When it comes to unlocking more value for you (the creator), there are a lot of different approaches you can take. One of these approaches involves leveraging the capabilities of NFTs in order to unlock additional value; so how do NFTs unlock more value for creators exactly?
NFTs unlock more value for creators by greatly increasing their opportunity to offer a product or service in a quick, transparent, and decentralized way. Here are more ways that NFTs can unlock value:
- Raise capital
- Increase your exposure
- Provide more value to your consumers
- Grow your brand
- Do it all remotely
- Transact transparently
- Enjoy peer-to-peer transactions
Please, allow me to walk you through each one of these aspects of value that NFTs are able to unlock for you—the creator.
1. Raise your own capital
Perhaps one of the greatest value unlocks that creators can benefit from is the ability to raise capital through the creation and distribution of non-fungible tokens. NFTs should be the technological platform of choice if you are attempting to raise funds to start your business, or even scale your current business.
The way that you can raise capital as a creator is to create your own NFT project which is generally created around your brand. Smart contract capabilities allow creators to add in any terms they’d like, as well as promise consumers something in the future, without necessarily providing any actual utility from the start.
This means that as a creator you can literally raise capital to scale your brand from the ground up, before you ever supply any “actual” product or service—besides the NFT itself.
Not only are you able to offer your product and services to raise capital, but you are able to raise this capital in a marketplace that is open 24 hours a day, 7 days a week, and your consumers can be practically anywhere in the world.
An opportunity such as this does not come around often, just ask your grandparents.
2. Increase your exposure
As a creator and/or business operator, one of your main goals is to increase your exposure to the world. Exposure can be had in various ways; social media, blogs, videos, podcasts, all do a great job. But, what about NFTs?
The reason that NFTs are able to increase a creator’s exposure is simple; NFTs are a new form of social signaling. Social signaling is a form of communication, but NFTs are on their way to being the most culturally relevant signal for any influencer and celebrity to hold in their portfolio.
NFTs will continue to progress and gain more acceptance in general, and when everyone is using and collecting these digital assets, people will look to influencers to see what they are holding in their wallets so that they can try to get their hands on it as well.
This is already the case today in fact, with the likes of Stephen Curry, and even Visa—spending over $100k to collect some of their very own non-fungible tokens that have a strong brand reputation in the NFT community.
Don’t pass up the chance to increase your exposure, creating NFTs now could mean that consumers will hold your branded digital asset for years to come.
3. Provide more value to your consumers
Lucky for you and your consumers, NFTs give creators the means to provide additional value to their consumers that may not have been possible before. This amazing opportunity comes from the ability to offer your consumers perks via the token’s smart contract; some of these perks could include event access, a physical good, a service, and even something like intellectual property rights or partial ownership of a company.
I know this can sound a bit far-fetched, but in my opinion, it’s far from that. There are already creators such as Gary Vaynerchuck, who are building an IP over time, but also offering his token holders extreme value through instant utility (a 3-year mega-conference) and some other amazing benefits as time goes on.
In my opinion, the ability to offer your consumers something personal—straight from your creative core is simply amazing, especially if you are an artist or small business.
Moreover, a lot of the value comes from the fact that you are transacting on the blockchain, which is safe, secure, instant, and most importantly, transparent.
4. Grow your brand
For many people, growing a brand may not be so simple. But at least now with NFTs, creators are able to grow their brand from anywhere, with minimal funds, and do it all securely.
NFTs give the consumers something to display and communicate to people what they own and their interests, so when someone holds your brand’s NFT, especially if the individual holding has any sort of influential status, then that could be considered a good look for your brand, and further increase your brand awareness, and as a result that will grow your brand.
This is just one example of how non-fungible tokens can help grow your brand, whether personal or business-oriented, the only limit is your desire to grow and innovate. Honestly, all these different aspects of value that I am spewing are all factors that contribute to growing your brand, there’s no overnight growth hack.
5. Do it all remotely
I feel like there are many jobs that allow people to work remotely, but those jobs may not be the jobs that you want to do if your true dream is to be a creator of some sort. Well thanks to NFTs, now you can be a creator from practically anywhere in the world as long as there is an internet connection.
If you want to be an artist and travel the world at the same time, all while making an honest living, now you can! You can mint your NFT art from anywhere, and transact with your consumers from anywhere as well.
Or, let’s say you are an international brand and you want to crossover into the U.S., NFTs gives you the ability to do this, all from the comfort of your home, it is truly staggering to me.
6. Transact transparently
The beauty of blockchain technology and NFTs is the ability to transact with complete strangers and have complete trust, as well as true transparency. Every transaction that takes place on the blockchain is recorded indefinitely for anyone to view. Meaning, NFTs act as proof of purchase to both the creator and consumer.
As well, you know exactly what you are paying before you ever sign a transaction, which enables the purchase. Consumers can transact stress-free, knowing exactly what they are receiving, for how much, and from who.
If there is ever a need to go back to any point in time of an NFTs transaction history, the blockchain has all that data stored, making keeping track of your purchases even easier and that much more transparent.
As a consumer myself, I really appreciate when a supplier is true and up-front with me; with NFTs, that is exactly what you should expect from every transaction.
7. Enjoy peer-to-peer transaction
Peer-to-peer transactions are a superb way to showcase just how NFTs are able to add more value to the creators, by bettering the consumer relationship. With NFTs, the asset can come directly from the creator’s own wallet or digital vault. Not only that, but the proof of that is all stored on the blockchain, along with the NFT.
Imagine if you bought a Picasso painting for example, but envision you had proof that Picasso held that specific piece of art, and then transferred it directly into your possession. I think that alone is really cool, and in my humble opinion, acts as a huge potential value adder for creators.
The consumers gain value because of who created and held the asset, and the creator benefits from the added value of offering a more personable experience to the consumer. This type of giving and get scenario is a win-win.
Whenever the creator is able to have a more personable interaction with the consumer and still offer great service in addition to amazing utility, you are setting yourself up for success.
Of course, there are numerous ways NFTs could add value to creators and I believe the potential to add even more value is upon us. With time, comes great things.
How creators can start using NFTs.
Okay, so you are a creator of some sort but you don’t know where to start when it comes to using NFTs? Let me help you out.
In order for creators to start incorporating NFTs into their work, they need to learn as much as possible about NFTs by getting involved with the community, asking questions, stating concerns, sharing their journey, and of course listening. After that, there are just a few steps in order to get started using NFTs to unlock value:
- Decide what you want to offer
- Choose which blockchain to mint on
- Find someone to create your NFTs
- Market your assets
- Provide value
1. Decide what you want to offer to your consumers
Before you start down the path of creating your own non-fungible tokens, you need to figure out what it is you want to offer to people. Are you an artist who wants to sell your art? Or, are you a small start-up company trying to build a serious and sustainable brand?
Both of these scenarios are very real, and I believe you may benefit from asking these questions before creating your own NFT. As far as what you can turn into an NFT, literally anything. So, don’t feel like you have to limit yourself. Get creative as possible, your imagination and ability to execute is the only limit.
2. Choose which blockchain you want to mint your NFT on
Choosing which blockchain to mint your non-fungible token on is an important step you don’t want to forget about. There are several blockchains to choose from, all with their own pros and cons. Some blockchains such as WAX.io, have no gas fees (transaction fees), but Wax is also not considered to be the most popular blockchain for trading NFTs.
Ethereum is the most popular and widely used blockchain to trade NFTs on, at the time of writing this article. With that being said, it’s not essential that you use Ethereum to mint your NFTs, but it may be wise if that is where your consumers prefer to be. Please consider what’s best; not only for you as the creator, but for your audience as well, they will thank you later.
3. Find someone to create your NFTs
If you are simply a creator but don’t actually have the means or time to learn about minting NFTs, my suggestion would be to hire someone to do it for you. If you don’t want to hire someone, then it will be up to you to create the NFTs and successfully execute any smart contracts you may want to add.
The worst-case scenario is to use one of the many popular and convenient marketplaces to mint your own NFT. Marketplaces such as OpenSea.io, Rarible.com, and Foundation.app allow you to mint your own non-fungible token, set your price, and of course any terms you want to throw in.
If you are looking to hire someone to create NFTs for you, I suggest asking around on Twitter, in Discord groups, and anywhere else you may notice members of the NFT community loitering. There are people out there who are willing and ready to be at your service.
4. Market your digital assets
Once you have figured out a way to create your NFTs, it’s time to prepare for the drop of your tokens. In preparation for a proper drop, I recommend starting to talk about your NFTs long before you even have them ready to distribute. Get out there, share with people exactly what they will receive upon purchasing your NFT, help them through the buying process, and be there to answer any questions.
If you are a start-up or already established business, then you likely already have a marketing plan that works for you. So, educating your consumers will be the key to your NFT success in my opinion. If you offer something that people want, and the people know how to get it, they’re going to get it. It’s supply and demand.
5. Provide value to your consumers
Let’s not beat around the bush, the most important aspect when getting started with NFTs from a creator’s standpoint is the value you are offering to your supporters—your community. If you are only taking and not giving, you can’t expect people to love what you are doing because it’s selfish behavior.
No matter where you are in your creative journey, the point is to use NFTs not only to unlock value for yourself but more importantly, for your consumers.
NFTs create additional opportunities for creators to provide the ultimate experience to consumers.
Are creators doomed to fail without the use of NFTs?
With so much attention on NFTs, it’s safe to say that the future is looking very bright for these digital assets and their founders, but are creators going to fail if they don’t implement NFTs into their brand-building tactics?
In general, wherever the attention goes, so do the people. NFTs are proving to be the next big technological wave to hit us since web 2.0 (the user-generated content era). As more people move to collecting and trading NFTs, more brands and businesses will offer their products and services in the form of an NFT.
If you aren’t willing to adapt and change with the times and be where the consumption is happening, it’s very likely that you may miss out on many opportunities, which could have scaled your brand.
For now, many folks may not be taking advantage of non-fungible tokens, but in the near future, everyone will be taking advantage of NFTs. You know what they say, “if you can’t beat em, join em.”
Ultimately, unlocking value for creators by taking advantage of NFTs is going to remain key for creators in order to grow their brand and be where all the people are—in the crypto space. Moreover, unlocking value as the creator generally correlates to more value for the consumer, making NFTs the perfect vessel to provide value like never before.
Being innovative and forward-thinking can take you places and help you grow, especially if you have your consumer’s best interests in mind; before and above everything else.