Cryptocurrencies, NFTs and Blockchain are all big topics that are in the news, but how do you get your head around all these concepts if you’re busy running a team, a business or a board?

Executives that stay “digitally curious” are more likely to be comfortable with any new technology that emerges because they take the time to experiment with what they’re reading about in the news, and work out what it means for them personally, and for their company.

When it comes to crypto, are you comfortable with what it’s like to buy, hold, and then dispose of cryptocurrency? There is no doubt that digital currencies of all types are here to stay, and employees in the future may ask to be paid and a new type of crypto, so you need to be across what it all means.

NFTs or Non-Fungible Tokens seem to have become an interesting fad, and a bit of a distraction as we try and understand why people would pay 10s of 1000s, sometimes millions for an asset that doesn’t really exist.

The corporate future, though, for NFTs is interesting. If you sell tickets to an event, you might use NFTs as a way to stop ticket fraud, and also provide a unique souvenir.

We’ve also seen NFTs being used to provide company-specific tokens as a part of an employee’s incentive plan.

The “Tokenomics” of goods and services has promise far beyond cartoons aboard apes.

This brings us to blockchain. A technology developed back in 2011, underpins many of the platforms and services that make up web three.

Blockchain, also called distributed ledger technology, has huge promise in the corporate world. So it’s important you understand the fundamentals of this technology, and also what it can, and more importantly, what it cannot do.

Many people ask me if they need a Web3 strategy, and the types of issues to consider, such as the implications for your intellectual property, and how to protect your brand. Do you have the ability to implement and manage a virtual land?

Is there someone on your team that has a gaming mentality and can help you bridge into what it means for your products and services?

My advice is that rather than just following suit, brands need to fully explore the implications of its adoption across the business and consider whether it’s something they see as a commercial activity, rather than just following the crowd.

Watch me explain my points of view on Crypto, NFTs and Blockchain in this short video, and see more points of view here.