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A growing number of people are using non-fungible tokens (NFTs) to signify exclusive ownership of digital goods. NFTs have the potential to revitalize towns and promote a sense of community. But how can co-creation, co-ownership, storytelling, and consumer interaction in NFTs promote a sense of community?
A community may work together to construct NFTs, giving them a feeling of co-creation and co-ownership. Using this strategy, companies may be able to engage more deeply with their customers. Brands may foster a sense of pride and ownership in the finished product by incorporating customers in the creative process. An increase in community engagement and participation may result from this co-creation process.
Another crucial component of building a community through NFTs is storytelling. To increase engagement, brands should put the audience first rather than themselves. An NFT collection should focus on the user, their experiences, and their feelings while conveying a story. This strategy increases the chance of user interaction by constructing a more relevant and captivating tale.
Brands may tokenize their connection with their customers by developing NFTs that grant access to privileged events and useful features. According to Guidione Machava of Shopify’s blockchain team, this strategy boosts engagement and enhances the relationship between the company and its audience. Guidione Machava made this statement at NFT.Paris 2023.
Instead of concentrating on making quick money by selling NFTs, brands should work to build lasting bonds with the people in their neighborhoods. For a number of reasons, it is advantageous for businesses to place more emphasis on community interaction than on making quick money by merely peddling an NFT collection.
First, community involvement fosters long-lasting consumer ties, which may lead to elevated brand advocacy and customer loyalty.
Second, fostering a feeling of community around NFTs can encourage more people to adopt and use technology. Customers are more willing to engage in activities and events linked to technology when they feel like they are part of a wider community. This increases the usage and adoption of the technology.
Thirdly, establishing NFTs with useful features and access to special events can give customers benefits beyond the NFT itself. This value may engender a feeling of exclusivity and prestige, which may spur demand and boost the NFT’s value.
