I assume you heard of NFTs. Maybe you stumbled across the term web3 as well. Or are you wondering about social tokens? And now you are curious to learn more, especially because you create things on the internet and wonder how you could use these new technologies to reach your goals?
Then I have good news: you came to the right place.
Today, we are launching the first season of LiquidiGuides: Web3 for Creators. In this new series of guides, that we will be releasing over the next few weeks, we are going to share tips for creators who want to use the fascinating options web3 brings along, from social tokens to NFTs and more. On LiquidiGuides, we will keep it concise, cut out the abstract tech babble you often see in the web3 world and focus on sharing easy-to-implement strategies and give real tips for different types of creators.
And as this article states, the first guide on the docket will be “4 Unique Ways Creators Can Use NFTs.”
Let’s jump right into it and I will order them from simple to complex as best as I can.
But first, a quick description of what an NFT is.
What’s an NFT?
Non-fungible tokens or NFTs are cryptographic assets on a blockchain (most notably Ethereum and Solana) with unique identification codes and metadata that make them unique to other similar assets.
They differ from fungible tokens like cryptocurrencies, which are all identical to each other. One bitcoin is the same as every other bitcoin. An NFT implies each individual asset is completely unique from others in that collection.
This introduces a different layer of utility to blockchain assets.
The most common application of NFTs can be seen in digital art.
But NFTs can be represented by different forms of digital assets.
1. NFT’ize Your Greatest Hits
Digital creators understand the benefits of evergreen content (content that remains valuable for a long time period). Some industries rely on current events or constant peppering of content creation.
Digital creators can take their best moments, articles, tweets, or segments and turn them into NFTs. Memorable moments in the timeline of your career would make for highly sought-for collectibles to the right audience. This is a way for you to generate additional interest in the original content as well as create a new asset that can be monetized.
There are various ways how you could go about it. Take, for instance, the example of German rapper Kool Savas. He turned the paper on which he wrote the lyrics to his seminal song “King of Rap” into an NFT. He burned the paper under the supervision of a notary and sold the NFT version of the text sheet in an auction for 30,000 Euro.
But even if you aren’t (yet) a legend, there are many ways to take your best or most popular works and turn them into scarce digital collectibles. The exact way how to do this might differ slightly depending on whether it’s music, text, video, visual art, or another creative form. Here are some ideas:
– create an NFT series that gives exclusive access to your article, video, or other work
– create an NFT that uses your work as a media asset and give the owner(s) some exclusive perks such as being able to ask you questions or meeting you live
– turn your work into an NFT collection with multiple parts that people can collect. If you create unique NFTs. the owner of all parts might get the original work or, if you do an edition with several copies, collecting all the parts comes with other perks.
2. Foster an Engaged Community
Let’s be honest, a large portion of blockchain consumers want to make money. This includes purchasing assets or tokens, holding until that asset has increased in value, and selling it for a profit. Your NFTs will be no different. Some consumers will flock to see if there are any potential gains.
But you can also use NFTs in different ways. Why not create NFTs to reward your fans for their support? For instance, you can create NFTs that can only be unlocked through engagement. Or hold competitions and make a personalized NFT trophy for the winning user. Dennis Schroder did the latter on the DS17 Fan App (which runs on our LT Fan Platform). Every month, he lets his fan community pick a “fan post of the month” on social media and rewards the winner with a “Fan of the Month” NFT trophy.
These types of NFTs might not make a lot of money when resold. Still, they are very valuable to your loyal fans, i.e. your supporters who will carry your brand and be enthusiastic about everything you do.
3. Speculation Breeds Enthusiasm
As mentioned, some NFT buyers will show up to see if they can make some money. As these speculators purchase your collectibles, they now have skin in the game. In this case, the game is your brand and, more accurately, the success of your brand. The same game people play when they buy stocks in a company. Some will sit silently and hope the value rises on its own. Others will be actively marketing and selling or further foster positive sentiment about you.
By giving them a digital item that can be traded on a peer-to-peer basis, you are essentially turning them into brand ambassadors. At least some of them. When you take this into account, you can attach incentives for NFT owners to promote the asset and your brand. For instance, you can incentivize transferring, holding, selling, etc. all based on what your goals are.
Think again of the Dennis Schroder’s fan of the month idea. His community members are more inclined to promote his brand now that they know they can be awarded an NFT as a thank you. And you could even go further. You could reward NFT owners who hold their NFT for a certain period of time with an additional bonus NFT. Or you could create sort of an affiliate program based on NFTs: if your fans promote your work, reward them with NFTs. On LT Fan Platform, for instance, you could create an NFT Giveaway that automatically awards a free NFT whenever a user successfully invites a friend.
Pair that with the idea of “Access NFTs” and we are onto something interesting.
4. Access NFTs and Exclusivity
How do you add more value to an asset that only exists digitally?
Well, let’s think about the idea of a sports game or concert ticket. You bought Lakers tickets and are on your way to the stadium. Someone steals your tickets. Tragic. You now can’t get into the game. A total waste of money. And Lakers tickets aren’t cheap.
Those little pieces of paper were worthless but they represented access to the game. An NFT can be the exact same thing. Some might see NFTs as worthless because they are digital. They aren’t something they can hold or frame. But what if you gave NFT owners access to an in-person meet-and-greet? What if NFT owners had early access to merchandise, content, or tickets?
VeeFriends is a real-life use case where this format is being used. Gary Vaynerchuk, a popular internet personality and entrepreneur, uses NFTs to grant access to his upcoming events, digital gifts, and 1-on-1 meetings with him.
Similarly, Kings of Leon dropped an album as an NFT. Those fans who acquired one of the 18 “golden ticket” NFTs not only received an NFT album but is also guaranteed 4 front-row seats to any concert of the band for life along with a special VIP experience that includes hanging out with the band before the show.
Exclusivity and access to premium experiences are easily applicable to NFTs and a great way to embed innate value to the assets. The value that others would want to acquire to have that same access. And by the way: you don’t necessarily need to provide in-person live access. You can also use NFTs to grant exclusive access to content, digital interactions, and communities, allowing you to make more accessible NFTs at higher volume editions. Doing so is something that we try to make very easy on fan platform.
NFTs are all the rage at the moment but the underlying technology can be used to do some interesting things in the realm of fan engagement. If you are keen on launching your own fan community and creating your own NFTs, check out our LT Fan Platform.
You can also sell your own fan tokens, publish premium content, and give your fans a say in brand decisions.
Had over to the pricing page to check the different tiers. We have a free trial you can fire up to test the platform.