5 Dynamic Strategies to Improve the Utility of Your NFT Project!
Gone are the days when people blindly followed NFT projects with lot of aesthetics promising speculatory price appreciation within weeks. “Utility” has become the buzzword in the NFT space nowadays, people have started supporting ventures that provide valuable experiences worth the money they spend. With the community becoming more literate on how NFTs can operate from technical and non-technical perspectives, bringing real-world use cases into play is essential for any business to stay afloat at the top. Here, we present you with more on NFT development with utility in mind and how they can help with NFT marketing for projects.
Strategies You Can Adopt for Utility NFTs:
Redeemable NFTs
Offer Real-world Use Cases
Bring Metaverses into the Mix
Involve Them in Your DAO
Use Them as Fundraising Instruments
🙌 Okay, let’s Get into the Blog.
Utility NFT Development: What Should We Know?
Utility NFT development refers to creating non-fungible tokens with utilities inscribed via smart contracts. These use cases can be focused on both digital and physical worlds based on the project’s niche and missions. Their prominence is seen already, as most of today’s fan-favorite NFT projects, including some of the top blue-chip collections, have placed virtual and tangible utilities as part of their projects.
NFT utility shows us one thing — businesses should be ready to embrace their customers with real-world benefits in order to sustain in the long run and adapt to changes on the way to becoming successful. Their usage of blockchains also makes it easy for a secondary market to evolve and thrive, an impossible idea in the case of conventional utility membership passes or subscriptions.
Strategies You Can Adopt for Utility NFTs
Redeemable NFTs
Redeeming is a popular NFT utility case that has been in use for quite some time. Here, buyers can exchange their NFTs for a physical product or service. The NFT might or might not be destroyed (burned) in the process that depends on the project’s business mission. This strategy is already popular with brands such as Adidas and RTFKT (before being acquired by Nike), implementing redemption NFT campaigns successfully.
Bring Metaverses into the Mix
Using utility NFT development to offer benefits in the metaverse can be another strategy for projects aiming to strengthen their Web3 presence and boost sales. NFTs as virtual clothing and vehicles, for example, can be used for a user’s avatar on a metaverse platform. With digital life getting refined every day, offering metaverse utilities for NFTs can smoothen Web3 adoption among the public. This tactic can undoubtedly bring fortunes for NFT projects related to gaming and fashion.
Involve Them in Your DAO
The increased awareness of decentralization has led many projects to frame their NFTs’ utility in giving access to their DAOs (Decentralized Autonomous Organizations). As such, these NFTs can be used as a membership pass for a user to take part in the venture’s collective decision-making process, usually done through voting. This way, NFT projects, and buyers can collaborate together to create better businesses, leading to price appreciation for NFTs.
Use Them as Fundraising Instruments
We have witnessed how fundraising has become significant in the Web3 space with ICOs and IDOs. NFTs can also be utilized as capital-raising instruments through Initial NFT Offerings (INO), where investors support early-stage projects by purchasing their NFTs. Not only businesses but even charity organizations can also offer NFTs (or even SBTs) as prizes appreciating people gathering funds for them. With their rising eminence, NFTs can make great prizes for people helping charity fundraisers.
Other Excellent NFT Use Cases for Artists and Creators.
- Transform Your Music into NFTs
- Collaborate with Other NFT Initiatives to Establish Collaborative Relationships
- Design NFT Memberships that Provide Exclusive Access
- Utilize NFTs for Monitoring Supply Chains and Link Physical Goods to NFTs
- Organize a Giveaway or Airdrop Event.
Final Thoughts
Henceforth, we can conclude that utility NFT development has a bright future, with awareness levels on Web3 increasing. These items can be part of NFT marketing efforts for projects to give them an edge over their competitors. If you have an NFT business idea in mind, providing utility should be the first thing to pop up that can make your venture stand out from the rest. Start now before providing utilities for NFTs becomes a holiday season shopping scheme!