From NFT marketplaces to metaverse players, The Nest supports some of the most innovative startups and scale-ups building the NFT ecosystem. Whether helping them to protect their platform and clients, supporting users through their whole journeys, or managing their platforms, The Nest vows to power next-gen businesses to reach the next level in customer experience.
From the early days of the craze in 2020 with $100 million spent by collectors and traders on digital collectibles, to the $25 billion spent in 2021, the NFT craze has reached a whole new level. Yet to most of the general public, NFTs remain somewhat of a mystery.
So far, NFTs are digital representations of various works of art and other collectibles (usually an image, video, or audio file). The difference between an NFT and a simple image or video downloaded on the internet is that an NFT is an indivisible object. It gives access to a unique piece. Non-Fungible means it is one-of-a-kind, every NFT has a unique identity card encrypted in blockchain. It is “certified” by blockchain.
NFTs have 4 key properties: Ownership, Provenance record, Programmability (thanks to smart contracts), and Standardization (NFT protocols are built on open-source software such as Ethereum, introducing industry-wide standardization).
Those assets are exchanged using cryptocurrencies. In other words, an NFT gives you ownership of an indivisible digital piece which origin is certified by blockchain. Anyone can have a copy of La Joconde printed in their bathroom, but having the original painting is highly different. Well, in the same way, anyone can see Jack Dorsey’s first tweet on his screen, but only one person owns it. Mr. Estavi, CTO of Oracle, now owns the digital certificate that states he owns the thing.
So far, they are mostly used as collection pieces and have already proven very profitable for a lucky few: designer Beeple sold a collage of 5000 pieces of his work called “Everydays: the First 5000 Days” for $69.3m to a single collector. Several collections of relatively primary designs have encountered the same success, from Apes to CryptoPunks, and NFT videos of Lebron James dunking are selling for more than $200 000. Jack Dorsey’s first tweet ever sold for $2,9 million.
Nevertheless, NFTs are bound to be much more than the simple collection pieces they are right now. For example, famous entrepreneur Gary Vee created his own collection of NFTs, VeeFriends, and each card is linked to real-life benefits. For example, possessing a Witty Weasel card gives you access to VeeCon, an annual super-conference hosted by Gary Vee, plus the opportunity to speak with Gary in a private chatroom.
These types of NFTs are called Utility NFTs. As we are in the early stages of the market, many possibilities are still to explore. So far, these NFTs can unlock exclusive experiences, early access to products, entry to special clubs and events, and even dividends.
Combining irreplaceable human touch and a high-tech approach, we support NFT companies at every step of their journey. The Nest, a dedicated outsourcing company, gives you all you need to ensure the most immersive and seamless experience for your customers.
