Business views NFT as a new communication channel

Over the past year, various companies and brands from McDonald’s to Procter & Gamble have launched their own NFTs.

Among other factors, they are spurring on the NFT market growth — as Invest Foresight wrote earlier, in the third quarter of 2021 alone, the industry grew by 700%.

It’s all about an interest in developing a new communication channel with the young audience, believes Gleb Kostarev, General Manager, Eastern Europe & CIS at Binance.

NFTs are becoming another effective channel of communication with the audience now being tapped by large brands, museums, and celebrities,” the expert says explaining the reason for the high activity in the new market.

He also adds that integrating NFTs into marketing campaigns has a profound effect on brand awareness.

We have been moving towards global digitalization for a long time, and now the importance of all things virtual is off the charts, especially for Generation Z,” Gleb Kostarev says.

According to his estimates, NFTs have come to stay with the market, including brands. Of course, non-fungible tokens have been out there for some time; the first NFT smart contracts on the Ethereum blockchain were executed as early as in 2017.

However, there were no marketplaces for the segment’s development at that time; no tools for launching your own NFTs were available either. Now it is a fast-growing market, because new technologies are emerging for this.

Speaking about NFTs, it is worth noting that all the attention this segment is getting now is just the first steps towards a whole new market. We will see some exciting projects involving NFTs in the very near future,” Kostarev says.

NFTs based on Yury Aratovsky’s cartoons are available through bidding here: Binance NFT. The auction is open to all Binance users. Binance NFT Marketplace uses the same user account system as New users will need to create an account on first.

This is only background information about the NFTs. This is not an advertising of digital financial assets, or a recommendation to perform any actions.

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