If you’ve been reading our blog, it should come as no surprise that we believe utilities are make and break to the success of an NFT collection. Both for the individual creator (who can engage their holders, sell more and increase loyalty) and for the industry as a whole. If NFTs are ‘just a pretty picture’ then they have a limited shelf life. When they are useful, they deliver ongoing value. The math is pretty simple.
And - if ANYONE can build utilities for ANY COLLECTION - then the industry is set to be super-charged, and the long-term success of NFT will be guaranteed.
So, we think by now you’re probably sold on the ‘why’ of utility NFTs (if you’re not, check out our blog for plenty of compelling evidence). Now it’s time to get started on the ‘how’.
In this article, we’ll help you embark on your utility journey and set you up for success.
Sounds good, right? Ok, let’s get started.
Where should you start if you are adding utility to your NFT collection for the first time?
Where to begin can seem daunting. But. like any new adventure, it helps to see what others in your shoes have done. We’ve got plenty of blogs available on who we rate in the market, and the utilities they’ve deployed to engage their holders.
You’ll see that by building utilities, these talented creators have done two things - they’ve boosted their floor price and increased their sales volume. And they’re doing brilliantly on the secondary market - where the real money is made.
How to choose the right utility for my NFT collection?
Once your imagination is sparked, and you’re feeling inspired, it’s time to look at what utilities might best suit your own collection.
The first choice to make is whether you want physical utilities, digital utilities, or a mix of both. Let’s break that down:
Digital utilities exist to bring the holder into the online world of the creators - they’re things like online chats, digital avatars and even in-game assets. They’re useful, they're fun and they’re engaging.
Physical utilities bring real-life benefits like merch or events into the hands of NFT holders. They provide holders with links to the brand both on and offline. Good, right?
Then, consider the types of utilities which might work well for you. Might your users benefit from getting some free merch? Brilliant. Can you offer a Q&A with your founder? This is a great way to let your holders into your brand’s inside story - making them feel closer and more loyal. You might want to make like Gary Vee and create a real-life event for your holders to get together. Or even whitelist access to new drops for your loyal holders.
Some savvy brands even ask their holders what they might like to see - using their Discord channel giving holders the ability to vote on what they most want. We think this is a crucial part - engage your holders and make them feel part of your story - you won’t regret it. In fact, some clever creators let their communities create and build utilities FOR them. It’s part of the brand new world we’re creating at Tropee, where the community is firmly in charge, and anyone can get in on the act.
Do I consider rules-based utilities?
Yes, yes and yes! We think rules-based utilities are particularly important to helping you retain your customers and sell more of your digital assets.
Let’s unpack it a bit. Rules-based utilities use on and off-chain data to let creators give a specific utility to specific holders depending on what they do (their attributes and behavior). It’s a bit like a CRM system - you’re tracking what your customers do and what they want and delivering accordingly.
Maybe you want to reward people who’ve held onto their tokens for a certain amount of time? Or those who have a certain number of your tokens from your collection? With Tropee, you can create workflows, and segment holders based on on-chain and off-chain data. Want to learn more about rules-based utilities, we wrote about why rules-based utilities are the future of NFT utilities here.
How do I communicate my utility to the community?
Let me hear you say a roadmap! We’ve written about it before and it’s absolutely crucial - you’ve got to have a plan and you’ve got to communicate it well. Tell your holders what’s on offer now, what’s coming up and why they need to stay loyal to your collection.
You’ll also want to engage your community on the social platforms they use - be active on Twitter and Discord. And ask for feedback too - what do your holders want to see from you next? The best collections add Tropee’s logo to their website, so that holders can always see what’s new. You’ll want to do this too.
How will I know if my utility has worked?
Once you’ve launched your utility campaign and shared it with your community, you can take advantage of powerful analytics to keep track of customer engagement - our creator platform lets you see exactly what’s working and what’s not.
You can add utilities as you go, responding to what your holders are loving, and what else might be coming out in the market. And of course you can throw the baton to your communities - letting them create for you, and supporting you to do it.
How can Tropee help me build and deliver utilities?
The great news is that it’s easy to get started. Just hop onto Tropee and get started building utilities in a matter of minutes. You can choose our templates - or start from scratch - whatever works the best for you.
And there’s better news too - there’s no code required. You need literally no tech skills to start building…leave all that to us. Inspired and ready? Visit Tropee today and let's get going.