The popularity of NFTs and blockchain technology is growing rapidly to an extent where we might say there is a revolution in the digital sphere. Since the beginning of 2021, Non-Fungible Tokens have opened up a new frenzy. Brands, artists, fashion labels, games, and large corporations like Blueberry, Louis Vuitton, Visa, and MasterCard have been flocking into the NFT market with the intention of selling, buying, or creating NFTs.
Over 4 million people in the United States have bought or sold NFTs. This makes the ownership and popularity of NFTs widespread. Within the art world alone, 22% of the total number of collectors own NFTs. While these numbers are currently within the low percentile, there is continuously growing interest in NFTs. It signals that more creators and mainstream consumers will enter the market daily.
With this in mind, you could wonder, how do those who own non-fungible tokens benefit from it?
The Perks of Owning an NFT
Upon purchasing an NFT, it means you own a unique digital item or token on the blockchain. Based on the NFT's creator that minted it, holding it offers you varying degrees of using, accessing, and profiting off the token.
However, a few benefits exist within the NFT ecosystem such as the simple act of being an NFT owner or belonging to an NFT community. Other perks include the artform’s, traceability and variability as a digital item. NFTs live on the blockchain's decentralized system, meaning they avoid possible high prices and market inflation. Last, NFTs provide you with ownership security. Unless you sell the item or your wallet gets compromised, the NFT belongs to you, and its ownership can't be revoked.
Such benefits are what make these items exciting and popular. Today, people of all ages are flocking the metaverse. Besides making insane amounts of money in cryptocurrency, NFTs also have the potential to draw your community together.
Working on these digital items either as a collector or an artist provides an excellent platform to forge relationships with your community. So, let us see how NFT marketing can be used to bring your community together.
How Can You Use NFTs To Bring Your Community Closer Together?
NFTs play a vital role in the social interactions and communication within Metaverses. A person's support for thoughts or projects on the real and virtual world can be communicated by holding specific NFT items. The trending 3D NFT avatars are an instance of such Non-Fungible Tokens. Therefore, people with similar NFTs can form groups or communities to produce material and share their experiences.
Therefore, a person within the community can be identified by the items or thoughts behind their NFTs. In the gaming communities, a player's identity can be recognized using NFTs. These communities or their creator can use NFTs as an access token when entering and bouncing various parts of the metaverse.
Since the pandemic's beginning, most people have adopted digital internet-based lives. Content and gaming industries are the beneficiaries of this shift. Online multi-player gaming communities benefit from this when they meet to play together, socialize, watch concerts, and much more.
In such games, the players can form an NFT community and identify themselves with an NFT(s), and the video game community earns by trading their collectibles to these players. Same team players can buy in-game virtual assets like skins (character costumes) through digital micro-transactions. This brings the community closer.
The NELK boys, a YouTube collective with about 7 million followers, became famous through its wild content like partying and pulling pranks on strangers. They announced they were taking a giant step into the Non-Fungible Token game through their identity, like other famous influencers like Logan Paul. Their discord server gained over 120,000 members in about half a day. It was clear from the go that their tokens would be high in demand.
The collective launched with Full Send NFT that was available for mint at 0.75 ETH, about $2300 at that time. Because of incredibly high demand, the collection was sold out in minutes. With nearly 10000 meta cards, they might have made $23 million.
You Can Use The NFT For Club Membership and Offer Exclusive Perks
NFTs have been baffling and exciting since their inception in 2021. With some pieces costing millions of dollars and famous names like Jack Dorsey, Logan Paul, and Martha Stewart entering the mix, the popularity of these digital items has skyrocketed. Besides bringing communities together, NFTs can offer exclusive perks and club membership. An example of these unique perks is the incoming opening of an NFT community restaurant in New York City for the first time.
The world's first "NFT restaurant" will be opened by Gary Vee, an internet personality and serial entrepreneur, together with VCR Group, his hospitality company in NYC. Named FlyFish Club, the restaurant will be members-only, and the members will pay membership fees using crypto, although they can use fiat currency. Such NFT marketing ventures will join both the Virtual and real worlds.
Flyfish released the first 1151 tokens that will be the standard membership on January 7th. The membership comes with access to a high-end seafood restaurant and lounge selling for approximately $7900 (2.5ETH).
A Premium Omakase membership costs are 4.25ETH in the meantime. In addition to the perks enjoyed by standard members, Omakase members have access to an exclusive 14-seater room. They also enjoy the highest-quality fish flown from Japan daily. To be more upscale, non-members can only access the restaurant accompanied by a token holder.
Today, memberships to these restaurants can only be found on secondary markets such as OpenSea. This means there is potential to make profits if the demand for FlyFish access increases in the future. The lowest price for a standard membership is about 4.98ETH (about $12000). A member can also lease their token to another person not holding one every month. According to FlyFish, your membership will be valid as long as you have a token. Given how annual fees for membership to some private clubs cost about $5000, you could say that this project offers more competitive prices.
NFTs have quickly gained traction, having started just about two years ago. People from all walks of life invest and create these digital assets to express themselves, ideas, and convictions. There are various ways that NFTs can bring your gaming, entertainment, and any other community together through identity, social interactions, and communication. Having entered the restaurant business, what was thought of as virtual has effects in the real world. The potential for NFTs and NFT marketing is endless; Flyfish is just the beginning.