Companies that want to, or are even planning on selling NFTs this year are facing some strong competition and increasing expectations from NFT holders. Some of the most successful projects in the NFT space such as the World of Women project provide NFT holders with utility-focused digital tokens that have value inside the real world too. Others have decided to collaborate with musicians, motion designers, and 3D artists to make their digital tokens really stand out.
Then there are those that write stories where the NFTs are characters and have built communities around their characters, where the community then votes on the character’s journey. There are also a select few who have decided to make cartoons from the NFT characters so they can keep their NFT owners more engaged.
Many brands and corporations have already decided to go far beyond the traditional financial incentives to attract developers for Web 3.0 in today’s difficult job market. However, every single one of the NFT projects mentioned has one thing in common – none of them are tied to a recognized IP or a legacy brand.
The reason why many NFT projects are so popular with many people such as brand strategists, storytellers, art enthusiasts, and Discord communities is that brands aren’t the ones creating a digital presence in this new space. This is a very important element to creating a popular NFT project that many of the biggest consumer brands decided to ignore, motivated by their PR teams, which has resulted in less than successful NFT projects.
The best companies that want to get into the space can see beyond the popularity of digital tokens and understand that there are a lot more use cases for this type of technology that goes beyond digital collectible tokens and art projects.
By studying the way that current NFT projects become successful, how they’re marketed and promoted by their creators and communities, and how they’ve grown organically with customers without any sponsorship money or logos, companies can learn more about the space.
These types of companies see the communities that are built around the digital tokens as classrooms and schools where they can learn more about how NFT holders and non-holders interact with each other and learn from one another.
Businesses that have done their homework understand that, for example, Ethereum tends to be used by artists for smaller collections, while more scalable products, such as Solana or Polygon tend to be more adopted inside gaming communities.
Another important thing that companies wanting to get into the space need to consider is the sustainability impact when it comes to adopting digital tokens. Some of the blockchains, such as Polygon and Solana offer more eco-friendly transactions because of the technology that’s used in creating those systems.
Businesses that have been learning about the industry for a while also know that while just a few months ago press releases used to be enough to generate a lot of positive media coverage around brand new and NFT projects, these days that’s not quite the case because both the media outlets and the NFT holders have raised their standards, which means they’re waiting for companies to create new ways to promote their projects.