SOLUTIONS
NFT Solutions for Lifestyle Brands, Sports, and Gaming Organizations
What are NFTs?
NFTs (non-fungible tokens) can represent anything unique as an Ethereum-based asset.
Unlike ETH, a fungible token, each NFT is unique and irreplaceable. NFTs can represent digital art, physical goods, virtual land, virtual items, sports cards, tickets, fashion, and much more.
Because NFTs are verifiable on Ethereum, their provenance and ownership data can be traced from the original creator all the way through to successive owners. This means digital information can be verified without third-party verification. NFTs can thus serve as a digital passport.
The global NFT market has emerged as a significant and growing subsegment of the digital assets market in recent months, with a gross transaction value of $370 billion. NFTs have emerged as a new and innovative way for organizations, brands, artists, and celebrities to engage with their customers and fans.
Major brands have had varying degrees of success tapping into this niche market issuing and collecting NFTs. At Consensys, we leverage our deep understanding of the NFT market to build a white-label NFT experience for your organization.
NFTs for Sports Clubs and Organizations
Enhance fan and community engagement
ONE. NFTs can enhance fan engagement with their favorite sports club. They represent novel ways to support the club and participate in team decisions. Sports organizations can create loyalty programs with tokens as a reward for unconditional support. Gamifying engagement could drive more excitement for in-person events, online experiences, and fantasy sports leagues.
TWO. NFT data can also lead to a better understanding of fan interests and behaviour. Sports organizations can leverage this data to deliver high-demand activities and merchandise, as well as activate more efficient revenue streams.
Consensys Case Study
The Sacramento Kings and Consensys developed a new auction platform to facilitate live bidding on in-game sports gear. On this platform, every auctioned item is verified with a transparent audit trail of product history so fans are assured that each piece is authentic.
Through this partnership, we helped increased the resale potential of authenticated merchandise on secondary markets. The live auctions enabled the Kings to tell a unique story around each piece of memorabilia while providing fans with an exciting live auction experience.
“Now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution.” — Sacramento Kings Chief Technology Officer Ryan Montoya
NFTs for Luxury Brands
Improve Secondary Opportunities
ONE. Associating an NFT with a luxury product can help solve issues around authenticity and certification. By issuing NFTs on Ethereum, consumers can be assured of a product’s provenance and authenticity, and brands can incorporate more efficient resale structures.
TWO. Just as luxury products generate desire through scarcity, luxury brand NFTs create digital scarcity. NFTs can become a new product and revenue stream for brands, allowing them to experiment with creativity beyond the physical world while creating alternative ways to engage with customers.
Consensys Case Study
In June 2021, Hublot unveiled a new ‘Big Bang e connected’ watch as the Official Timepiece of UEFA EURO 2020. It partnered with Consensys to launch a new NFT campaign, issuing tokens to the first 200 purchasers of the watch. Each token contained an excerpt from one of the episodes of the Hublot Fusion Podcast.
NFTs for Artists and Issuers
Develop the culture and value of digital art
ONE. Whether through generative art, profile picture collections, or one-of-ones, NFTs have blossomed as a new way to represent ownership of digital art on the internet. More and more people are using NFTs as their online avatar and contributing to community-building initiatives taking place online.
TWO. Start capturing value across secondary market transactions. NFTs are programmable, allowing artists and organizations to bake in royalties and receive a percentage of resale value after the initial sale or auction. Organizations and individuals alike can continue capturing revenue as their art is resold.
Consensys Case Study
In March 2021, Consensys, Heyday Films, and HENI created a joint-venture called Palm NFT Studio— a collective of entertainment, technology, crypto art, and art industry leaders set up to on-ramp artists, creators, and rights owners who want to establish NFT marketplaces and projects.
Palm NFT Studio is actively developing NFT projects and platforms across a variety of creative disciplines – launching with several partners from the crypto space: Uniswap, $MEME, Nifty’s, Protocol Labs, MetaMask, and Infura. Palm is a new token-powered ecosystem for NFTs, which is connected to Ethereum, and features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems.
In July 2021, Damien Hirst released his first NFT collection, The Currency, on HENI in collaboration with Palm NFT Studio and Consensys. In order to encourage widespread participation in The Currency drop, Palm NFT Studio worked with Consensys to create an accessible and seamless experience for users. Consensys leveraged services from Infura, and Consensys Codefi to do so.
It is exciting to see disruptive technology like NFTs transform our relationship to content and empower content creators like never before. NFTs and DeFi can cross the chasm hand in hand with Palm, activating the worlds of finance and art and pop culture to embrace Ethereum and blockchain technology.
Joe Lubin
Co-Founder of Ethereum and Founder of Consensys
NFTs for Musical Artists and Supporters
Simplify royalties and facilitate creative freedom
ONE. Due to smart contracts on Ethereum, artists can receive royalties instantly through the secondary sales of NFTs. Tokens help generate new revenue streams for musicians, with enhanced fanbase interaction, and new music streaming avenues. Fans can use their favorite artists’ tokens to unlock exclusive perks like special events, merchandise, album extras, and even partial ownership of songs.
TWO. Artists can create and launch their own NFT collections to go with album releases, and independent artists can grow a following and community on their own without signing with a big record label. NFTs create more opportunities for artists to make, share, and thrive off their music.
Consensys Case Study
Imagine music as mathematical art on an NFT substrate. This is EulerBeats. EulerBeats is a careful and creative ensemble of math, art, music, royalties, instantly liquid tokens, and scarcity into a neat digital pack. It’s the first of its kind.
Euler Beats was developed by Treum, a Consensys company.
NFTs for Gaming Organizations
Create game economies and catalyze organic growth
ONE. NFTs are expanding gaming universes by allowing players to unlock in-game assets. Game creators can grant players actual ownership and transferability of the assets they gain, incentivizing them to engage more in the game’s world. This play-to-earn model is a useful strategy to encourage players to further game economies, as they have a valuable stake.
TWO. Handing over ownership and rewards to players can have cascading effects within the actual adoption of a game, such as increased loyalty, organic growth, and composability with other projects.
NFTs for the Metaverse
Issue usernames, domain names, badges, and digital real estate
ONE. NFTs can be used for domain names, badges, and more. Individuals and organizations can register their preferred username to interact in Web3 universes with a single sign-on. Badges like proof of attendance NFTs can verify participation in ecosystems and can be a fun way to bookmark events.
TWO. With increasing metaverse opportunities, proving your ownership of digital land becomes possible with NFTs. Individuals and organizations can build on their decentralized land, host events, and gather in their digital spaces.
Consensys Case Study
In April 2021, Consensys coworkers met in Decentraland for our first-ever company-wide gathering in the metaverse. Decentraland hired VoxelArchitects to build a beautiful ten parcel building for Consensys to act as a headquarters for virtual events and to showcase our work in the Ethereum ecosystem.
Work with Consensys to build your NFT Experience
Our NFT Solution
Consensys’ white-label NFT platform will enable your organization to issue, manage and trade NFTs. We leverage our NFT knowledge and expertise to build NFT web and mobile applications that suit your goals, corporate identity, and style guide.
Build your storefront
Brands and owners can build a storefront, making access to the decentralized web as easy as uploading a logo and customizing brand color scheme.
Define your collection
Organize collections to indicate scarcity and allow buyers to browse NFTs.
Mint your collectibles
After a collection is defined, digitize your items with the click of a button. Create and issue your NFTs in minutes.
List your collectibles
List your collection on your own website or storefront, or on any third-party marketplace.
Sell or Auction
Auto-execute sale of digital items and transfer of ownership with no code or human interaction.
Trade
After the main sale there is activate secondary trading with other NFT traders.
UPCOMING WEBINAR
NFTs & The Metaverse: Ready For Take-Off?
The global NFT market has emerged as a significant and growing subsegment of the digital assets market in recent months, with a gross transaction value of $370 billion. NFTs have become a new and innovative way for organizations, brands, artists, and celebrities to engage with their customers and fans.
Learn about the current state of art in the NFT space, and find out how to optimize opportunities.
