Leveraging NFT project to the next level
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We've seen many startups create many successful NFT use cases in the Web 3.0 space, but NFTs as the ownership of digital assets like artwork, music or video, and even marketplaces like the largest market for NFTs - OpenSea, still the largest market use cases.
Most people still think all NFTs are speculative bubbles or rich people buying worthless JPEGs and MP4s. However, based on the nature of NFTs, there are many more use cases that will actually be used in real-world scenarios.
For builders and Product Managers, I found Octalysis Framework is absolutely useful when you are starting to build something new with NFTs from cold start to tipping point.
To motivate early potential adopter to use what you’ve built, this framework suggests 8 key aspects, and I will share 4 of them with examples.
(s/o to @yukaichou who is the creator of Octalysis Framework in this book has guided me when building a web3 side project)
1) Meaning
Take Uniswap and Avalanche as examples, this is the core driver where a user believes that he was the “chosen one” to do something. A symptom of that is a user that spend a lot of his time on contributing in a DAO, submit a transaction in a Dapp, or helping to maintain an open source Github for the entire community, and the early adopter may believe they will be rewarded some kind of token airdrop or NFTs.
Getting an NFT whitelist spot is so competitive, user may enjoy privileges when whitelisted, you may get the lower price when whitelisted. In a Chainanalysis study, users who have an NFT whitelist spot and sell off their NFT holdings makes a great deal of profits.
2) Accomplishment
Several Dapps like Quest3 and Dework using NFT Badge as an accomplishments which are intrinsic motivation to progress, develop skills, and ultimately overcome challenges.
@Quest3_xyz as a Web3 Quest and Event Platform works with many communities to expose marketing task in order to help early project to acquire more users.
@deworkxyz as a Web3-native Trello + web3-native resume - Productivity Management for the Contributor economy helped open/private source project to outsource their development workload with rewarded NFTs or crypto.
3) Empowerment
Hosting events like MoleHack help participants present their innovative ideas on competing platforms. Not only do people find ways to express their creativity, receive feedback, and respond in turn. That's why Lego and drawing are fun in their own right, and are often evergreen mechanics.
NFT as a ticket, on the other hand, is a new extension of robust network of concerts, festival, conferences, and other live events. By utilizing the blockchain as a ledger, NFT ticket issuers can keep a more in-depth record of attendance numbers without resale market corrupts the validity of the customer data set of the ticket issuer.
4) Ownership
Users are motivated because they feel like they own something. When a user feels ownership which will innately want to own better and own even more.
The Ethereum Name Service (ENS is a distributed, open, and extensible naming system based on the Ethereum blockchain. Enhancing user experience by converting machine-readable addresses to human-readable addresses - allowing users to own a "nickname" for their crypto wallet.
More Readings on NFT use case