The fundamental benefit of NFTs is transformational to the creator economy. By minting a creative work into an NFT, a creator now has access to a global marketplace for displaying, promoting, and selling creative works.
Plus, a NFT could make some creative works more valuable than a physical piece in some of the following ways: (1) Proof of authenticity, (2) Ability to create more value through scarcity (limited minting); (3) Programmable ongoing royalties for future sales of works; and (4) Remove risk of asset being lost, damaged or destroyed.
Believe it or not, it gets even better for creators! Here, are 4 strategies that can add more value to both your NFTs and the benefits you offer to your community.
If you are like most creators or entrepreneurs, you want to use NFTs to build your fanbase, customer base or community. Those persons are buying because they love your work or want to be a part of your community. NFTs can help you turn them into diehards. You are able to grant things to NFT holders that go beyond the rights to your creative work. Consider adding other perks that your buyers will enjoy such as presale rights to a later NFT, merchandise, tickets to one of your events, or a private one-on-one. Businesses can include discounts and/or free products and services.
Owning an NFT of a cool art piece from an artist I like, is great! Owning an NFT that incorporates the work from multiple artists associated with a project, celebrity or a brand is even better! Everyone wins and your NFTs will have a higher perceived value which hopefully will bring more realized value in terms of revenue and brand building. Think about ways you can work with others to make amazing NFTs together - use your imagination!
This one is not for everyone. Some artists just want to leverage NFTs to distribute digital versions of their art pieces. But I am including it here because it has been an incredible tool to add more value and create stronger fans. This strategy is valuable if you can add something to your NFTs that creates anticipation or future surprises, or engages community with games or contests they can play or enter.