As an inspiring entrepreneur myself, utilizing NFTs in my own journey has been on the top of my mind. That’s why I want to share some very realistic and sustainable ways entrepreneurs can utilize NFTs and make their place in this swiftly-growing market that’s full of opportunity.
Here are the top 10 ways entrepreneurs can utilize NFTs and the technology associated with them:
1. Raise capital
An easy way to incorporate NFTs into entrepreneurial goals is through raising capital. When we think of the term, creator, we tend to attach it to the notion of the starving artist. Most have navigated the funding of projects by way of crowdsourcing, enlisting the help of their fans through donations, and in return offering a t-shirt or some other physical product.
This idea can be easily adaptable with the use of NFTs by offering a uniquely created token for auction or at a set price while being completely transparent about the use of funds, goals, and the overall project for the exchange is the NFT itself.
This will allow your fan base to not only contribute but come away with something unique and immutable. As the project expands, their NFT may increase in value and can become a source of revenue for everyone if consumers decide to sell, and can create passive income for you if you attach royalties.
2. Offer exclusive content
Another popular use of NFTs for entrepreneurs is exclusive content. You can easily adapt it into campaigns via an email list, a membership package, loyalty program, Discord, or any relationship that holds exclusive access to you as the creator.
The goal isn’t to make a large amount of money with the NFTs created but to build value in your community and create a strong brand. Some examples of exclusive content could be behind-the-scenes videos, podcast sound bites, or even lessons and mentorship. Moreover, don’t think you have to have a huge following to exercise these options, this can also help to build your audience.
3. Build brand awareness
A creative avenue that entrepreneurs should take advantage of is brand awareness. One of the most exciting things about working with NFTs is the limitless possibilities. You have the option to explore web3 on a more branded level by creating your own NFT.
It can be given away as a promotion, offered up to a VIP audience, or even sold depending upon the popularity and value created behind the campaign. Either way, this option would set you apart from the competition and give you a leg up in exploring how to incorporate web3 into your business model.
A popular option for offering your consumers a free NFT that’s easy to claim is through the creation and distribution of POAP NFTs.
4. Create value
Even though only about 2% of the world’s population is aware that NFTs exist, for now, NFTs have still become the center of many conversations. They are being embraced by celebrities, art collectors, and big-name brands. So what better way to build value with your brand than by utilizing this fast-growing resource?
Aside from the heightened popularity, NFTs have the potential to offer consumers immediate value upon collecting one through the use of smart contracts. In a world where copy culture can be a disease to many brands, having proof of ownership and authenticity builds undeniable value, and also allows for more innovative ways to create and trade on a 24/7 marketplace, aka the blockchain.
5. Use NFTs for effective marketing
Big brands like Taco Bell, Nike, and Twitter are catching on to the immense amount of opportunity found in the NFT space. Brands are beginning to implement NFTs graciously into their marketing campaigns with exclusive drops, and even digital wearables that can be used in the metaverse. The great thing about marketing is that you don’t need to reinvent the wheel, you just have to find creative ways to tell your community about it what it is you do and what you have to offer.
You can benefit from creating an NFT or an entire collection to a launch as a promotion, creating an airdrop to bring more awareness to your campaign, and offering consumers a more personal relationship through special perks that are only had when holding the NFT.
6. Educate your audience
Being an entrepreneur isn’t only about you and your goals. Being more selfless and educating your community plays a huge part in brand development, and NFTs can help you with that. Sitting on valuable information benefits no one and passing on knowledge can be a culmination of all the other ways of utilization.
By offering up value, you create a sense of trust and position yourself as an expert which will attract more members to your community. Do this by building a platform of knowledge through blogs, podcasts, courses, etc. Just be sure that you are consistent, concise, and relevant to your brand’s mission.
7. Digitize your event
Purchasing a ticket to an event will never be the same again. Using NFTs in conjunction with events can change the game on so many creative levels. Because ownership is tied to a specific digital creator’s wallet, purchasing a ticket as an NFT is safe and transparent and guarantees you are buying the real deal.
The creator can also make event NFTs nontransferrable by assigning a commission to an exchange or even offering resales with a limit as they so choose, meaning no more scalping! If a third party is being used to sell tickets, a commission can be assigned and revenue can be split immediately.
The NFT can also include rewards or prizes assigned to specific tickets such as VIP or one-on-one sessions. What makes using NFTs as tickets to events so attractive is the ease of use, the idea of less paperwork, simple terms, and collectibility.
If you’ve ever saved a ticket to one of your favorite concerts, show, or event, then you understand why a digital version of your ticket could be so cool.
8. Leverage the efficiency of smart contracts
Smart contracts are coded into NFTs. As an entrepreneurial creator, you have the ability to add a contract to your NFT. This contract can be as simple as some perks gained from owning the NFT, or as extensive as something like a home loan.
Smart contacts have the ability to now allow altercations after creation and can be digitally signed immediately. This takes the guesswork and some physical work out of agreements between parties by keeping the entire transaction completely transparent.
9. Drive more engagement
The goal for any creative entrepreneur is to curate unique experiences that go beyond a product or service. When the experience can provide value and a lasting impression, the result is almost always conversion or retention.
With the current attention surrounding NFTs and the web3 space, driving engagement as a modern-day entrepreneur can be successfully accomplished through the means of creating your own NFTs.
You can leverage NFTs to create a personal experience and value for your audience. You can heighten your brand awareness by being consistent with your messaging, delivery, and interactions. This will draw more eyes to your project and allow for personal interaction with your community.
10. Offer consumers an NFT drop
Be it big or small, an NFT drop is the ideal way to inform your audience of your brand as well as offer them additional value. The use of NFTs in your campaign can be as expansive as your imagination allows. They can be used as a lead magnet to build a contact list where you will discuss the details of the launch, an exclusive “ticket” offered to a certain number of prospects, or even be the center of the brand itself.
Regardless of how you decide to incorporate NFTs into your entrepreneurial aspirations, just be certain to take advantage of the value that NFTs offer to both creators and collectors. Value and transparency is the primary factor in the use of NFTs, so building off those values can create a strong bond with your community.
There are infinite ways to incorporate the use of NFTs as a creative entrepreneur, I have just highlighted a few. The more you research and actually try things, the more you will learn and more ideas will flourish in your head. Ultimately, have fun with the technology and make It your own.