5 Exciting ways to build Utility for your NFT project

Ifeoluwa Wussu
Sunday ,Oct 9, 2022
3mins read

Utility Adds Value to Your NFTs

The fact that NFTs offer more flexibility and utility than other digital assets is one of the primary reasons they are growing in popularity.

So what if you want to begin an NFT project? The success of your NFT project will depend on a variety of things. Your NFT would need to have utility such that collectors would want to be a part of the community in order to gain long-term value.

Today's most well-liked NFT projects include a strong emphasis on utility because many collectors desire the added value it provides as well as opportunities to communicate with the creators.

So, how can you, as a creator, provide your NFT customers with this kind of value and utility? Read along as you find the answers to this, but firstly, let’s find what utility in NFT really means.

What is an NFT Utility?

NFT Utility or Utility NFTs are NFTs with underlying valuable and real-world applications. The word “NFT utility” is mostly used to mean the “real-world use case of an NFT”. It is, to put it simply, how NFTs can be used in our everyday life. Depending on the opportunities and access they offer NFT holders or collectors, utility NFTs are regarded as valuable.

The NFT utility's developer offers customers exclusive benefits including memberships, service access, access to actual events, digital assets, or physical goods. Numerous NFT initiatives improve the daily life of their owners.

NFT Utility will be Huge and Here is Why

We’re already seeing plenty of developments in how utility NFTs are built and deployed - and this looks set to continue. For instance, while some astute sports organisations already use NFTs to replace paper tickets for important games, there's no reason why NFTs can't someday replace season tickets, providing year-round access to club games.

NFT Utility will be Huge and Here is Why

Any asset would be able to be presented on the blockchain with the arrival of cutting-edge tokenization technology. This technology's tokens can be used to build decentralised marketplaces, which has the potential to upend many sectors and open up new markets in previously underserved regions. Digital arts and the real estate sector are two examples of these.

NFTs can be purchased and sold by anyone with an internet connection, unlike physical art, which can only be purchased and sold by authorised parties. In this approach, digital artists can market their products to customers directly without the need for galleries or other middlemen.

In the upcoming years, NFTs will upend numerous industries, and they will quickly dominate the digital environment.

The use of NFT utility will significantly alter how we purchase, sell, and exchange goods both online and off. Our current digital environment will undergo a transformation when they are introduced alongside blockchain technology.

Quality ways to Add utility to your NFT Project

The list is far from exhaustive. To provide you a broad overview of several NFT utility ideas, we will simply briefly describe a few great utility NFT types.

  1. Make your NFT Redeemable

    2. The concept behind a redeemable NFT is that its owner can trade it in for a real or digital asset, such as specialized goods. For instance, Fewocious, a crypto artist, and brand RTFKT, a prominent producer of digital shoes and collectibles, collaborated to create a line of digital sneakers. In their NFT project, holders of particular NFTs might exchange them for a real pair of shoes. The three utility NFTs each represented a distinct set of actual footwear.

  2. Connect NFTs to the Real World

    3. Discover a need in the actual world, and then figure out how to incorporate it into the NFT environment. You can look for areas in the actual world where you can use your NFT to create value that your holders will appreciate.

    Any business, whether it be an artist, a startup, or a well-known fashion label, can benefit from this kind of utility. The following are some advantages your audience may experience from your NFT drops:

  3. Make your NFT usable in the Metaverse

    4. One of the leading companies to launch the NFT dive into the Metaverse was Nike. The company's CryptoKicks, footwear to wear in the Metaverse, were patented in 2019. Some of the models from the series sold for over $130,000 in 2022 after it was released in 2021.

    All of this was made feasible by Nike's acquisition of RTFKT, a business that had previously produced NFTs for redeeming sneakers.

    Wearables are just one aspect of the expanding market for Metaverse utility NFTs. These days, it's even possible to buy property in the Metaverse, also, In-game items can be purchased.

  4. Offer a DAO service

    5. Certain NFT holders get the benefit of voting to decide an aspect of a decentralized autonomous organization (DAO). Holders may be given the opportunity to vote on upcoming community projects and manage the treasury. They can decide whether to raise fees, give to organizations, launch new proposals, make investments, and more. In recent years, DAOs have grown big among collectors as they prefer the community to have some input on their investment.

    Also, charities and non-profits can provide an NFT as a prize for raising a certain amount of money for a charity cause instead of providing a free t-shirt or entry into a raffle. T-shirts lose value after they are worn, but owning an NFT is like owning an investment, and its value can increase over time, thus this would probably be a more alluring award and could inspire individuals to raise capital more.

Other Gerat NFT ideas for creators

Concluding Thoughts

NFT utilities are beneficial and may even make your project stand out from the competition. The buyer you're looking for may be attracted by a well-designed roadmap and eye-catching utilities.

IncubateX thinks it's accurate to state that utilities are the future of NFTs, and that it's the real-world value that will transform the sector from a passing fad into one that is profitable, sustainable, and attracts ongoing investment. The good thing is that there are a ton of use cases to get ideas from.

The majority of the projects in the bear market are NFTs with no practical applications. Your NFTs should be usable in the actual world if you want to produce an NFT project that stands the test of time.

About IncubateX

IncubateX is the 1st women-led incubator & NFT launchpad on web3. We specialize in helping innovative projects incorporate web3 infrastructure -mainly NFTs- within their ecosystems while focusing solely on mission-driven projects that make a positive impact IRL.

7 Magic Tips on How to Pitch an Incredible Web3 Start-up Idea to Investors

Ifeoluwa Wussu
Sunday ,Oct 9, 2022
3mins read

A Tip for You to Stand Out

It all starts with a raw plan! You were probably in the bathroom or taking your pet dog for a walk, or wherever the case may be when you first conceived this great Web3 idea. Moving on, you started to nurture the idea, beautify it, reevaluate it, and then proceed to design a business plan for it.

Now, you have done a great job, it is all appealing and makes perfect sense to you, but here are key questions: do you think others will find it as appealing as you do? More importantly, how do you plan to pitch your startup idea to stand out of the several thousands of ideas that there are? Investors only get to select a few Web3 projects, could you be confident of making the list?

Thing is, pitching your startup idea to investors is one of the most crucial steps to take if you want your project to have a headway. So many have seen their great ideas fail before it even started just because of terrible pitching. And on the flip side, some “just OK” ideas have seen investment support and incredible success due to high captivating pitches.

This is the reality of startup pitching. So, this is why you need to present an impressive startup pitch if you want to convince investors to support your project.

In light of this, let's examine the key strategies for successfully pitching your startup.

How to nail it while pitching your Web3 startup ideas

  1. Investor background

    2. First and foremost, it's crucial to do your homework on the experience and background of potential investors before going to present your ideas to them. They might be drawn to a project that aims to achieve a certain objective, a particular division of a business at a particular stage of development, etc. You can use this information to better understand the investors' needs and what you should provide them to close the deal.

  2. Storytelling

    3. Telling stories works like magic, and this is one key secret that most creators or founders are not aware of. More people will be interested in your idea if you can provide a compelling history of how your project was founded, its founders, and how you identified the issue and created a solution.

  3. Key Facts

    4. “The claim that "our project is exceptional" is meaningless. There is no proof. On the other hand, saying "We launched an NFT and generated $12 million in revenue" includes the financial information needed to support your claim.

    Investors will be more inclined to believe you and support your business if you can provide more evidence of your success both now and in the future. Tell them about these details and explain how you were (or will be) able to achieve them, even if the numbers are little.

    For instance, go beyond "Hassan is our CTO; Mary is a Marketing and Sales Director" when introducing your team. Describe why Hassan is a top-notch technical expert and why he is the ideal candidate for the position of technical team leader. Explain to investors why you assembled this particular team, how you intend to create a go-to-market plan, and your project roadmap.

  4. Competitive advantages

    5. Another crucial component of any startup presentation is a description of your competitive advantages. You must provide evidence and justification for why your products are superior to those offered by competitors.

  5. Customer acquisition

    6. Your customer acquisition expenses can be easily calculated from your finances. So it's best to be specific when describing to investors how you'll draw in new clients, the medium you'll use for advertising, and any other techniques you'll employ. To give potential investors a clear picture of who your clients will be, conduct consumer research and develop a client profile.

  6. Exact funding expectations

    7. Never say that you need “a million dollars or maybe a million and a half.” That is a pretty huge difference. The investor will assume that you don't know exactly how much money you need if you don't provide any hard numbers.

    As a result, it's crucial to know exactly how much money you need to achieve your goals. By doing this, you demonstrate that you have goals, are capable of achieving them, and will not take the investor's money for granted.

    Having said all these, if you know you have a great Web3 idea and you probably don't wanna go through this hassle of getting support from investors but need a sure way of raising funds, then a platform like IncubateX is your best bet. IncubateX is a launchpad that provides financial help and resources to high-quality projects to become a success.

About IncubateX

IncubateX is the 1st women-led incubator & NFT launchpad on web3. We specialize in helping innovative projects incorporate web3 infrastructure -mainly NFTs- within their ecosystems while focusing solely on mission-driven projects that make a positive impact IRL.