Why NFT’s May Come Back to Branding in the Fintech Industry

In today’s world, a digital record is key to materializing statements, ideas, and especially status. If you didn’t track your run on your apple watch, did you really go? If you didn't take pictures of your vacation, were you really there? If someone has a hundred thousand followers without a blue check mark, are they really that famous? There is a pattern here, digital tracking is becoming more important to us when determining legitimacy for just about anything. As we’ve let it enter our personal lives, we see it influence investment decisions. 

You’ve likely heard about “NFTs” and people making absurd amounts of profit from them. If you’ve dug further into the topic, you may have seen pictures of cartoon monkeys and thought “how is that expensive '' or “it’s on my screen now, why would I have to buy it”. Rightfully so; if you’re going to understand what NFTs are, you first have to know why the concept is valuable. 

NFT stands for a non-fungible token, the “non-fungible” part means one of a kind and cannot be stolen or copied. An NFT can only be bought using cryptocurrency, when the transaction happens the following information is recorded: sender, time, asset, and owner. That information is then stored in another familiar term called “blockchain”, essentially a virtual list of all that information for every cryptocurrency transaction. 

With everything in the world today being virtually transitioned like school, banking, and even work, why does it seem crazy that the selling of art has joined the trend? Think about how much physical paintings go for. What purpose do they serve other than aesthetics? Additionally, they can be replaced or replicated which makes them fungible, they can even be destroyed. NFTs are the innovation aiming to change that market and bring it to its inevitable virtual home. 

Though the boom of NFT has slowed down significantly, this doesn’t mean the technology will not return and play a significant role in the future of the fintech industry. With that being said here are some reasons why NFTs can be important to you or your business in the future: 

Smart Contracts

With the sale of an NFT comes a “smart contract” which is an agreement between the buyer and seller of the artwork. This contract can have just about anything in it and it has concurrent agreements between the two parties. For example, famous entrepreneur Gary Vaynerchuk (who is a big promoter of NFTs) uses the example of NFTs being used for ticket sales. Essentially, because these tokens are one of a kind, they give the holder status. This status can then be used to validate access. The instantaneous NFT transaction and verification system are thanks to the blockchain which has data readily available. 

Exposure From Creation

You don’t have to be a professional artist to create an NFT. The process of creation is not as complex as one may think. Brands can make tokens that would represent buyers being a part of an exclusive community. It’s not outlandish to think that there could be communities built around brands that utilize this technology. Additionally, this would enhance the connection between sellers and holders which would continue growing the community. For there to be an incentive for consumers to spend their money with your brand, you need to offer something unique. 

Uniqueness

If you’re a start-up following the same layout as everyone else, seeking out business will be difficult since people tend to go with who and what they know. On the other hand, if you come to the table with something people haven’t seen before (for example: making your token accessible to a limited number of holders) you can stand out. An NFT collection is a great way to do that. Well-known brands are looking for ways to utilize this technology and you’ll likely see the results soon. 

You want to generate a sense of FOMO (fear of missing out) in the public when describing what your collection offers. Otherwise, the value of the tokens you create will not rise at all. Anyone can make an NFT— the real value is being able to promote it, and that starts with demonstrating what is special about your offer. This creates the buzz around your brand which will earn consumers' attention as well as investors. 

What’s Next? 

What things do you value? What makes your interests unique? Do you think your career will look the same forever? It’s wise to evaluate the conditions of your industry and reflect on them at a personal level. If you’re a decision-maker, plan for the inevitable. If you’re lower in the chain of command, don’t be afraid to voice your findings or opinions. The virtual shift is nothing to turn away from, in fact, it should be a primary focus for any and every industry professional. 

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Mistakes Made in Hybrid Work Onboarding

This week at work is nothing like last week, you’ve got new fires to put out, a fresh schedule, and a balance to meet. Hopefully, you’re navigating all of this from a space that you feel most productive and accommodates your personal and professional needs. Now, what does this space look like? And If you had to put a percentage on it, how much of your work week is through a screen? How much is in person? 

The reality of many people’s work-life today involves virtual connection and communication. While it feels like we’ve had this technology forever and just never utilized its capacity to build an online work environment, this is not exactly the case. Remember, hybrid work models are a result of the world’s adjustment to the Covid-19 pandemic and it is certainly an adjustment that has not come to pass.

With many people feeling empowered by this change, it has diminished the stereotype of mundane work culture. As a result, hybrid work is now a motive for job searchers today. However, companies can run into struggles introducing new employees to their culture in a virtual environment. 

People may be anxious to hit the ground running but there is a benefit to understanding corporate culture and building the relationships necessary to succeed. Fortunately, companies can use plenty of efforts to mitigate this risk.

Hybrid work culture is still new to the corporate world and failure to keep up with the times can leave your organization behind. With that being said here are some common mistakes to avoid:

No In-Person Introduction

While hybrid work is of course great for work-life balance and giving employees space to be productive, there is a limit to the connection that can be built here. This will of course be subjective, for example, if someone lives in another country. Nonetheless, ensuring there is facetime with employees is crucial to developing trust and bonds. 

Waiting For Day 1

New staff should never come into the first day without an understanding of their tasks or insight into the company culture. Giving new hires time and resources to research the company and develop an understanding is sure to boost their confidence. Additionally, this will mitigate the risk of staff rushing through introductions. It’s understandable to want to handle the onboarding process personally, but new hires need to learn to be competent within the organization.

Role Not Clear

When someone begins at a new company and they are doing tasks but don’t see how those tasks formulate an outcome, it lowers fulfillment. For example, imagine you have a new hire develop a report of the top companies they think would benefit from your service. They spend a couple of days developing the list and reasoning then submitting it. 

If they never hear “hey that report was a great insight for where we’re going to target leads” or “this was a good start but here’s a more specific example of what we want” then how valuable will their time feel creating it? It’s good to have tasks that gauge people’s capabilities and test their skills but be clear that this is the purpose. Otherwise, there will be a downward trend in their satisfaction with work.

So What?

Onboarding is not just a formality of telling someone what they’ve been hired to do, it is where you show them why they picked your organization. Onboarding is where you excite employees by showing them the opportunities they’ll have because they work with you. A hybrid environment is a great way to do this as it again, allows for further autonomous learning. 

Learning to utilize the days in person will help with productivity and time management. The days out of the office are additionally good for new hires to feel comfortable while adjusting to their new position. There needs to be a balance that is met, only then can an organization effectively introduce new blood to their team.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

4 Misconceptions of Artificial Intelligence

What do you think of when you see the words “artificial” and “intelligence” paired together? If you don’t know much about what it represents then you may dismiss it. Some may give up on the word “artificial”, and others may feel intimidated by the idea. Whichever camp you’re in, there will be speculations about what it means but seldom will they capture the reality of artificial intelligence. 

There’s a lot of buzz around the topic of artificial intelligence (AI) and how it’s changing traditional methodology. The issue is that a lot of people still don’t fully understand what AI is or what it’s meant to serve. While an average of a little over 60% of people say they have a good understanding of the concept, that is still low considering its inevitable worldwide prevalence.

As with anything that challenges traditional modes of doing, there is sure to be confusion, pushback, and misunderstanding. This is where professionals are needed to step up and educate people with facts. When it comes to AI this is especially crucial as it is something that will remodel so many lives, industries, and issues which have stood for so long. 

This article is meant to highlight some of the common misconceptions when it comes to AI, so with that, here is what to consider:

Autonomous Learning Machines

AI technology is not objective. Though it may seem like AI is picking up on concepts, it is not yet at the point where decision-making on its own is possible. Specialists are still the ones inputting data, conducting training, and developing the software in these machines. There’s a lot that goes into this development process but the bottom line is that it still requires immense human attention. 

AI Will Take Jobs

While our imaginations may see a world run by robots, this is not an accurate representation of what AI is here to do. It’d make more sense to say that AI will replace some jobs and innovate others. Jobs that are manual and repetitive are specifically good for robotization as machines can work constantly. Additionally, AI can take over the repetitive cognitive aspects of jobs and allow individuals more time for important tasks.

AI Won’t Benefit Your Industry

With the highly customizable capabilities of AI, this technology can be made to serve just about any line of work. AI isn’t here to create a world not built for people, on the contrary, it is meant to serve the needs of people and save resources.

You Can Rely on AI for Everything

The capabilities of this technology only go so far and what’s important to consider is that it cannot replace our alertness. Looking at AI as something that is going to do everything for us is again, not the purpose this technology is being made to serve. It is to take over some aspects and innovate others. 

Now, will this be the case 10-20 years from now? Who’s to know? We should remain optimistic about the future of technology but not ignore the role we play in the world. Additionally, we must refrain from labelling it as something that is here to automate everything and save us from complexity.

What’s Next?

Technology will never reach its full potential and there will always be things we would like to be done differently. AI is just another example of this, though it will serve a very broad purpose in years to come. We cannot dismiss it, everyone should take the time to research how it can benefit their lives, health, and especially business.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!