It really is something very different and distinctive, and you should totally consider keeping that in mind.
Is it a good idea to use NFTs as a brand?
One of the best things about NFTs is that they are a new technology, and brands can find their own way to implement them. You are not rushed by anyone to use them. Plus, if you decide to use NFTs, you have complete control over the process and the experience as a whole. It’s very important to understand the true value provided by NFTs and how you can use them as quickly as possible.
Your business can use NFTs in order to create unique brand experiences. You can also use them to boost your brand awareness by being one of the first companies to focus on this type of investment.
We have small development teams pushing code to enable us to do new things at an unbelievable pace. The blockchain is great due to the transparency, the more technical innovation that occurs and occurs on-chain the better we all are for it.
Ideas and utility boundaries are pushed from project to project, a great idea is tested with basic UI in an alpha/MVP style and then a future project picks it up and puts all of that information on-chain. The next best part, most projects open source their code to let the next project build further.
BONUS ROUND: INSPIRED
This will always be inspiring to me and will be one thing I look for on every project that I mint.
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The transaction fee is necessary both for the trading of NFTs, minting NFT, and deploying a smart contract. Smart Contract spends a little more “gas”, so the transaction price is a bit more expensive for it as well.
Another type of fee that you must account for is the marketplace fee.
There are two different fees that take place on the marketplace, the listing fee and the commission fee.
Commission fees are paid on a successful sale of your NFT. These range from 0% to 15% of the sale price. They are automatically paid for when you sell your NFT.
Not every NFT marketplace charges listing fees, but some do.
How much does it cost to list an NFT?
Listing fees depend on the NFT marketplace you decide to sell on.
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Why are NFTs important?
The NFT is all about identity, social currency, and it also allows us to show the items that we are interested in. Right now, a massive focus in the NFT world is all about collectibles and art.
Being able to own the digital version of such items is still bringing you a collection value. Just because it’s not a physical item, that doesn’t mean it’s not worth it.
Instead, NFTs are bringing you a way to finally grab the ownership of various items and truly showing their amazing value and purpose.
The truth is that an NFT can show you are indeed the owner of a digital asset. As this trend becomes more and more powerful and common, we can expect people to have more interest in NFTs, what they mean and the value that they bring to the table.
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Yes, this was done by a Real Estate Broker in California, Shane Dulgeroff who created an NFT that rewards the buyer with a full duplex property, if he bought the NFT. Read the full story here – https://www.nftsstreet.com/an-actual-house-is-now-an-nft/
Then you have identity management. Things like certifications, law degrees and medical licenses are some of the many things that are unique to a single person.
These could be issued, tracked and maintained as NFTs on the blockchain networks. The potential is great because you get to see the true ownership and it’s very hard, if not impossible to try and show that a person doesn’t own or have those items.
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NFT Utility: Music NFTs
Another exciting sector that can potentially benefit from NFTs is the music industry. As you might be familiar with, this can be quite a profitable industry for larger conglomerates and record labels.
However, their profitability often comes at the expense of the individual artist and through disadvantageous penny-per-stream business models.
A more efficient and advantageous way for individual artists to monetize their work might come in the form of music NFTs. This means that the artists can truly own their work, including trademarks, copyright, etc., and this information can be stored in the metadata of a token. Music NFTs would also allow fans to band together and support their favorite artists directly.
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He’s also succeeded in pushing NFTs to the mainstream crowd through his own reach. Many of the NFT holders probably aren’t crypto-savvy at all.
They’re just his regular fans who want to get an opportunity to have more engagement time with him.
This model has certainly perked up the eyes and ears of the business community and a few of them have taken the plunge into the the world of NFTs. Congratulations to “Mr. Vee” for increasing adoption of blockchain technology and what it has to offer.
“Meta Optimist” by Clinique
Clinique saw beyond the artwork potential of NFT when they released one of three editions of “Meta Optimist”, a NFT piece that also gives the holder free products for 10 years, and a 50-year-old product called Almost Lipstick Black Honey that’s usually out of stock.
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I also really appreciate projects that are putting healthy spins on this function whether its new traits or other utility and benefits.
Tired: Rarity Tools / Sniper
Yes, we now expect every single project to be on rarity tools and/or on rarity sniper. No, this is not added utility to your community, this is table stakes to your project even being considered legitimate in the NFT society.
Nobody wants to be involved in a project where they can’t figure out how rare their NFT is, then the marketplace will never be fair ground. Get rarity tools enabled and let everybody know, but don’t position this as utility for your community.
Inspired: Pushing Technical Boundaries
The NFT space is unbelievable, the technical advancements are pushing what can be done to technical extremes.
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One of the most important NFTs which are beneficial are Axie Infinity Project. Axie The Infinity Project. This isn’t NBA Top Shot, but it’s certainly an outstanding art collection that is worth keeping in your account.
It’s an Ethereum Non-Fungible coin is a product that was inspired from Pokemon or monsters, as well as fighting games . It has become quite popular in the crypto world. NFT.
If you decide to invest in the Ethereum token you’ll be granted access to Discord, Marketplace, and Mavis Hub Community.
Furthermore, you’ll be given an ownership certificate that identifies you as an object that is digital in the game. Without the tokens, they could be costly to purchase for players.
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Another NFT utility idea is to find a need in the real world and come up with a way to connect it to the NFT world.
For instance, in the stock market, when investors purchase and hold shares, they get dividends based on the percentage value of shares they are bought or holding.
This same method is applicable to NFT, offering a percentage of dividends to the owners of your NFT after a particular period, is simply how to add utility to an NFT.
3. Make your NFTs an access pass to other benefits
As an independent creator, how to add utility to an NFT is by making your NFT double as a pass to access exclusive products, services, and experiences.
Your NFT owners could receive exclusive access to pre-sales of your future mega collections, access to your next show, or even just access to an exclusive discount where they can talk to you directly.
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Even if you’re new toWeb3, you’ll most likely have heard of NFTs. NFT is an abbreviation for non-fungible tokens, and they are — along with fungible tokens — one of two central token types of the blockchain industry.
The term ”non-fungible” originates from traditional economics and refers to interchangeable goods, meaning that NFTs are unique. Moreover, the NFT sector has rapidly grown to become one of the industry’s most prominent areas and has radically changed the digital asset space.
The high interest inNFTspartly originates from the flexible nature of these tokens, which means they have various use cases. As such, we’ll in this article allocate our time to explore NFT use cases in 2022.
Is there a cause behind it? How are they identifying causes to support? Are they making traceable transactions that everybody can follow? Honestly, there are so many phenomenal causes out there that need our support. Find one and get your team behind it. Pick a message that resonates with you and find a way to help. Make the world a better place, show that the NFT space is not all ANONs who are out to cause pain, we all have a duty to grow our community and charitable giving will always be a major part of that.
Agree or disagree with what I have listed here? Sound off in the comments or find me on Twitter @drucritt.