Lesson 1 about the metaverse; the value of NFTs, community impact, utility, and storytelling

It’s common to believe that NFTs are the hottest property across the metaverse. NFTs are short for Non-Fungible Tokens. These can exist in different formats, such as a game item, a book, artwork, or a song. NFTs have proven to be effective for turning ‘copyable items’ into unique items. For this reason, the assets have helped grant people ownership as they can be offered in different formats such as JPEG images or ownership documents.

A popular NFT example includes the Bored Ape Club, a collection of 10,000 unique designs where the apes have different attributes to their bodies.

Typically, each ape is valued at approximately $300k and is affiliated with designer clothes. The below quote explains why.

“The next big thing will start out looking like a toy. One of the amazing things about the internet economy is how different the list of top internet properties today looks from the list ten years ago.  The reason big new things sneak by incumbents is that the next big thing always starts out being dismissed as a “toy.” (…) Disruptive technologies are dismissed as toys because when they are first launched they “undershoot” user needs.”

Three elements of an NFTs legacy include community, utility, and storytelling.

Community

Consumer habits have changed across the internet to this day. Smaller communities with highly engaged interests typically gain more attention than larger groups with widespread trends. For this reason, NFTs have become a new strategy to create relationships between creators, companies, brands, and their audiences.

An example includes The Crypto Cannabis Club, a collection of 10,000 NFToker Avatars. This group captures the imagination of people interlinked to the world of cannabis. When you buy an NFT avatar from Crypto Cannabis Club, you join a global community of cannabis enthusiasts who discuss everything related to this world.

Utility

This area is still under development, and we’re still yet to discover which NFT it could be useful for.

A prime example of an NFT collection includes Gary Vee’s VeeFriends collection. When buying these visible illustrations, you’ll have access to events, conferences, and meet & greet sessions with Gary Vee.

Storytelling

Despite NFTs being a unique addition to the marketing landscape, effective storytelling remains a powerful strategy to promote the product.

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To summarise, the more unique the design, the more chance that an NFT will stand out to a mass-market audience. For that reason, NFT is proving an effective fan engagement strategy to build connections amongst the next generation. Once that’s succeeded, brands can utilise their NFTs to give their audience exclusive access to services that aren’t available on mainstream platforms.

If you’re keen to discover more about the metaverse, you’re welcome to check out the full course available through Inevitable by clicking here.