4 NFT Tool Ideas for a Web3 Brand | by Abimbola Abe | August 2022
You agree that the days of consumers buying NFTs based on how artistic they are (although this is an advantage) are long gone. A common thought in the mind of the target audience will be: “What’s in it for me?”
So far, in my experience, I’ve noticed that many creators in the web3 space rush into building projects without adequately planning the tools they want to offer to community members.
It takes more than just making art and crossing your fingers to start an NFT project successfully. A good project will promote NFT and other assets, such as roadmaps and valuable tools.
In this article, I shared four tool ideas for your web3 project.
What is NFT Utility:
The utility of a non-fungible token is the benefit it provides. Depending on the creator’s goals, the NFT tool may take the form of digital assets, physical objects, a service, entrance to events, membership, or something else.
Five tool ideas:
Offers, discounts and promotions for holders only:
To add value to your NFTs, you can implement token-gated access to tailored discounts, promotions and offers. For example, hoteliers 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 game companies.
If you need some sparks of creativity, consider these:
- The holder can redeem online shopping vouchers which the holder can redeem at a discount (if you have our NFT, you can save a specific price on our other products).
- Early bird specials are relevant to your primary items and are available to holders (if you have our NFT, you can access something exclusive).
3. Promoted Third Party Events in which the Holder may participate.
Integrate the benefits of NFT with real-world goods
Integrate the benefits of your NFT with real-world goods:
Providing an NFT with a copy of a real product is a frequent method of making them usable. The fashion and jewelry industry uses this method to provide tools to their NFTs. Since NFTs create unique digital assets that cannot be replicated, their identical physical products will also be unique creations, increasing their value.
By seamlessly combining the real world and the digital world, D&G has demonstrated its superior intelligence. Recent sales of a diamond encrusted crown and a digital NFT version of the same crown as part of the groundbreaking “Collezione Genesi” sold for an eye-watering $6 million.
Profit sharing with holders
Sharing profits with investors is a surefire way to generate enthusiasm for your idea, especially in the beginning when momentum is crucial. There are many ways this has been achieved in previous projects. Some are based on the share of profits each holder receives (eg 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 have access to NFTs. Since subscribers also receive a free NFT from Forbes, this is enough to convince most people to subscribe for a full year.
If you currently run a business that relies on recurring payments or monthly subscriptions, you can reward your current customers with NFTs (eg gym, digital courses, etc.). In this way, you also attract new target groups.
Alternatively, you can partner with complementary subscription services and market your NFT collection to their respective subscriber bases. In this scenario, everyone benefits. Your collection will be useful and bring new users to your partner customer base.
NFT’s 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 participants can all use NFTs to access healthcare services, special offers and exclusive events.
Businesses can use NFTs that can be turned in for discounts or free stuff in the future to encourage sales.
NFT’s tools can be used as proof of ownership, to motivate new buyers and as a means of bringing people together. The technology is currently available to us; Therefore, the scope of our potential uses is only limited by our imaginations.
If you have any questions about creating value for your project or how to increase stakeholder participation in your project, feel free to contact me here at [email protected].
