DataDrivenInvestor
Aug 25
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You agree that the days of consumers purchasing NFTs based on how artistic they are (although this is a benefit) are long gone. A common thought in your target audience’s head will be: “What’s in it for me?”
So far, in my experience, I’ve noticed that many creators in the web3 space hurry into building projects without adequately planning the utilities they’ll offer to their community members.
It takes more than just making art and keeping your fingers crossed to launch an NFT project successfully. A good project will promote its NFT and other assets, such as its road map and valuable utilities.
In this article, I shared four utility ideas for your web3 project.
The utility of a non-fungible token is the benefit it provides. Depending on the creator’s goals, NFT utility can take the form of digital assets, physical items, a service, entry to events, memberships, or anything else.
Five utility Ideas:
To provide extra value to your NFTs, you can implement token-gated access to tailored discounts, promotions, and offers. For example, hotel owners have the option of giving customers discounts. Offering promo codes to early adopters to get a discount on your upcoming game is a brilliant marketing move for gaming companies.
If you need some creativity sparks, consider these:
3. Promoted Third-Party Events that the Holder Can Participate In.
Integrate the benefits of your NFT with real-world goods:
Providing an NFT with a replica of a real-world product is a frequent method of making them usable. The fashion and Jewelry industries use this method to offer utilities to their NFTs. Since NFTs create one-of-a-kind digital assets that cannot be replicated, their identical physical products will also be one-of-a-kind creations, increasing the value.
By seamlessly combining the real world and the digital world, D&G has demonstrated its superior intelligence. Recent sales of a crown with diamonds and a digital NFT version of the same crown as part of its groundbreaking “Collezione Genesi” sold for an eye-popping $6 million.
Sharing profits with investors is a surefire method to generate enthusiasm for your idea, especially in the beginning when momentum is crucial. There are numerous ways this has been accomplished in previous projects. Some are predicated on the proportion of profit each holder receives (e.g., 70% of profit is distributed to all NFT holders).
Forbes recently launched an NFT collection. All you have to do is sign up for their annual plan, and you’ll have access to minting NFTs. Since subscribers also receive a complimentary NFT from Forbes, this is enough to convince most people to subscribe for an entire year.
If you currently run a business that relies on recurring payments or monthly subscriptions, you can reward your current customers with NFTs ( ex: Gym, digital courses, etc. ). This way, you’re also attracting new audiences.
Alternatively, you may strike up partnerships with complementary subscription services and promote your NFT collection to their respective subscriber bases. In this scenario, everyone benefits. Your collection gets utility and brings new users to your partner client base.
NFTs Utility has only scratched the surface of its potential, but every day brings new and exciting applications.
They have the potential to replace a wide variety of cards in the future, including those for health insurance, loyalty programs, and season tickets. Patients, customers, and attendees might all use NFTs to gain access to healthcare, special offers, and exclusive events.
Businesses could use NFTs that can be turned in for discounts or free stuff in the future to encourage sales.
NFTs utility can be used as evidence of ownership, motivate new buyers, and as a means to bring people together. The technology is currently available to us; thus, the scope of our potential applications is only limited by our imagination.
If you have any questions about creating utility for your project or how to boost stakeholder participation in your project, feel free to get in touch with me here at abeabimbola40@gmail.com.
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