Read how you can make your NFT project more valuable by adding the exact required utility to it.
NFTs are becoming more popular as they offer more flexibility and utility than any other digital assets.
And if you are looking to enter the space with your own project, you should not ignore these tips.
Be aware of the fact that the success of any NFT project isn’t determined by any one factor but by several factors. In order to gain long-term value, your NFT project would need to provide collectors with a reason to join the community.
Today’s most popular NFT projects call for more utility because many collectors want the added value they provide and the opportunity to interact with the creators.
Let’s find out what utility in NFT really means.
WHAT IS NFT UTILITY?
NFT Utility refers to the additional use cases of a given NFT project. Usually, “NFT utility” refers to a “real-world application of an NFT”. Putting it simply, it’s how we can use NFTs in our everyday lives. Utility NFTs are valued based on the opportunities and access they provide to holders or collectors.
Among the benefits provided by the NFT utility’s developer are membership in private clubs, access to premium services, early access to actual events, additional digital assets, and many more!
Here’s the most awaited answer to “HOW TO ADD MORE UTILITY TO YOUR NFT PROJECT?”
HOW TO ADD UTILITY TO YOUR NFT PROJECTS?
1. Create a redeemable NFT
Redeemable NFTs are used to trade in real or digital assets, such as specialized goods, for real or digital assets.
To give you a better picture, in one notable collaboration, crypto artist Fewocious teamed up with digital shoe and collectible manufacturer RTFKT to produce digital sneakers.
NFT holders of this project could exchange their NFTs for real shoes in their NFT project. Among the three utility NFTs, each represented a specific type of footwear.
2. Connect NFTs to the Real World
Finding a need in the real world and incorporating it into NFT is the key to NFT success. In reality, there are several areas where you can use your NFT to create value that will be greatly appreciated by your holders.
The utility of this kind can benefit any business, whether it is an artist, a startup, or a well-known fashion label.
For instance, you can bring a bit of fun to geeky events — corporate conferences. If you’re hosting an event with limited access, adding a touch of secrecy doesn’t hurt.
You can give your audience early access to projects that are just about to launch, to make them feel privileged, and ignite their interest in the project.
3. Make your NFT usable in the Metaverse
Nike was among the first companies to launch the NFT dive into the Metaverse. In 2019, the company patented CryptoKicks, footwear for wearing in the Metaverse. After the series was released in 2021, some models sold for over $130,000 in 2022.
As a result of Nike’s acquisition of RTFKT, a company that produced NFTs for redeeming sneakers, this was all possible.
The wearables market is just one aspect of the rapidly expanding Metaverse utility NFT market. It is even possible for users to buy property in the Metaverse, as well as items for use in-game.
4. Offer a DAO service
In certain decentralized autonomous organizations (DAOs), NFT holders have the right to vote on certain aspects. The holders of the token can cast their votes on upcoming community projects and manage the treasury. Along with that, they can even decide whether to raise fees, give to organizations, launch new proposals, make investments, and more.
Giving such power to your community can bring them closer to the project and take up a feeling of belongingness.
5. Use it for Fundraising
The use of NFTs in fundraising is also possible. For example, IncubateX uses NFT as a means of raising funds for high-quality projects that have real-world applications.
As an alternative to providing a free t-shirt or raffle entry, charities and non-profits can offer an NFT as a prize for raising money. Wearing a T-shirt loses value over time, but owning NFT increases in value over time, so this would probably be a more appealing award and may inspire individuals to raise capital more.
In addition to being beneficial, NFT utilities can even make your project stand out from the competition. An eye-catching utility and a well-designed roadmap can attract your target buyer. Incorporate these tips and march on the path of success for your next NFT project in development!
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