How to use an NFT

July 29, 2021

By Kim Callaghan

Do you know what to do with a non-fungible token (NFT)? Depending on what the token represents, you can do a lot of things! With these unique tokens, the data related to the asset owned (the token) is stored on the blockchain. The data for the token itself could be saved on a server or remote computer. And it might be stored on the blockchain. Because these are unique tokens, how they are stored is unique as well.

Ok, so an NFT represents a unique file that’s stored somewhere. You may have the rights to display it online or use it as a profile picture. Depending on what the NFT is, you can also collect more, like playing cards. Or trade them. Or you can purchase one, or a series, as a speculative investment. And of course, there’s always the bragging rights associated with owning an original piece of art or having a collection of NFTs.

With Award Pool, NFTs can be used by clients as a way to increase customer engagement. A customer can be awarded a token for completing certain tasks, which are decided by the company. Once they receive their token, they can redeem it for whatever the company has set up as a reward. It’s similar to creating digital money that can only be used to purchase items at a certain store. In this case, the store is made by the company, for their clients.

Since NFTs are relatively new, the scope of how they can be used is huge. The main idea is, it’s a token that represents a unique digital object. How you choose to use it is up to you.

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