You agree that the days of consumers buying NFTs based on their artistry (although that’s 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 have noticed that many creators in the web3 space rush into building projects without properly planning what utilities they will offer their community members.
It takes more than just making art and crossing your fingers to launch a successful NFT project. A good project will promote its NFT and other assets, such as its track record and valuable utilities.
In this article, I’ve shared four utility ideas for your web3 project.
What is NFT Utility:
The usefulness of a non-fungible token is the benefit it provides. Depending on the creator’s goals, the NFT utility can take the form of digital assets, physical items, a service, event entry, memberships, or anything else.
Five useful ideas:
Offers, discounts and promotions reserved for cardholders:
To add extra value to your NFTs, you can set up secure tokenized access to personalized discounts, promotions, and offers. For example, hotel owners have the ability to give discounts to customers. Offering promo codes to early adopters to get a discount on your next game is a brilliant marketing move for game companies.
If you need sparks of creativity, consider these:
- The holder can redeem vouchers online which they can exchange for a discount (if you hold our NFT, you can save a specific price on our other products).
- Early Bird promotions are relevant to your core items and are available to holders (if you hold our NFT you may have access to something exclusive).
3. Promoted Third-Party Events in which the Holder may participate.
Integrate the benefits of NFT with real-world assets
Integrate the benefits of your NFT with real-world assets:
Providing an NFT with a replica of a real-world product is a common 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 duplicated, 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 his groundbreaking “Collezione Genesi” sold for an impressive $6 million.
Profit sharing with bearers
Sharing profits with investors is a surefire way to generate enthusiasm for your idea, especially early on when momentum is crucial. There are many ways to achieve this in past projects. Some are based on the proportion of profits each holder receives (for example, 70% of profits are distributed to all NFT holders).
Subscription in the real world
Forbes recently launched an NFT collection. All you have to do is sign up for their annual plan and you will get access to NFT minting. Since subscribers also get a free NFT from Forbes, that’s 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 classes, etc.). This way you also attract new audiences.
Alternatively, you can partner with complementary subscription services and promote your NFT collection to their respective subscriber bases. In this scenario, everyone benefits. Your collection becomes useful and brings new users to your partner clientele.
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 subscriptions. Patients, customers and participants can all use NFTs to access healthcare, special offers and exclusive events.
Businesses could use NFTs that can be redeemed for discounts or free stuff in the future to encourage sales.
The usefulness of NFTs can be used as proof of ownership, to motivate new buyers, and as a way to bring people together. The technology is currently available to us; thus, the scope of our potential applications is limited only by our imagination.
If you have any questions about creating utility for your project or how to stimulate stakeholder participation in your project, feel free to contact me here at [email protected]