In the early stages of NFTs, the market looked very different. Initially, it focused on digital art, with NFTs positioned as exclusive luxury items. However, as new ideas emerged, fresh opportunities began to unfold. NFT membership projects are relatively new within the NFT market. This category of NFTs offers a wide range of use cases, demonstrating that the only limits to this technology are our imagination.
Nun-Fungible Memberships Are Beneficial!
NFT membership projects can completely change your perception of NFTs, so it’s worth exploring them, as the market has evolved since its inception. It’s important to recognize that NFTs are more than just collectibles; they are a blockchain-based technology mainly used for creating unique digital items.
Similarly, NFT membership projects can be utilized to develop collectible series with special benefits, largely centered around the NFT community. Brands and companies can leverage NFT memberships to foster customer loyalty and sell exclusive products. These projects can also create various types of clubs, including communities tied to physical spaces and products.
In summary, NFT membership projects, which initially focused on collectibles and democratizing the NFT market, have expanded beyond those boundaries. They are now redefining the NFT market and community in exciting new ways. Let’s explore the opportunities they currently offer to investors and businesses.
Membership After NFTs
Membership isn’t just about NFTs; it resembles traditional loyalty programs that clubs, brands, and businesses have used for years. While membership cards and passwords served as identifiers, NFT membership projects offer a simplified and personalized access system. With membership NFTs, users can replace multiple cards and logins with a single digital token, enhancing convenience and security. Smart contracts ensure that NFTs can’t be easily copied or stolen, making membership verification straightforward.
Additionally, NFT membership can provide various digital and real-world perks, creating new income opportunities for companies and allowing customers to view their tokens as potential investments. In essence, membership NFTs are revolutionizing business dynamics beyond mere collectibles.
Feeling the Difference
The membership NFT project offers new experiences to the investors to create a sense of belonging and bring more utilities to the projects. Bored Ape Yacht Club was one of the first NFT membership projects with various utilities. The investors had every right to use the bored ape avatars however they wanted. They had access to exclusive communities and discord servers to engage with each other, share information, and chat with the celebrities who joined the BAYC. The investors had access to exclusive events, and they had discounts for buying new products like the NFTs in the Mutant yacht club, which was first available just for BAYC members.
Then, there was a space called the bathroom where BAYC members could collaborate to make artwork by painting the wall of the bathroom; every member could paint a pixel on the wall every 15 minutes.
CryptoPunks is one of the earliest NFT projects which has become a status symbol in the NFT space. While not explicitly a membership project, owning a CryptoPunk grants access to an elite community of collectors and enthusiasts.
Some NFT membership projects grant voting rights to the members so they can decide and change the project’s future plans. NFT membership projects can have endless exclusive experiences.
Beyond Digital Walls
NFT membership projects extend beyond the digital realm, significantly enhancing real-world experiences and business loyalty. Various entities like fashion brands, restaurants, and gyms can utilize these projects to provide exclusive access to events and perks, enriching customer engagement. For instance, musicians can bundle art NFTs with concert tickets for added value.
By building communities and offering discounts or unique services, businesses can create a sense of belonging and drive new revenue streams. These projects enable brands to craft exclusive experiences and utilize social media for powerful marketing. Compared to traditional membership cards, NFT memberships offer heightened security, reduce fraud, and allow emerging brands to foster loyalty while securing funding opportunities.
The Game Has Already Started
Many NFT projects and real-world brands have begun to embrace membership models. While people often think that the BAYC (Bored Ape Yacht Club) and Crypto Punks collections were the first NFT membership projects, there are notable artists in this category as well. For instance, PAK has not created an avatar collection, but he effectively utilizes the concept of membership in most of his collections, collaborating with all interested parties.
In works like “The Merge,” “The Fungible,” and “Censored,” PAK has successfully built a community that follows his lead in creating engaging NFTs. In the real world, brands like Nike and Adidas have launched their own NFT membership projects to create and sell digital wearables, offering exclusive products and events to their members. Nike allows members of the Crypto Kick project to customize their avatars with clothing and accessories while also providing access to exclusive events and upcoming releases. Similarly, Adidas offered clothing and accessories for use within the Sandbox, rewarding members with exclusive physical clothing in 2021.
These NFT membership projects illustrate the vast potential of this technology for brands and creators in both the physical and digital realms.
Future engagement
Based on our discussion about NFT membership projects, it’s clear that they pave the way for future engagement. These projects signal to optimistic followers of a brand that there’s a commitment to growth and an invitation to embark on this journey together. When thinking about membership plans, there’s often a tie to future benefits. These plans help brands generate more revenue while allowing them to reward members with special services down the line. Essentially, they act as a form of investment. NFT membership projects enable brands to carry their supporters along with them into the future, fostering engagement with their most loyal fans who genuinely appreciate the brand.
Conclusion
RIGHT NOW is the golden hour for businesses and brands to benefit from NFT membership projects. Membership was a concept that existed before the advent of NFTs because people loved to have unique experiences and find a sense of belonging. NFTs recreated membership and helped it reach its full potential by adding more security and utilities. NFT membership projects started in the NFT market with great projects like BAYC and Crypto Punks, but that wasn’t the end. Obviously, membership NFTs could help any business in any industry to thrive by selling their membership and creating a community of loyal followers. A community that would be a natural advertisement for the brand or the artist.
How should investors evaluate membership NFTs?
They should consider the utilities that the project offers and check the background of the creators. Community is also an important factor because having a strong and engaging community keeps a club from falling apart.
How much does it cost to join a membership?
The cost varies from one program to another. Some membership NFTs have a low price, and you can buy and mint them without a problem. However, some other projects, like BAYC, have high prices.
How can I promote my brand using NFTs?
You can use NFT membership projects to create a strong and engaging community. The members of your program will be the voice of your brand, and the unique experience you can create with your services will attract more people.
