Web3 communities using NFTs can rewrite the rules of marketing! the NFT market will reach over $80 billion in value by 2025 according to investment bank Jeffries.
The Creator Economy Marketplace is over 50 million independent content creators, curators and community builders, including social media influencers, bloggers, videographers and more. It’s become the fastest growing type of small business, and a US survey found that more American kids want to be a YouTube star (29%) than an astronaut (11%) when they grow up…
The three main trends in the creator economy are:
- Creators who move their best fans off social media to their own websites, apps, and monetization tools.
- Creators become Founders, build teams, and assemble tools to help them start businesses while focusing on their art.
- Creators are gaining power in the media ecosystem as fans seek to connect with individual personalities rather than publishers.
It’s almost 2023 and we’ve all heard of Web3 and NFTs. Over the next few years, the worlds of Web 2.0 and Web3 will merge, revealing the mass market potential of blockchain. However, in this new digital era, how can creators effectively leverage NFTs?
It’s a post from Rarecubes which is an NFT agency which made me want to write what should happen to the NFT community after the incredible hype experienced since the sale at Christie’s in March 2021 of the work Everydays by the artist Beeple. The NFT revolution has arrived through technology and Art which initiates a much deeper revolution where the NFT will immerse itself in all sectors and where the web3, loyalty and fan engagement will prevail in this creative economy.
Several high-profile designers often in the US have already jumped on the NFT bandwagon, for example Paris Hilton and Blake Kathyn’s ‘Iconic Crypto Queen’ sold for $1.1 million, the singer’s ‘War Nymph’ collection Grimes has grossed over $6 million. Boxer Logan Paul sold over $3.5 million from NFT in a single day, along with his collectibles set.
Although NFTs may seem like a no-brainer for creators, they are still in their infancy, with a high barrier to entry. Creators should be familiar with Web3, cryptocurrency wallets, NFT marketplaces, and NFT marketing. Influencers prefer to work with NFT studios like Rarecubes who sometimes help design NFTs. But they go further to engage a community around NFT projects, in particular by allowing them to access a new kind of loyalty program, combining social quests, IRL events, and virtual Avatars that will evolve with their status and ranking.
What makes NFT loyalty programs successful? Rarity, communities, utility!
Exclusive or rare items always attract a premium because they give a unique sense of ownership. Since human beings like to collect items, the non-fungibility of NFTs plays a role in fostering engagement. Additionally, like rare sports memorabilia and artwork, NFTs can be verified for original ownership (and also value). Thus, there is the possibility of offering unique digital assets.
NFTs provide a dimension that traditional marketing channels have failed to create, namely building a community of loyal, like-minded customers. This means that, by default, NFT loyalty programs can tap into the massive global community powered by blockchain technology, to stay relevant.
Since NFTs are easily programmable, they offer unprecedented levels of utility. For example, tokens can be programmed to function as loyalty cards to give holders access to exclusive events, communities, and special discounts. Additionally, revenue from secondary NFT sales can be redirected to fund new rewards campaigns.
Music is a universal language and a fundamental vector of connection: not only between artists and their fans, but also between the communities that form organically around shared tastes in terms of artists, genres and sound experiments. But what if, beyond acting as passive consumers of songs and albums, individual listeners could directly engage with their favorite artists and participate in the flip side of their music career? This is what Pianity which one of the first NFT music platform.
The startup has just launched its mobile app social music platform combining a free-for-all, ad-free, subscription-free streaming service with an instant messaging app allowing artists and their fans to share exclusive experiences via private chat groups. The Pianity mobile app offers new ways for artists and fans to enjoy their music, as well as join and grow real music communities. This is an important change in the promotion of an Artist.
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The future of NFT: web3, loyalty with fan engagement
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