Non-fungible tokens (NFTs) are becoming increasingly popular for their ability to represent unique ownership of digital assets. NFTs can create new experiences for communities and foster feelings of belonging. But how can NFTs foster community feelings through co-creation, co-ownership, storytelling, and customer engagement?
Connecting With the Community
NFTs can be created collaboratively with a community, giving them a sense of co-creation and co-ownership. This approach can help brands build deeper connections with their audience. By involving customers in the creative process, brands can create a sense of ownership and pride in the final product. This co-creation process can also lead to increased engagement and participation in the community.
Storytelling is another important aspect of creating a community through NFTs. Brands should focus on the audience, rather than themselves, to drive engagement. Storytelling through an NFT collection should be centered around the user, their experiences, and their emotions. This approach creates a more relatable and engaging narrative, increasing the likelihood of user participation.
Tokenizing Relationships With Customers
Brands can tokenize their customer relationship by creating NFTs that offer utility and access to exclusive events. This approach increases engagement and strengthens the bond between the brand and its audience, said Guidione Machava, a member of the blockchain team at Shopify, during NFT.Paris 2023.
Brands should not focus on short-term profits from selling NFTs but on building long-term relationships with their community. For several reasons, focusing on community engagement rather than short-term profits by simply selling an NFT collection is beneficial for brands.
Firstly, community engagement builds long-term customer relationships, which can result in increased loyalty and brand advocacy.
Secondly, creating a sense of community around NFTs can lead to increased technology adoption and use. When customers feel like they are part of a larger community, they are more likely to participate in activities and events related to the technology, increasing its overall usage and adoption.
Thirdly, creating NFTs that offer utility and access to exclusive events can provide additional value to customers beyond the NFT itself. This value can create a sense of exclusivity and prestige, which can drive demand and increase the value of the NFT.
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