In this interview between Dibbs and Tausif Ahmed, formerly in the Business Development department at Kraken, shares his background and how he got into web3. He has 10+ years of experience in big tech consulting, specifically in strategic partnerships and business development. Tausif got interested in crypto and web3 in 2016-2017, starting with Bitcoin and Ethereum. His journey led him from working at Amazon Music to working at Kraken, where he explored music NFTs and their potential for artists and fans.

They discuss the role of NFT marketplaces in the overall NFT ecosystem and how they drive accessibility, discovery, and liquidity for NFTs. Tausif highlights the importance of marketplaces as a first touchpoint for new users and the need for differentiated experiences to cater to different customer segments.

The interest in NFT utility is growing beyond just profile pictures (PFPs). We found that 73% of NFT trading volume is made up of NFTs that have two or more utilities. And the top three utilities for NFTs include redeeming them for a physical object, accessing events, and receiving exclusive merchandise. 

Besides, 84% of NFT adopters said that they’d purchase an NFT if they were redeemable for physical items. That means brands can use redeemable NFTs to create new revenue streams, enhance customer engagement, and pave the way for innovative business models. But what exactly does “redeem NFT” mean? And how can redeemable NFTs benefit brands?

In 2022, digital collectibles and in-game items dominated the non-fungible tokens (NFTs) market, generating over $24.7 billion in trading volume. But critics have pointed out that these non-fungible tokens lack real-world utility.

At the same time, another kind of non-fungible token called physical NFTs started gaining momentum in the NFT space. Unlike digital art collectibles, physical NFTs have better real-life use cases.

This article will explore some of the real-world uses of physical NFTs. Before diving in, we will briefly explain what physical NFTs mean and how they work.

The past few years have seen the rise of branded web3 projects that expertly blend physical and digital products, resulting in delighted fans and lucrative opportunities. As a result, companies that have been hesitant to dive into the next generation of the internet now have a blueprint they can follow to find their own success in this forward-thinking space. By studying the best web3 companies and understanding what they have in common, tech-savvy entertainment brands can make the pivot and tap into an engaged community of blockchain users. Here’s how these companies took advantage of web3 opportunities and what you can learn from them.

As commerce changes to better suit digital ecosystems, brands are finding themselves in fierce competition to garner attention from consumers. It’s no longer enough to be familiar, offer good products, or have a catchy slogan. Consumers want brands to do all of that and more; to remain a part of the conversation, brands must actively seek innovative ways to engage with consumers.

When smartphones and ecommerce were first on the rise, consumer experiences tended to be either physical or digital. Today, many brands have realized you can do both, especially when two-thirds of Millennials pick up the products they order online. As technology changes how customers and businesses interact, brands must lean into “phygital” experiences to find their audiences and grow.

NFTs are rapidly evolving beyond their initial perception as mere digital collectibles or "expensive JPEGs." Major Web2 brands, including Gucci, Nike, and Adidas, are at the forefront of this transformation, leveraging NFTs to revolutionize customer engagement and establish new revenue channels.

The rise of artificial intelligence (AI) and blockchain networks is transforming everything about how businesses and individuals use the internet — from data management to cybersecurity. Today, however, the greatest opportunities lie in bringing these fields together. With enhanced scalability, optimized smart contracts, and truly decentralized autonomous organizations, blockchain and AI technology are expanding our capabilities in ways that were difficult to achieve apart. Let’s take a closer look at the challenges and opportunities for tech businesses waiting at this juncture point.

People like practicality. We drive practical cars, live in practical houses, and purchase practical clothing. We gravitate to objects that can streamline and perform tasks for us, and the scope of utility has grown alongside technology. Utility NFTs (non-fungible tokens) have made it possible for digital art to have practical benefits, and the result is a game changer for business and culture.

The decentralized web — also known as Web3 — gives everyday people secure ownership of their digital lives through the blockchain. Forward-thinking brands are shifting to this new digital frontier, positioning themselves in a consumer market expected to reach nearly $3 billion in 2023.