NFTs: What consumer companies need to know

Navigating the future of non-fungible tokens

As non-fungible tokens (NFTs) continue to explode onto the market, businesses may wonder about their role in this phenomenon. While signs might point toward adoption, there are factors that consumer companies should consider first.

In this Consumer Speaks podcast, host Sam Loughry is joined by guests Wendy Henry, managing director and Global & National Blockchain and Digital Asset lead within Deloitte Consulting LLP; Jarick Poulson, managing director in the Blockchain & Digital Asset practice within Deloitte Tax LLP; and Chris Deans, Audit & Assurance senior manager in the Blockchain & Digital Asset practice within Deloitte & Touche LLP to explore the ever-growing interest in NFTs. Follow along as the group discusses NFT use cases, accounting and tax implications, and other important considerations for companies evaluating and implementing their own digital asset strategies.

Are [companies] looking to increase consumer confidence[?] Are they looking to increase consumer engagement and/or satisfaction, or is there a need for them to increase their consumer conversion or loyalty? Because this really has a lot to do with their ability to influence their brand, loyalty to that brand, and potentially create new revenue streams. As they look at [NFTs] for consumer engagement, we have to remember that not all consumers are created equal.

– Wendy Henry

The rise of using cryptocurrency in business

An increasing number of companies worldwide are using bitcoin and other digital assets for a host of investment, operational, and transactional purposes. As with any frontier, there are unknown dangers, but also strong incentives. Explore the kinds of questions and insights enterprises should consider as they determine whether and how to use digital assets.

How to make blockchain and NFTs work for your company

When you hear the term NFT, what comes to mind? An astronomically priced GIF? A Silicon Valley trend that may well fade? If so, you could be missing out on a huge opportunity. NFTs (non-fungible tokens), a powerful blockchain-supported technology, can change the way you do business.

About consumer speaks

On the Consumer Speaks accounting and reporting podcast series, you’ll hear from our Deloitte leaders and professionals as they share their experiences and insights on timely topics across the automotive, consumer products, retail, wholesale and distribution, transportation, hospitality, and services industries. Stay informed on the hottest topics facing these industries and how they can affect your business.

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