Non-fungible tokens are helping independent artists, musicians, and other creatives build and monetize a fanbase or community around their products. For example, you can create a membership website that only allows users who hold a particular NFT collection to gain access to the member’s area or access exclusive content.
“Creating a site in this way is excellent for giving users access to limited-edition physical products or member-only tickets to online events for live streaming.” “This not only creates an air of exclusivity around a creator’s content, but it is a way for fans and followers to directly support the artist or creator financially,” said Wes from Cude Design.
Let’s take the music industry as an example. This is an industry that is controlled by major record labels that have a say over just about every aspect of a music artist’s career. Record label management can dictate which songs the artist is allowed to release, what percent of the royalties they are allowed to keep, and more.
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How NFTs can help
While streaming platforms such as Spotify have made it easier for artists to get their work in front of an audience, it can still be challenging to build a large enough community of fans to generate the funds needed to progress and survive.
Introducing NFTs into the equation presents an opportunity that is hard to turn down. They offer an easy way for fans to support their favorite musician or band directly and will help the musician to build strong community bonds with their fans. Utilizing NFTs will help artists and content creators to make a solid and sustainable source of income directly from their community of supporters.
Building a membership website and offering patronage-based NFTs to fans won’t necessarily grant holders any ownership rights to the content but are a great way to support a favorite artist, whether that be a singer-songwriter, band, digital artist, or content creator. With regard to a musician, it is a matter of tokenizing their audio files and offering them on the market to collectors to buy, access exclusive content, or engage directly with you and support you on your journey.
Now that NFTs have spilt over into mainstream culture and have been adopted by everyone from small independent content creators to legacy institutes such as Amazon and Coca-Cola etc., it will become more difficult for forward-looking companies to deny requests for NFTs from those who collect them.
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How to Integrate NFTs for a More Community-Driven Future
The most effective way to utilize NFTs is to build a membership website with a focus on building a community. You can issue NFT membership tokens to loyal subscribers that grant them exclusive access to your members-only area or insider community.
You can use NFTs to create a sense of FOMO around a new product launch. This could be by offering an NTF to the first 150 people to buy your new product on its launch date. You could grant exclusive NFTs to early supporters and community members with the most engagement.
Leveraging NFTs by getting them into the hands of your most avid fans, followers, or enthusiasts will also help to solidify bonds, build loyalty and create a buzz in your community of followers. You can use NFTs to grant owners early access to your physical products, music, news, interviews, live streams or fresh content.
Building a strong community will also help you to refine and improve your products and delivery by encouraging constructive feedback from your inner circle of community members. Gaining important insights and listening to feedback about what matters most to your community can help you with your plans and projects.
Using NFTs to Build your Brand
Building a dedicated community through a membership site will enable you to interact directly with your core followers and boost their enthusiasm for you or your creations. Rewarding your members with exclusive NFTs for their participation will, in turn, confirm the critical role they play in your community and make them feel highly valued as an individual.
When you have a community of highly invested individuals at your back spreading enthusiasm and ambassadorship of your brand, you will be on to a winner! You can boost this further by creating an NFT-gated peer-to-peer community space where members can interact with each other.
The input from your core community can help shape your future plans to ensure you remain on the right path and carry on delivering precisely what your loyal followers want. This is the essence of a genuinely community-driven business focussing on making itself future-proof.
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NFTs are an incredibly flexible tool that is not confined to digital products or online events alone. Whether you are a musician, digital content creator, or an artist creating physical products, offering NFTs that grant members exclusive early access to your content, event tickets, or products is an excellent way to build an enthusiastic, loyal, and supportive community.
FAQ on How to Build an NFT Community
NFTs offer numerous opportunities for global industries such as consumer goods, sports, and retail to change the way they interact with their customers, increase the value of their existing products, enter new markets, and develop new business models.
Similarly, NFT communities allow people to share ideas, collaborate, and support one another. They can also disrupt creative industries and promote equity in the arts and culture.
NFTs are a solution to the problem of digital scarcity. The artwork becomes collectible by tying ownership of natively digital artwork to an entry in a public, immutable ledger. There is now a clear, verifiable way to distinguish between the true owner and right-clickers who happen to have a copy on their hard drive.
According to experts, the best NFT projects share several characteristics, including creativity, appeal to a specific audience, and value beyond the price. To be successful, brands must attract the web3 community to their NFTs while also remembering their existing core customers.
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