{"id":2106021,"date":"2022-11-15T06:00:20","date_gmt":"2022-11-15T06:00:20","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2106021"},"modified":"2022-11-15T07:22:55","modified_gmt":"2022-11-15T07:22:55","slug":"making-digital-assets-a-part-of-your-business-strategy","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2106021-making-digital-assets-a-part-of-your-business-strategy","title":{"rendered":"Making digital assets a part of your business strategy"},"content":{"rendered":"

Crypto has had a run of bad news stories, from a period of even-greater volatility than normal through to the high-profile collapse of cryptocurrency exchange FTX in the last few days.<\/p>\n

While the future of cryptocurrencies has been the subject of debate for as long as there have been cryptocurrencies, it had slowly become established and increasingly trusted.<\/p>\n

The Bank of England is one of several banks to be looking at how a central bank digital currency might work, and in April then-Chancellor and now Prime Minister Rishi Sunak announced plans for a Government-backed NFT.<\/p>\n

A webinar on cryptocurrencies and digital assets hosted by TheBusinessDesk.com and supported by Alexander & Co examined what businesses need to consider when making it part of their strategy.<\/p>\n

\"\"

John McCaffery, Tax Partner and Head of Tax at Alexander & Co<\/p><\/div>\n

John McCaffery, partner and head of tax at Alexander & Co, kicked off the debate, saying he thinks\u00a0 crypto is \u201cdefinitely\u201d here to stay.<\/p>\n

\u201cThe crypto markets have probably got a little bit quieter, in terms of the people involved, and there has been quite a large plunge in the value of certain currencies,” he said.<\/p>\n

\u201cBut what’s emerging from that is we are finding there are more serious players and we’re treating crypto as a proper business coming through.<\/p>\n

\u201cWe’ve got certain professional organisations who invested in crypto tokens using it as a proper business asset. It is definitely getting more sophisticated.\u201d<\/p>\n

Jemma Fleetwood, a solicitor in JMW\u2019s commercial litigation team, referred to recent reports that crypto has been the most stable currency since June because of the cost of living.<\/p>\n

She said: \u201cA lot of the people that I’m meeting now are not necessarily those that want to invest in cryptocurrency because they want to make massive gains. They are using it for a particular cause or case in their business.<\/p>\n

\u201cI think that’s what we’ll see in the next 12 to 18 months – using NFTs in business for proper causes.\u201d<\/p>\n

Chief executive and co-founder at Ioconic, Jamie Lewis, \"\" said that in terms of cryptocurrency and its volatility, ultimately, the markets have replicated and correlated with global indices.<\/p>\n

Ioconic is a VC-backed full-service partnership business for brand owners and licensors, offering exposure to the web3, NFT and digital asset industry.<\/p>\n

\u201cMarkets are down, crypto is down – that correlation has increased significantly over the last couple of years,\u201d said Lewis.<\/p>\n

\u201cFor us as a business, the volatility doesn’t particularly affect us. Ultimately we’re creating tokenised economies or blockchain-based games for brands.<\/p>\n

\u201cThe brand’s popularity essentially determines the success of a project rather than crypto.<\/p>\n

\u201cIf you’re a global brand or a business and you want to engage with consumers, you need to make it as frictionless as possible and not overcomplicate things. We don’t tend to make things too complex in terms of crypto onboarding, or NFT, wallets, etc.\u201d<\/p>\n

Organisations as different as Tiffany & Co and Starbucks have introduced NFTs to engage with their customers in a different way.<\/p>\n

Starbucks Odyssey is a way for its Rewards members to purchase and trade limited-edition NFTs to secure rewards benefits and earn digital badges, while Tiffany & Co\u2019s \u201cNFTiff\u201d is a collection of 250 custom NFTs designed to become a digital and physical pendant.<\/p>\n

Fleetwood said: \u201cThis new immersive experience where you can collect NFT’s, they might act as a type of loyalty card for specific brands,\u201d said Fleetwood. \u201cA lot of fashion brands are starting to see it as a new area that they can develop into.<\/p>\n

\u201cParticularly in the US, we’ve seen a lot of brands trademark specific things in the digital arena. They are looking to enter the Metaverse or NFT space and create new products.<\/p>\n

\u201cI think that’s something that we’ll see a lot more of and we will start to see smaller businesses look at it as business development.\u201d<\/p>\n

Lewis gave examples of the different uses of NFT and its uses as a marketing tool.<\/p>\n

\u201cWith NFTs \u2013 non-fungible tokens – does the underlying technology or the smart contracts that underpin these digital assets actually matter to consumers?,” he asked.<\/p>\n

“If you’re talking about mass adoption and global reach, definitely not.<\/p>\n

\u201cSomeone explained it to me that when you make a phone call, do you actually care that your phone line is connecting to a port that’s then being transported elsewhere and it’s connecting through different switchboards? No, you use your phone to make a phone call.<\/p>\n

\u201cRight now, given the nascent stage of the market, people have become evangelical about NFTs or<\/p>\n

\"\"

Jemma Fleetwood, JMW<\/p><\/div>\n

whatever that might be, but ultimately it is a digital asset.<\/p>\n

\u201cIt’s an asset that someone owns that they hold, and by holding it, it can give them access to certain things.<\/p>\n

\u201cWe are seeing applications whereby if you hold this NFT you get ongoing discounts as part of loyalty schemes and memberships, or can get collectibles like FIFA\u2019s digital collectibles platform for the World Cup.<\/p>\n

\u201cThe key is that for businesses to engage with people through this new form of technology, it’s about making it as seamless as possible – so people don’t even need to know that they’re engaging with NFTs.<\/p>\n

\u201cThat’s really going to be the key for the growth of the underlying technology and for as many people to adopt it as possible. They don’t need to be crypto natives.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Technology is enabling companies to create new relationships with customers<\/p>\n","protected":false},"author":26,"featured_media":2106113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50204],"coauthors":[160],"class_list":["post-2106021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-featured-story"],"yoast_head":"\nMaking digital assets a part of your business strategy<\/title>\n<meta name=\"description\" content=\"Technology is enabling companies to create new relationships with customers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2106021-making-digital-assets-a-part-of-your-business-strategy\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta 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