network), to meme tokens like Dogecoin that carry abstract cultural relevance. When examining this range of tokens, utility becomes a central focus for investors looking to get involved, but could this same utility be achieved using non-fungible tokens (NFTs)? 

So you’re developing a blockchain project, but have you considered Web3 marketing strategies yet?

The NFT space is still transforming as we continue to unlock new possibilities using the underlying blockchain technology. Serious projects are pushing narratives away from just digital artwork and into a new world of potential use cases. While many understand NFTs to be a medium for creative expression, the technology goes well beyond art and businesses are beginning to take notice. 

Transaction fees aren’t seen as attractive or inspiring… but that’s all about to change.

Two of the biggest challenges for Web3 projects are marketing and community engagement. There are a lot of crossovers here, with the common goals of expanding audience reach, strengthening relationships with members, and increasing revenue. No boilerplate solutions exist to address these challenges, however, savvy projects are exploring how financial incentives through a community wallet strategy can begin to address these common challenges.

I know it's tough, but it’s time to wake up to the fact that there is absolutely no way to enforce royalties on the secondary market.

My career path into Blockchain and NFTs was a natural one. I started my professional life in computer science, quickly moving from private companies to my own product development business ventures. Around 2015 I began to look into blockchain technology, jumping in through research and writing applications. Things quickly progressed, leading me to build in the blockchain space with my business partner. We even created our own custom blockchain, slowly unlocking our own path in the industry.