How to create an NFT business plan
Over the past year, interest in Non-Fungible Tokens has plunged. Many on Twitter argue this is a good thing; that the concept was a scam all along. Others claim that the technology remains revolutionary and will one day be the biggest thing in the world. They blame external factors and bad actors for the current market depression.
I care little for either side; they’re probably both right, as is often the case. At the end of the day, NFTs exist, and they don’t seem to be disappearing. The technology was first adopted by web3 companies, who never really seemed to be able to differentiate business from scams. It was then over-taken by large multi-national companies, who are by their nature dull and unimaginative.
The shine having seemingly worn off, now is the right time to have a serious, honest discussion about how to view and use
NFTs within your business. But first…
1. Do YOU need an NFT strategy?
Despite what some parts of the “industry” says, not everyone needs to have an NFT strategy. This is not an industrial revolution or a “new internet”. Before jumping in, it’s important to ask the following :
- Does your brand have recognizable assets that could be turned into NFTs, such as a trademark character, notable branding, luxury products…?
- Does your brand have an engaged community who identify as fans of your brand, products or services?
- Do you want these people to have a stronger voice and a bigger role within your organisation?
- Can you tie an NFT to real-life perks such as exclusive events, discounts, or early access to products?
- Do you have the bandwidth and freedom to test out an innovative but unproven marketing channel?
If the answer to all of these questions is no… go outside, build something real, make a name for yourself and then start thinking about NFTs. Chances are, at that point, you won’t need them anymore.
A lot of entrepreneurs have made two mistakes over the past two years. First, they tried to assert that NFTs have self-sustaining value…