In an evolving world going digital, we begin to see assets take shape on a blockchain foundation. The structure provides traceability and transparency for brands to engage in digital ownership securely. In addition, underlying technology provides a different perspective in connecting with the consumer as they begin to see value in ownership in the digital world. Below are some ways customers are engaging with NFT technology.
With the expansion of the web3 space, we began to see customers connect to unique avatars representing a brand culture. In addition, the founders provided the community with an individual product underneath a “family” collection to offer communal benefits. The underlying NFT technology bridges the gap to launch physical and digital merchandise to engage the community. They were using a decentralized organizational structure to move forward with different ideas.
Decentralized Autonomous Organizations
Often called a DAO, a Decentralized Autonomous Organization is an organization run by a group with no typical company hierarchy. The group can establish its own rules and brand direction through the ownership of votes that can sit on top of blockchain technology. The goal is to bring together a community of people with similar interests for a common goal. They are allowing holders to vote and decide autonomously on the future proposals made with their NFT in their organizational landscape.
A recent digital transformation of ownership has come in the form of owning three-dimensional virtual characters or environments on the foundations of the internet. Different technologies, such as virtual, augmented, and mixed reality offer a chance to create and own an immersive experience. Often under the umbrella of the metaverse, these technologies build upon a blockchain foundation to give users ownership to create a character or environment they recognize, as making these changes in a physical world can be costly and non-possible. Therefore, allowing consumers to own a character they recognize or a comfortable environment can foster a robust social experience. From there, it is not uncommon for users in the metaverse to receive more NFTs as they participate more - like providing art collectibles to decorate their avatar, digital space, or event tickets.
Artwork on Screen or Tickets to Events
Ownership in a digital realm provides a new experience in that many can enjoy art as the art world has experienced an influx of new talent with the digital revolution. We begin to see a range of artists, from simple digital art to generative art. Providing a new perspective on the art experience has allowed artists to increase their exposure to demand, collect royalties on transfers, and maintain digital scarcity if they choose. Several collections have engaged their audiences by providing monthly “art drops” as a subscription-based service to provide art to their NFT holders. Users display their digital art through digital photo frames, virtual galleries, real-life art galleries, and metaverses. With these new experiences, brands often engage customers with new experiences like concerts or sporting events with tickets on as a digital collectible.
These are all exciting items that our team will keep its eyes on! Versify hopes this article will help give you a perspective on the potential products available beyond NFT technology. Please contact our support team with any questions. We're here to provide support and resources to help you on your journey.