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We recently madea massive announcement regarding our adventure into the world of NFTs. To be honest, it’s pretty exciting stuff and something that we’re unbelievably motivated to usher into the world.
As a predominately digital business, Scents of Wood has relied on the world wide web a great deal to make a dream into a reality – with 92% of our income being generated through online interactions. As a result, we’re looking forward to the future of the internet with the rise of Web 3.0.
Now, we understand that a lot of these terms get thrown around without much information out there to help give readers an accurate idea of what we’re talking about.
So, in today’s blog, we’ll briefly explorethe world of NFTs to provide you with a quick summary of what opportunities are being presented in the future. We’ll also be looking briefly at how Web 3.0 and NFTsrelate to our fragrance line and what you can potentially see.
Read on!
Simply explained, an NFT is a “Non-Fungible Token” – a digital asset whose transaction record is maintained through blockchain technology to ensure its unique presence on the world wide web. Traditionally, images, music, and files on the internet are copied instantly and constantly when uploaded to the web, potentially reducing their value as assets.
NFTs change this idea by using blockchain technology to preserve the digital asset's value and prove ownership of an item with an unchangeable record of the item's transaction history.
While NFTs have currently been used chiefly for digital artwork sales, the potential for the technology is vast and can carry over to multiple industries as the adoption of the idea grows.
A significant aspect of Web 3.0 that appeals to us greatly is the idea of connecting more profoundly with our community of customers.
With an NFT model of interaction, we can use the power of the world wide web to connect NFT owners with fragrance lovers and bridge the gap between two realms that have a surprisingly large amount of overlap.
One of the key ideas behind Web 3.0 that separates it from the current Web 2.0-model of internet-based interactions is the principle of experiencing the services of businesses on a more intimate and collaborative level.
Given that much of our philosophy has been predominantly focused on bringing customers closer to the industry, we think embracing Web 3.0-type interactions is a huge opportunity!
One of the biggest joys of fragrances is sharing a scent or aroma with someone that creates a deeper connection between both parties. By taking a few tentative steps into the world of Web 3.0, we believe that we can give more to a community of fragrance lovers around the world while strengthening the bond we have with our customers.
All in all, it’s pretty damn exciting!
That’s it for today’s blog, be sure to check back in the week as we delve deeper into the exciting world of luxury barrel-aged scents for home and personal use.
