In this article we'll be covering:
- What are NFTs and how do they work?
- How can NFTs help build stronger relationships with Patreon supporters?
- How to create NFT collectables that supporters will love!
- Ideas for using NFTs to reward and engage Patreon supporters
- Boost the experience with Utilities (think discounts, rewards)
- Examples of brands that are using NFTs to great effect
- How to get started
1. What are NFTs and how do they work
Non-fungible tokens, more popularly known as NFTs, have gained a lot of traction lately as an emerging revolutionary way to authenticate digital works and ownership.
In short, these tokens are digital certificates that verify the authenticity and uniqueness of any work of art/media or documentation, such as digital drawings, music, videos, carbon offsets or even Twitter messages.
What makes them so special is that the owner can prove, with absolute certainty, who owns the work and that it cannot be replicated elsewhere. The technology behind this process is called blockchain which in its essence is a large database distributed globally and controlled by no single party that contains data secured by cryptography.
Unlocking a new way to prove ownership, NFTs tap into the potential of digital scarcity. Now an image or video can become more than just something that is shared across platforms; its unique history and provenance are embossed inside each distinctive instance it takes on. With this technology comes the power of traceable digital possession - ensuring authenticity in our data-driven world like never before!
So how can this technology tie in with Patreon, and allow Patreon Creators to build stronger relationships with their supporters?
2. How can NFTs help build stronger relationships with Patreon supporters?
By definition, Patreon Creators are, well… creators. They are providing content and education around video, music, the visual arts, writing and gaming - as well as promoting the support of local businesses and nonprofits.
In all cases, supporters are looking for unique experiences and a feeling of exclusivity, and a Creator can use NFT gifts to build on top of the Patreon platform. By providing exclusive content or allowing sponsors access to collectible digital art in exchange for pledges, content creators strengthen the bond between themselves and their biggest supporters. In turn, those sponsors become part of a larger community through shared ownership of limited digital items such as rare music tracks, art, unreleased scripts and other collectables that can link them back to the Creators mission.
Not only do these unique rewards provide a personal connection between the patron and the creator; it also reinforces the value of each individual's contribution, in both economic and emotional terms. By incorporating NFTs into patronage systems, creators can increase engagement with their most loyal fans while simultaneously finding innovative means for generating income from their work.
By deepening relationships between creator and consumer, trust is built between both parties while simultaneously adding tangible value outside the realm of money.
3. How to create NFT collectables that supporters will love!
We’d never recommend anyone go out and create an NFT campaign without some planning - a few tips you may find useful:
1. Talk to your supporters
Create interest among existing supporters by asking them - what do they love about your work, what gaps need filling in the Patreon platform experience? Taking the time to get feedback from supporters is invaluable when creating a digital product that reflects your brand mission.
2. Be creative with your items
Think about the overall point in your journey with your Patreon channel. What are the conversations, the topics, the content? Put thought into the artwork and consider adding exclusivity perks to special edition tokens for those that take the time to support your work.
3. Think quality
We think it's better to have fewer NFTs of higher quality than to churn out volume. This is particularly easy to achieve with fractional NFTs - that is, an NFT where people can own fractions of the work and become co-owners.
When creating NFTs, it's important to keep in mind that supporters need something unique that stands out from the crowd. A one-of-a-kind design tailored specifically to your project helps to make your NFT memorable and encourages word of mouth network effects around your Patreon page.
Designing NFTs that offer a mix of exclusive bonuses, reward tiers, and giveaway opportunities can make them even more attractive for fans who yearn for something rare or special. If you create NFT collectibles your supporters love, you’re sure to grow the success of your Patreon channel!
4. Ideas for using NFTs to reward and engage Patreon supporters
- Visual Artists can create art pieces they convert into an NFT and gift out to their audiences.
- Writers & Journalists can use unlockable content to provide gifts such as unreleased material that can only be seen by the NFT holder
- Communities can reinforce club membership with collectable memorabilia and help identify the largest contributors to the communities mission
- Video Creators can provide their supporters with ownership of video content - again, using unlockable content ensures that this is only viewable by your Patreon supporters.
- Educators can provide certificates to their students who have a qualification that can’t be faked
- Nonprofits are able to provide memorabilia and rewards associated with the brand, helping to increase support across their donor base and increase world of mouth
- Local businesses can reward their supporters and use the NFTs as a way to provide additional benefits such as discounts in the shop, bar or membership club
5. Boost the experience with utilities (think discounts, rewards)
After the inevitable decline of the 2022 NFT boom, the future of NFTs will be rooted with their utility. Utility NFTs are unique, digital assets that offer use cases beyond their valuation, such as rolling membership benefits, access to premium, gated content or exclusive entry to real-world experiences. A few examples for Patreon Creators to consider include:
Many Patreon Creators are also running merchandising and ecommerce stores that either support their Patreon work, or form part of the Creators overall business. By using plugins such as the Shopify NFT Discount App, you can automate discounts to your customers when they are checking out of your store.
Patreon Creators are able to club together and use NFTs to provide rewards across their mutual audiences, and use this as a way to cross sell and collaborate. Building supporters by grouping together with fellow Patreon Creators is a highly effective way to grow your following.
One important point to make around utility - there’s no hurry. Once your supporter is a holder of your NFT you are free to provide additional benefits and offers to them at any time in the future, which is a great way to be able to reinvigorate your supporter base when you need to.
6. Examples of brands that are using NFTs to great effect
Several successful examples demonstrate the advantages of using NFTs for marketing.
- Nike launched its NFT store this year to offer fans exclusive content with rewards such as virtual artwork, sneakers, and other items.
- Coca-Cola created an NFT auction for a special edition Coca-cola NFT, The Friendship Box. Based on its iconic vending machine, the auction successfully fetched $575,000 with proceeds being pledged to Special Olympics International.
- Luxury car company Lamborghini went super exclusive with 400 Lamborghini Aventadors recreated as spaceships.
- Burger King has also used NFTs to launch an innovative collectible chicken sandwich toy in partnership with CryptoKitties.
- Levi's is using the technology to host an online auction that allows people around the world to bid on limited edition clothing items.
- McDonalds was early with a release in November 2021 - an NFT collection to celebrate the return of the McRib to its menu.
- And in September 2022, Starbucks unveiled Starbucks Odyssey, a new experience that rewards members and employees non-fungible tokens (NFTs) that can be exchanged for perks and discounts.
As these examples show, there are many ways that brands can leverage the power of NFTs and create unique experiences for their customers.
Another notable example of a brand taking full advantage of NFTs is Pepsi, who recently debuted custom-created limited edition bottles with virtual stickers representing every bottle. Consumers were able to purchase them with Binance’s native decentralized digital currency and collect virtual badges each time they purchased a new beverage.
This form of marketing created huge buzz and caused an impressive surge of consumer attention towards both Pepsi and Binance alike. With many big name brands now dabbling with NFTs, it will be interesting to see how many more follow suit in coming years!
7. How to get started
As a Patreon Creator, finding new ways to engage better with your audiences is always a priority. The question is, are NFTs the right route for you? We believe that correctly thought through, you can create quality NFTs that will connect supporters to your brand for years to come.
How to get started depends on you.
If you want to get started right now, create your free account and then read this guide on how to automate sending NFTs to new members of your Patreon channel.
If you would like to find out more and get some ideas and advice, book a call with our team and enjoy a no-obligation consultation.
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