Utility for NFT projects has come a long way since collectible art NFTs were first introduced. In the beginning, NFT collections had a very interesting way of building utility into their projects. First, they would come up with the art style and traits, and generate the collection. And then, they wouldn’t do anything else.
Later, utility came in the form of tasks, interactions, and more NFTs.
“Stake your Monke to get 3 $NANNERs and you need 6 $NANNERs to mint a Mutant Monke, and only Mutant Monkes can unlock the Primeape Palance where you can mate your Gen 1 and Gen 2 Mutant Monke Monster Wives…”
And so on. We still see some of this today where some token unlocks access to some digital “utility,” and only early holders can see many of the benefits of collecting. Collecting becomes a game, and participation is rewarded with more tools to play the game in hopes that others will eventually want to play. Typically, this grinding was a precursor to potential future DeFi/metaverse/gaming applications or IRL events.
But the “Art” and “Digital Collectible” Era of NFTs is coming to a close. People are beginning to lose interest in the idea of “just collecting for fun” or “I’m in it for the art”. These concepts were always accompanied by the idea that this would eventually lead to profit in the future. And it often did. But unless there are outside investments, someone has to lose for someone else to win. Early BAYC holders sold for a profit to people who had the funds to spare. But in the end, it’s a zero-sum game.
Don’t get me wrong, there’s nothing wrong with a lore-based NFT collecting experience, a game-based experience, collecting shiny rocks, great art, or anything like that. These all have tangible value and if you supported an artist or community with disposable funds and were rewarded with community, enjoyment, and a few dollars in profit, then that’s completely valid.
But many new Web3 projects these days are getting connected to a new kind of utility: Web2.
A Timeline of NFT Utility:
- Have JPG, send ETH
- Deep-Fried Pixar-Style Animal PFPs with Accompanying Arcade Token
- Real-World Value
I’ve been paying close attention to the current wave of projects dominating Twitter Spaces, and very very few projects are solely digital. Everyone has some real-world value, whether that is a connection to Web2 cashflow or merch, or both. Many of them are business oriented, where holders have a stake in some kind of Web2 store, whether it is a real-life pig farm or dog treats sold on Shopify.
SHOPX is Built for the New Wave of Utility
SHOPX hand-delivers a few of the new kinds of utilities that NFT projects are just now starting to offer. We make it easy to quickly attach value to your NFTs that your potential holders will be eager to gain access to.
Our NFTs are directly and smoothly integrated into popular Web2 marketplaces like Shopify, WooCommerce, and more to come soon. That means that you can offer physical merch to your holders and only your holders.
SHOPX brand partners have seen incredible conversion rates from NFT buyers to product buyers. Store owners can more accurately anticipate sales based on NFT sales because if their customers are buying the NFT, there’s a great chance that they are after what it unlocks.
ReserveX is our first and our primary product. This is an app on Shopify and is soon to be a plugin on WooCommerce.
Minting a ReserveX Pass and distributing it to your audience is incredibly easy. Customers can buy these with ETH or even credit cards, which eliminates a lengthy step for new NFT buyers and non-crypto natives.
Each ReserveX Pass collection can be linked to products listed in your online storefront, meaning NFT holders will have exclusive access to discounts and products that others cannot buy. Without the NFT, customers won’t be able to hit the Checkout button.
So if you can find something that you know your community might want, put it in your store and let your NFT be the key to that treasure. Whatever it is might not be a 100% sufficient reason to buy your NFT, but it could push your existing utility way over the edge, making it a must-have. I’ve seen t-shirts, hot sauce, dog treats — even coffee!
Of course, for Mag Park and Sneaker Heads, access to their exclusive merch WAS enough reason to buy the NFT — Mag Park raked in 100k on their first day, and 100k more on their first month, with about an 80% conversion rate.
If you don’t have your own merch, we’ll make it for you!
MerchX is the result of a partnership with TokenSociety.io, a metaverse project launchpad. Because of their new, next-gen printers, they’re able to print custom merch at industry-leading quality, speed, and price. Never before has 1/1 custom art been this fast and this good — luxury materials, full-color range, and high detail.
Put your PFP or your logo on a t-shirt or hoodie and offer it to your community, with a discounted price for holders and exclusive access to coveted product drops.
This is a great way to give your holders another way to support you without needing to release a coin or more NFT drops. They already minted your NFT. Now give them something to hold onto. Something to do with it. There’s no better advertisement than someone seeing your Monke in real life on a custom-designed graphic Tee (and it’s comfortable too). And if they take a picture and put it on social media, that’s real engagement and real support. People will notice it and wonder why they aren’t involved.
The best part about this program is that it requires nothing from you. No startup costs, no inventory, no overhead, no fulfillment, nothing. Well, it does require your NFT. But that’s about it. Monetize your collection without any legwork or risk.
Your NFT Needs SHOPX
Join the new wave of NFT utility. Import your existing NFT collection or mint a new one in minutes. Connect to real-world value. The projects that thrive during the upcoming bull run are all going to be connecting to distributors, brands, and entrepreneurs to attach something irresistible to their NFT. You need to have something to offer.
SHOPX.co to learn more.