The Non-Fungible Token (NFT) industry has talked about the “crypto town” in 2021. With new platforms and projects popping up regularly and record sales being recorded every month, NFTs shows no signs of slowing down.
Digital art, collectibles, in-game items and land, and even decentralized domains – entrepreneurs and developers continue to find new use cases for the technology. Much like blockchain itself, there seems to be unlimited potential to what these types of tokens can do and how many industries they are bound to shake up.
As new use cases reveal themselves, both for individuals and companies, so do new types of NFTs and associated tools. This is the case of xNFTs, a new breed of NFTs with an added “star value.” A concept brought forward by Olyseum, a platform that is aiming to revolutionize the way fans interact with their favorite stars.
What is Olyseum
Olyseum is a one-of-a-kind platform connecting stars with fans directly and providing a whole new level of engagement through the use of xNFTs. These xNFTs are issued by celebrities and are tokenized experiences of engagement between fans and stars. These experiences range from virtual meet-ups to personal encounters and personalized merchandise.
The xNFTs can be collected or bought by fans and users of the platform, who can then redeem them for the special engagement activity with their stars. Users can also trade or lend these xNFTs to monetize these experiences, bringing a whole new dynamic to the fan-star relationship and revolutionizing the concept of “meet-and-greet” completely.
The Olyseum platform has a gamification and mystery element to it, where users can play games to earn these xNFTs, democratizing the opportunity for fans to connect with their stars, something that was not possible before. However, the platform also opens up the doors for innovative product placement opportunities, giving brands a whole new way to make themselves seen.
Olyseum’s B2B value proposition
Being completely open and permissionless, the Olyseum platform is available for businesses and brands to take advantage of. xNFTs allow for innovative ways to advertise their products with the stars, which is especially useful for young startups or unknown brands that would not reach the celebrity through the traditional means.
By acquiring a xNFT, the brand can redeem it to place its product with the associated star, gaining exposure through social media posts or during a recorded interaction. This additional use case further cements the demand for the Olyseum’s native token, the $OLY, which is used to acquire xNFTs.
It’s also worth noting that investors and other stakeholders can acquire xNFTs in advance, so they can then participate in its promotional business, reselling them to accredited (and approved by the stars as the last filter) brands and businesses, allowing businesses to speculate and profit from the xNFTs rather than using them directly.
The future of brand placement?
As new brands continue to pop up in every industry, new and original ways to compete with established names are a must for upcomers. Much like blockchain technology and cryptocurrencies themselves, NFTs are opening up the doors to “the little guy” in multiple industries.
xNFTs provided by Olyseum may become a go-to tactic for brands looking to differentiate themselves from their competitors in a cost-effective way by connecting with stars that represent the core values and message of their brands, thus giving NFTs yet another use-case in and outside of the cryptocurrency industry.