Web3 for Businesses 101: Why and How to Open a Crypto Wallet, Buy Cryptocurrencies and Sell Your NFTs

Web3 is almost there and businesses need to be ready for it. An emerging big player in the world of technology, Web3 refers to the new version of the World Wide Web that uses the technology of the blockchain to create a decentralized space. Just think about a space where, due to the prominence of artificial intelligence, all of the information you could ask for is already available, and without any intermediaries.
With the quickly progressing popularity of blockchain technology, non-fungible tokens (NFTs), and decentralized spaces, Web3 opportunities for businesses are growing immensely. However, companies often lack the technical knowledge to start taking advantage of these emerging innovations. This article will cover 3 essential steps to get started in the Web3 space: opening a crypto wallet, buying cryptocurrencies, and selling your business’ own NFTs.

1. Opening a Crypto Wallet

The first step to start in the Web3 space is opening your crypto wallet. To put it simply, a crypto wallet is a collection of keys that allows you to access your cryptocurrencies from the blockchain where they are stored. If you lose your crypto wallet (or access to it), you automatically lose access to all of the cryptocurrencies you have purchased. Therefore, it is of utmost importance to watch the security of your wallet. While there are several types of crypto wallets (hardware wallets, mobile-based wallets, desktop wallets, and web wallets), the most popular wallets are MetaMask and Ledger.

2. Buying Cryptocurrencies

A cryptocurrency is a digital currency that is verified and stored in a decentralized space. Think of Bitcoin or Ethereum - the most well-known cryptocurrencies today. There are several reasons why a business would benefit from buying cryptocurrency. This includes investment portfolio diversification, access to new markets where only cryptocurrencies are used, and a way to hedge inflation. To purchase cryptocurrency, look into different brokerage platforms, such as Coinbase or Bisq. However, it is important to consider the risk of buying cryptocurrency as the market is quite volatile.

3. Selling your own NFTs

Non-fungible token (NFT) is a technology to verify the ownership of a digital asset. That is, the tokens store valuable information that is attached to a certain digital piece. For instance, NFT technology can be attached to digital art. This would mean that this art piece is now non-fungible - or cannot be replaced because of its unique nature.
David Packman, the managing partner of CoinFund calls NFTs “the most successful new consumer product”, because of their endless revenue and customer loyalty possibilities. There are many ways how businesses can adopt NFTs:
  • Raffles: Random NFT owners get exclusive presents
  • Discounts: Give exclusive perks to the community like discounted tickets
  • Air Drops: Send content directly to the NFT owner’s wallet
  • Events: Special events organized exclusively for the NFT owners
  • Exclusive content: Content only exclusive for NFT owners
  • Voting: Let the community vote about community-related matters
Read more about an example of the collaboration between Scottie Pippen and Orange Comet. While it’s possible to sell your NFTs in the existing marketplace, such as OpenSea, there are several reasons why a company might want to launch its own NFT marketplace: having control over the sales, customization of the marketplace, new monetization opportunities and a way to build stronger branding.

Authic’s NFT marketplace solution

If you are not sure how to create your own NFT marketplace, Authic Labs is to the rescue! Authic’s white-label solution enables you to build your own marketplace with no coding involved. Here are some unique features that Authic has to offer:
  • Customization - play around with colors, fonts, logos, and many more!
  • Focus on the transition from Web2 to Web3 - we provide technical support and strategic advice to anyone who is not sure how to start.
  • Design support - with Authic’s background in digital art and design, we are happy to help you with similar matters!
  • FIAT payment options (Creditcard, ApplePay, iDEAL) - we support a non-crypto marketplace, so anyone can purchase digital assets.
  • Easy wallet set-up through a link in your email
  • KYC/AML tools - these will ensure that the people you are working with are verified as being trustworthy. We got your back!
Stop missing out and launch your own NFT marketplace today with Authic’s no-code white-label solution. Just schedule a free demo with our skilled team, receive strategic advice on how to get started, and take your brand experience to a new level!