Why community-led utilities are the future of the NFT industry
You know the one thing we really love about the NFT market? OK, we’ll tell you - it’s the amazing, creative communities which have sprung up around collections. NFT holders know that people are better together. And, honestly, it’s a joy to see.
It’s not just heartwarming though - we believe that this community is crucial to the future of the entire market. Check out Yuga Labs for inspo. They provide a budget for their communities to build on top of the project - meaning that everyday, behind the scenes, community members are working together to make Yuga projects stand out.
It’s also why, at Tropee, we’ve created a totally new way of building NFT utility, with the community at the center of everything we do. With Tropee, ANYONE can build ANY UTILITY, for ANY COLLECTION.
It’s not complicated, but let’s break it down for you so you can see exactly why it’s so important.
1. Creators be creating (and Tropee be facilitating)
Let’s start at the beginning, and probably the most obvious use of Tropee. If you’re an NFT creator who wants to build utilities for your collection, you can do that in just a couple of clicks.
From physical merch, to whitelists, AMAs, events and promo codes, with Tropee the world is pretty much your oyster. Creators like G-Star RAW, Robotos, Humankind and Rug Radio have all realized that, to ensure their collection holds its value, they need to ensure that their tokens are more than ‘Just JPEGs’. They’re delivering must-have utilities to loyal holders, and they’re building communities who talk to them, talk to each other, interact together and keep their collections relevant and successful.
Not only do the best creators ask their holders to suggest what utilities they should deliver (more collaboration, see), they also employ ‘rules-based utilities’ to reward different community members with different things.
Not sure what rules-based utilities are? We got you. In fact we’ve got a whole blog on the subject. But simply put - using Tropee’s segmentation tool, creators are able to give a specific utility to specific holders depending on what they own. Want to reward holders who have got two or more of your tokens with something special? No problem. Want to give something great to people who’ve held your tokens for more than three months? Also totally easy to do.
2. Empowering community members to build utilities
Here’s where things get interesting - and where we’re doing some pretty serious mold-breaking. Own some digital collectibles but haven’t created your own? Have a crazy talent you wanna showcase (and build your own brand to boot)? Then as a member of a community, you can do it.
Big vision stuff: community matters in the web3 world. In fact the first ‘utillity’ of any collection is its community - an active group who interact with each other, exchange ideas and push a collection forward. In fact, the VP of Product at renowned Coinbase recently said: “NFTs have been critical in shifting the way creators are able to engage with and build their community. Through NFTs, we have seen artists and creators cut out the middleman and take back ownership of their content monetization and audience development. We still believe that we are early, and that the utilities of NFTs will only increase with each passing year—but that they will remain critical to facilitating the Web3 for which we all aspire.”
So - all we’re doing is empowering that community to deliver value itself - for creators, for themselves and for other members of their community. Think of it like a private members club - inside closed doors, friendships are made, business deals are done and everybody profits. Same thing here - we’re just a little more inclusive than some of the old skool establishments.
How it works in practice: let's say that you hold a Deadfellaz NFT. (Us too - great aren’t they?). And you want to promote your own event IRL. Then you can create a promo code or even a free ticket utility using Tropee, and deliver it to the Deadfellaz community. And it’s already happening! We know that some Bored Ape Yacht Club (BAYC) holders have a coffee brand, and target their community with discounted drinks. Coffee FTW always.
So jump onboard! Why not get started with something like a personal video message, Livestream or even a newsletter about something you’re keen to promote? You benefit (obv), and the likelihood is, if you’ve got something great, the NFT creator will win too - as people buy their tokens to get hold of your utility.
We know - it’s pretty special hey? And we think it’ll change the way the NFT operates for the long-term.
3. Utilities made by non-holders
Don’t hold any tokens yourself? Just want to build a utility for members of a community? Well you can.
The beauty of Tropee is that you can build utilities for any community - regardless if you’re a member of it or not. It means that the market is going to become so much more collaborative, and that communities will feel more empowered than ever.
Of course there are checks and measures in place - creators have the power to disable the option of letting holders and non-holders build utilities for their collection, as well the ability to decide whether to make certain utilities visible or not. And there’s no spam in this model - creators can report spammy utilities immediately.
A new utility paradigm for NFT communities
So, the NFT world is changing quickly - and here at Tropee, we’re right at the center of making all this exciting new stuff happen.
We know that this community approach is going to revolutionize the industry - and the best news: it’s going to make the market stronger, for longer. When consumers ‘own’ part of an industry, and have had a hand in building it, they’ll remain loyal and buy more, too.
For more insight on how the NFT is evolving, check out our blog. And if you want to get involved yourself, Tropee can get you started building NFT utilities in just a couple of clicks. What are you waiting for?