Over the last year, we’ve watched Web 3.0’s evolution in art, community, sports, and music dominate the NFT space. As we bridge the Web 2.0 and Web 3.0 worlds, we have yet to even scratch the surface of the unique in-real-life (IRL) use cases that NFTs can offer for businesses and organizations. NFTs are not just fun profile photos – they are digital tokens with endless use cases! Inspired by the NFT365 Podcast episodes 210 and 263, here are 5 creative use cases for NFTs for your business that you may not be aware of!
Too often teams are demotivated by incentives that are over-promised and under-delivered by management. The market for employee incentives and recognition is a 46 billion dollar industry worldwide, but is that value being maximized to its highest potential? What if a leadership team was able to encourage and reward employee productivity; if they produce or accomplish a certain goal, they can be automatically rewarded with something that’s ALREADY coded onto the blockchain – not by something that is hypothetically promised to be delivered and then later changed or poorly executed.
Employees who feel empowered by having rewards built into their infrastructure feel motivated to intrinsically out perform their sales volume. When they feel seen, heard, and recognized it is a catalyst to continue this progressive success independently. When the employee changes organizations, they can show their timestamped, permanently documented sales record on the blockchain to show their expertise and value.
Employee Vacation Days
Every new employee will inevitably find themselves looking in their contract for the details of paid time off (PTO). In fact, a report from the US Travel Association shows that 52% of employees did not even use all of their PTO in previous years. What if, instead of getting a standard amount of PTO annually in the form of a written email from HR, an employee gets the equivalent NFTs representing each vacation day to use! If that employee then chooses to sell or gift one of their PTO NFTs to a colleague, then they can do so at any time without complication or penalty.
An employee could utilize an “Digital ID” in the form of an NFT to show others not only the proof of their employment, but other related information such as the length of time worked at the company, any rewards or accolades earned, promotion history, and more. All these details live on the blockchain and they can never be altered or erased.
Do you chase down your employees to update their certifications? Do you feel chased down by management to update your certifications? Tasks like updating vaccinations for the occupational health department or updating safety registrations can easily lapse and be a liability for businesses. What if this information lived on the blockchain and was embedded in your employee digital NFT ID? Certifications could be updated, logged, and also even travel with the employee from job to job. Some of these would be considered non-transferable and tied to the individual employee rather than the organization. Check out the NFT365 podcast episode 261 on soul-bound tokens for more information.
Digital tokens that live on the blockchain, NFTs, have multiple use cases for businesses and organizations. Tell us what you think of the ones reviewed here! Are there any others you can think of?