⬇️⬇️7 Great NFT Utility Ideas for Developers to Consider⬇️⬇️
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Launching an NFT project is about more than just creating some artwork and hoping for the best.
A good project will need to market what it offers aside from the NFT, namely a good roadmap and utilities.
Our article lists seven NFT utility ideas you should consider for your next project.
Top 7 NFT Utility Ideas - Examples
1. Offer merchandise
It’s pretty obvious – offer your own merchandise!
Well, this might be a bit overdone, but you can absolutely be creative about what types of merchandise you offer.
Wearables that bear your project’s logo are a great conversation starter between your project community and the broader NFT community.
Don’t just stop at t-shirts though, do consider other items that your community might want and will catch the attention of others.
You could offer your own set of customised earphones which are bound to be a hit with audiophiles!
2. Co-owning Metaverse real estate
The Metaverse is a great converging point for your community, providing a personalised place for NFT holders of all walks of life to hang out together.
Besides, investing in the Metaverse could be a sound long-term investment for your project, so it serves two purposes at once.
The limits are endless too – you could host community events in the Metaverse and grant access to token holders if this is also something on your roadmap.
3. Profit-sharing with holders
Sharing profits with holders is a sure way of generating buzz about your project, especially in the early stages where any traction you can gain is critical.
There are quite a few ways other projects have done this.
Some go by a percentage of profit shared with all holders (ie. 70% profits distributed to all NFT holders).
Another way you could do it is to host a giveaway of a percentage of your profits to holders when the project has met certain milestones, perhaps upon the project selling out.
4. Donate to charity
Community is at the heart of every successful NFT project and donating to worthy causes is a great way of bringing attention to the cause while doing something positive as a group.
In fact, quite a number of successful NFT projects such as World of Women were primarily started with charity as their main goal.
Be sure to check local laws about regulations for charitable donations and ensure that there’s a solid plan in place to ensure you can make your project’s donations in a transparent way.
5. Grant access to exclusive events/items
Similar to offering merch, you can be extremely creative with what types of exclusive events or items you offer.
The simplest would be allowing holders special avatars in a videogame or access to an exclusive Discord channel.
Most projects already have Discord channels, but you could offer a little bit extra with an exclusive Discord channel that would let holders chat with like-minded members, developers, and any other prominent figures in your community.
Additionally, you could host a Metaverse event upon selling out or throw a party for reaching an anniversary and such. Exclusivity is key here.
What’s important is to periodically engage with your community and to offer items or events that they would be interested in.
6. Host a giveaway/airdrop
One common type of giveaway is to create an exclusive NFT collection, perhaps a hand-drawn derivative artwork, for NFT holders.
Another common type of giveaway, especially in the early stages of many projects, is to give away a limited number of NFTs for free to early adopters.
This is a highly effective strategy that most projects use in its early stages of marketing.
7. Offer a DAO
A DAO is a Decentralised Autonomous Organisation which grants voter rights on the direction of the project.
Our article, The Complete Guide to DAOs gives a fully detailed explanation of what DAOs are and how they work.
Essentially, voter rights are granted to token or NFT holders, who are then allowed to vote on future community projects and have control over the treasury.
In recent years, DAOs have gained popularity among collectors as they prefer the community to have some input on their investment.This post is based on this twitter thread.