In this episode, we talk about how NFTs are changing the landscape of business and how you can use them as you create your business strategies and goals going forward. There are so many creative and innovative ways businesses use NFTs and we discuss how these can be transferred to your own business.

MENTIONED IN THIS EPISODE
Flyfish Club – https://www.flyfishclub.com/
BAYC – https://boredapeyachtclub.com/#/
World of Women – https://worldofwomen.art/
Crypto Baristas – https://cryptobaristas.com/
Cocky Lifestyle Club – https://www.cockynft.io/
Blockbar – https://blockbar.com/
Cochella NFT – https://nft.coachella.com/
Zonal – https://www.zonal.co.uk/
Vogue Business Index – https://www.voguebusiness.com/tag/vogue-business-index
Fabricant – https://www.thefabricant.com/

PEOPLE MENTIONED IN THIS EPISODE
Michelle J Reeves – https://www.instagram.com/michellejreeves/

We hope you enjoyed the show and it helped you to gain more clarity and give you lots of ideas as to how you can use NFTs for your business.

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IMPORTANT NOTICE
This podcast is for entertainment and education purposes only. We do not give any investment or financial advice and we strongly recommend you always DO YOUR OWN RESEARCH.

Episode Transcript

Cheryl00:03

Welcome to Women of the Metaverse. I am Cheryl Laidaw

Angela00:07

I am Angela Harkness. We have been and are still on a journey to discover the Metaverse with 3.0 NFTs and anything that we are required to know to join this world

Cheryl00:20

from. From this podcast, we will help you to unlock how the manifest is going to impact your brand.

Your business and even your personal life.

Angela00:31

Join us as we take the mystery out of this new digital universe.

Cheryl00:38

Welcome to Women of the Metaverse. In this episode, we are talking about how NFTs are changing business for the better, and how you can take advantage of all the benefits that come with them. We have discussed many different projects that involve NFTs, our favorite being.

Fly Fish Club that we spoke about in episode 20, Andrew, and I think that this is the ultimate project when it comes to NFTs. I

Angela01:04

love that one. It was a great one. Loved it. We are on episode 26. I can’t believe that, and people still think that NFTs are pieces of art or just for gamers, but it’s the smart contracts that associated with the NFTs that really come into play when using them as a tool to grow your.

But what is a smart contract? A smart contract is a contract with the terms of the agreement between the buyer and the seller being directly written into lines of code. The code and all transactions are trackable because they are on the blockchain. You can use NFTs to create agreements with your clients, see it as a set of rules for how they can use a product or service.

For example, as we’ve just mention. The Fly Fish Club enabling owners to lease their memberships, or there’s the Board Ape Yacht Club, World of Women and other collections allowing you to have commercial rights over your nft. They give people the ability to be consumers and also have an asset and return for their business as NFTs can go up in value depending on the product or service and its popularity.

And that brings us back around to community. That’s why community is so important. The onus is not just on the business to grow and keep its values, but it also becomes important for everyone’s benefit that the community, the NFT owners, also hold their values to keep the business growing. So Cheryl, let’s talk about a few projects that are using NFTs.

Cheryl02:47

Great. This was such a great episode to do. So the first one I came across is Crypto bar. I knew it was only a matter of time before somebody bought our NFT project around coffee. The Crypto Baristas project supports the world’s first NFT funded cafe and future coffee projects. Owners of the crypto baristas enjoy caffeinated perks for all future cafe spaces.

The Coffee Partners website also offers exclusive coffees and discounts on the crypto Berry Star me. Like most NFT projects, each crypto berry stockholder gets obsessed to the caffeine club, which of course is on the discord and all its benefits, including governance and voting rights over future projects and cafe space.

You have to be massively into coffee, right, for this project.

Angela03:45

Yes. Yeah. You have to light your coffee.

Cheryl03:48

You have to, Yes. There’s also another project called Cocky Now. Cocky is a self-styled lifestyle club that uses NFTs to offer access to music events, both in person and virtual reality by linking NFTs to the attendance of the actual event.

Like most NFT collections, cocky holds different tiers of memberships, which you can enhance by collecting stamps. The more events you attend, the more the NFT increases in it, rarity and potentially increasing its value on the second hand market.

Angela04:29

That’s so genius. I love that idea. That’s like, um, it’s simple when you get loyalty stamped.

Yeah, yeah.

Cheryl04:35

It’s, it had to be done and I’m sure that all. , um, holders will, this will be the process for all ticketing systems moving forward. Yeah. But what, what else did you find,

Angela04:46

Angela? Okay, so Block Bar is a platform that offers ni NFTs directly from luxury liquor brands. Each NFT corresponds to a physical bottle and consumers can exchange the digital version for the physical version.

So in simple terms, consumers own the physical bottle Block Bar actually stores it for them, and the digital version serves as their proof of authenticity and ownership and the right to have the physical bottle delivered. For example, Block Bar have just announced their exclusive drop of Hennessy Paradi Golden Edition.

It was created exclusively for block. This drop will be available in two parts. The first, which was dropped on September the 23rd, is the 70 centimeter decanters, where 500 limited additions were sold at 2,500 pounds each. So that’s that. I love that. Those, I was reading about a very niche whiskey distillery that was set up by this woman, and when I was reading it, I was thought, Oh my God, that would be brilliant as an nf.

There’s so many and there’s so many of these small distilleries that, and lots of

Cheryl06:07

people are investing in wine and liquor. Yes. I didn’t know how big the industry actually

Angela06:11

was. Yeah. But it’s huge. I think there’s something to do with wine where you don’t pay capital gains tax on it as well. So I think I.

even if you weren’t a ban of collecting wine in the uk, it’s actually a really good investment because of the T benefits of doing it. Mm-hmm. , I dunno why I know that. my head. . Okay. One more because this is actually quite cool. The Coachella nft. So the US Music Festival is offering lifetime passes in the form of nft.

10 owners only 10, which is such a small number, will get free entry for as long as they hold the tokens, as well as admittance to any of the virtual events organized by the festival brand. They also come with V I P Pert, such as front row access dinners cooked by celebrity chefs and opportunities to meet and greet artists and performers.

I wonder how much that one’s gonna be just. Because that’s such a tiny number, isn’t

Cheryl07:12

it? Yeah, it’s gonna be extortionate, but again, it would be a great investment to amend that.

Angela07:17

Okay, Cheryl, why NFTs?

Cheryl07:21

Okay, so fts generate awareness of the brand and create loyalty. This can be great for PR authenticating products.

According to 2019 numbers, trade invent goods was over 3% of all the trade in the world. By tokenizing each individual item. Producers can prevent counterfeiting and consumers can be sure that they receive legitimate products. It is especially important when dealing with medicine or aesthetic medicine products or even that Chanel bought bag that you’ve just bought for 4k.

Angela07:58

I, I actually knew somebody that worked for a company that would design how to. The fraudulent items being created. And she said it was incredibly difficult to try and create, you know, a way in which to do it that somebody couldn’t replicate. And it could be anything from blister packs on medicine to genes to, to beauty products.

Just that whole industry, like most things would just get, um, counterfeit. To try and stop it is incredibly complex to do so NFTs, this could be a way to do it, right? Yes, definitely.

Cheryl08:44

According to zonal, one in five online restaurant bookings do not show up. That is a potential spot that could have been given to another person that would spend money in that restaurant and result in 16 billion in losses in the UK alone.

Angela09:02

That’s incredible. That’s cuz I imagine it’s even phone reservations people just don’t turn up for as well. Yeah. That’s just incredible.

Cheryl09:11

It’s, it’s a lot. IFSPs were sold as NFTs with reservation fees written in for them, a restaurant could avoid losing money and receive at least eight re reimbursement for all the miss bookings.

Yeah. I love what is happening at the moment is about creating scarcity. The Fly Fish Club is a perfect example of. They are very limited numbers. There is a lifetime membership, so only way you can get access to them is by leasing one or buying the nft. In a recent post, Michelle J. Reeves was talking about Chanel and if they were to release NFTs, which would mean you could only buy a Chanel bag if you owned an nft, that would create even more scarcity.

Then there is currently to get your hands on one of these bags, therefore completely raising the value of these luxury goods. However, how long would that last and how high a price would someone be able to purchase a bag? This is something to take into consideration when planning on using, um, NFTs.

Depending on what you are selling, you want to create that element of fomo and scarcity, but you also need to. Action plan for it to hold its value. So Angela, I think there’s,

Angela10:33

So, I think there’s something people have to consider because I think people are really going all in on these NFTs and going, Oh, mad.

You know, just do everything n n T. And actually, you’ve gotta think long term about it. So, for example, with Chanel, How high a price, like would people really be paying a million pounds for an NFT to then be able to buy a bag? Or like you have said to me before, maybe they just do it for one bag or they, you know, you’ve got to, you’ve gotta make sure that it remains a desirable item, that if the value of the NFT is gonna continue to go up or it could just rash.

Yeah. And then you know, what’s the value of what you’re holding? So I think there’s an element. Planning out properly for the long term. I do

Cheryl11:22

wonder what Chanel’s gonna do in the future in terms of their NFT drop. I mean,

Angela11:25

Well I think she was, Yeah, I think she was using about it. Yeah. Yeah. I think she was using it as an example.

But it is, It is something that brands could start to do. It could be something I may do. It could, you know, if you’ve got that one product that’s really desirable you or your brand is incredibly already creates scarcity. It’s an option. But you’ve just gotta think in the long term when if people, if people don’t find it as desirable, I guess.

Cheryl11:54

Absolutely. But Angela, what ideas do you have for smaller business owners?

Angela11:59

Okay, so many. So we’re just gonna give you a few so you can start to um, get some ideas yourself. Cuz these are all transferable. You could. Offer a free yearly MOT to those first bunch of people who buy an NFT during a grand opening of your garage.

It could be an mot, it could be free car washes for a year. It could be free services for the first 200 people. Lots of different things. Um, recently I sent Sher a video about a small cafe. That would have, it was a very specific item, a limited supply of cherry turnovers that people would rushed by. And we see it all the time now where you have these artisanal foods and people stand in queues for hours and hours and hours to buy one of these, whether it’s just one item from a bakery, whether it’s a specific dish.

You could sell a year’s membership as an NFT or the delivery of that item or dish, or if you have a limited daily number, you could sell an NFT daily for that signature item, like the cherry turnover. Um, you can start to accept cryptocurrency. That is always an option for your products or services without having to do a lot of the complicated setup.

Again, Sharon and I have talked a lot about this on the podcast where the more the technology involves, actually, it seems to become easier to set up. So even you could on your website, have a setup for a wallet, um, and you sell the NFT and you get the money, you could drive brand loyalty with a limited edition merchandise.

And that nft, in turn, you become part of the community, but you also receive the special offers and you can do that across the board with anything. Whether you run a subscription service, whether you are a hairdresser, whether you sell a particular product, All of these things could turn into NFTs.

Purchasing a property could become an entity. I know, Cheryl, you said that it’s already happening in the States. Apparently

Cheryl14:12

it’s just happened in the

Angela14:13

States. Yeah. It’s something that could happen in the UK as well with a smart contract containing all the information required for the sale. And I think this is a much smarter way to go anyway, because I never understand why it’s so complex to buy a house.

Why is it taking in this country? Why? I know. I know. And it’s just like I never understand where there’s boundary problems on houses that have been sold five times. Surely all that sorted out by now. Yeah. Is baff. NFT projects in fashion and beauty industry are forging the way. Really, the fashion industry has always set the latest trends and NFTs are no exception.

17% of brands featured in the Vogue Business Index have already worked with NFTs in some capacity, which is an incredible number. The first listed cell of a fashion NFT was a rainbow dress created by the fabricant. And sold for 9,500. We talk about the fabrican a lot. They really are forging. The way the first big, the among luxury brands was Gucci’s Aria film, which was sold auction for 25,000.

More and more brands have seat featured, a wide range of NFT designs. So, like we said before about small businesses, you don’t need to go all in though. So for example, with a restaurant, you don’t need to do the whole restaurant. Don’t need to turn that into an nft. You could have a signature dish that becomes the nft.

Yeah. Or they could

Cheryl15:46

get you don’t free for

Angela15:48

a year. Yes. Or that’s a good idea. I like that. Or you could get, I dunno, roast. An Ft. Roast dinner. Oh, I would, That would be amazing. . I would totally

Cheryl16:01

buy an FT. Roast.

Angela16:03

Yeah. Or fish and chip. Even a fish and chip shop. Absolutely. You could, You know, if you were in a dinner Yes.

But if you were in a different country looking, looking to come. To England, you could sort of have your NFTs in place and they could almost be your postcards are coming to the country, you know? Yes. Your, the NFT that you buy. But also a lot of what’s created with NFTs at the moment is around FOMO and it being a bit sexy and the scarcity, but you could also use it for, um, businesses that are not so sexy.

So I was telling Stu, um, Cheryl, the other. One of my clients has created a lot of online products and she, she sells them. But some of the people she worked with wanted to use her products, and I was talking to her about licensing them and saying you could do it that way. But one of the ways in which she could do it is using an NFT in a smart contract to almost white label these products to pass on to other people.

If you are planning to launch an NFT project or apply this technology in your business, we would love to hear about it. We hope you enjoyed this episode. Join us next week as we continue this journey into the me. Bye for now. Goodbye.

Thank you for listening to this episode of Women of the Metaverse.

Cheryl17:31

You can find all information, links and people we talked about in the show notes on our website. If you have

Angela17:37

enjoyed this podcast, Please come in and subscribe.

Cheryl17:41

Join us again in the next episode as we continue this exciting metaverse journey.