The Industry Collection: Maximizing the Utility of NFT Projects

By Immy Tariq Immy Tariq has been verified by Muck Rack's editorial team
Published on June 3, 2022

Shelly Rupel, co-founder and CEO of Devour, is subverting the mainstream conversation about the utility of emerging NFT projects with The Industry Collection. These NFTs are beautiful digital art and a lifelong pass to exclusive events and VIP experiences at the owner’s favorite restaurants.

The mainstream conversation around NFT projects, cryptocurrency and Web3 assets generally can be turbulent. Fluctuations are common with all financial investments, but due to the short history of blockchain technology, it can find itself under analysis frequently. Industry enthusiasts believe the solution lies in continuing to develop projects that push the boundaries of what NFTs can do. Relating tokens to people’s existing life experiences could be a pivotal way to win them over.

Shelly Rupel, CEO and co-founder at Devour

Project leaders generally accept that start-ups need to find their niche to succeed. Here’s how new NFTs can provide utility to grow a community after doing so:

Relate your token to the real world

Digital artwork should just be one facet of your project’s appeal, so connecting it to the utility it provides could make for a more compelling investment. Creating this link is easy for some tokens with a niche, such as a specific sport. The individuality of each token gains a unique attraction and exclusivity for potential holders and reinforces the real-world value on offer.

“A great approach is to develop your collection based on your team’s passion for a specific real-world industry,” Rupel said. “For example, you could use your NFT to pay tribute to a sector whose workers you appreciate every day. Then, similar enthusiasts will likely pick up on your chosen niche and join your community.”

Flesh out your rewards program

The substance of your offering should no longer be the novel value of your tokens but rather the tangible benefits you provide to holders. An advantage of NFTs’ relatively recent emergence is the opportunity to innovate in your rewards program. Presently, the most successful projects have a range of benefits in their roadmaps to ensure everybody within their niche can find utility.

“After your mint, opening a private Discord community up to your holders is essential,” Rupel said. “Voting rights, lifetime VIP rewards, and gamification are ways new projects can diversify their real-world value. From there, it’s up to you to innovate. For example, a token based on the restaurant industry could offer dining rewards and experiences.”

Plans to provide rewards should be outlined at the outset to ensure your project is separated from the masses and grabs the attention of blockchain adopters.

Make philanthropy a priority

For an NFT to succeed in a crowded environment, there are two key communities it must give back to: its holders and the real-world workforce it represents. Negative perceptions of the Web3 space often claim that vast currency exchanges take place with considerable risk. Including charitable donations in a new project is morally meritable and effectively responds to criticism.

“Remember, your project is a key piece of a larger Web3 ecosystem,” Rupel said. “Focus on benefitting a sector and its workers by donating a portion of your proceeds to a relevant foundation. Your NFT can make a difference by blending real-world benefits with a recognition of what makes your chosen industry special.”

There is perhaps no more decisive way to transform the narrative around the metaverse than by giving back to people in the physical universe. Charitable ventures can only make an impact if a token can attract investors and build a community. Developing an innovative benefits program could be critical in that progression.

By Immy Tariq Immy Tariq has been verified by Muck Rack's editorial team

Journalist verified by Muck Rack verified

Imran Tariq Is a #1 Wall Street Journal best selling author. and the CEO of Webmetrix Group, and numerous other companies as well.

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