Thanks to CryptoKitties and other blockchain collectibles, non-fungible tokens (NFTs) are rising in popularity and value. As interest in these digital assets has increased, so has the number of applications for them, including memberships that grant unique access and benefits to NFT holders.
NFT memberships can help brands demonstrate exclusive status and offer perks to those who invest time and resources into their ecosystem. But what is an NFT membership, and do you need one?
What Are NFT Memberships?
NFT memberships function as an access pass that gives you, a customer or supporter, exclusive access to a place, group, or organization. Unlike traditional cryptocurrency, which is fungible and can be swapped for an equal amount of another cryptocurrency, NFTs represent unique assets that are not interchangeable with other tokens. These assets can represent anything from artwork to in-game items or even exclusive access to special events.
NFT memberships have the potential to revolutionize the way people access and own digital assets. Creating a membership-based system enables you to streamline access to artwork, games, and more. These memberships also enable a more secure and efficient way to transfer digital assets to another NFT user.
In addition, NFT memberships can reward members with exclusive access to unique events, content, or services. This opens up new opportunities for creators to monetize their content and offer exclusive rewards to their members.
NFT memberships are still in their early stages of development, but they have great potential to revolutionize how people own and access digital assets. As the technology develops and grows in popularity, there will likely be even more innovative uses for NFT memberships.
How Do NFTs Memberships Work?
NFT memberships grant you exclusive access when you link your cryptocurrency wallet to the brand's platform, and your ownership is verified. It is similar to the traditional membership model, as it helps brands and organizations connect to their communities. This helps build a much deeper relationship and provides holders with all the perks associated with the brand.
For example, Azuki NFTs provide exclusive access to The Garden, with perks like NFT drops, streetwear collaborations, and live events. You must purchase one of the 10,000 avatars in the Azuki NFT and be verified as the owner to enjoy this access.
Most NFT sites are user-friendly and make the authentication process relatively easy. You only need to hold the recognized NFT membership card for seamless approval.
What Are the Benefits of an NFT Membership?
Like traditional memberships, NFT memberships offer several perks that vary based on the NFT you own. Ownership will likely provide you with benefits, such as exclusive and early access to limited products that align with the organization's business structure. Alternatively, some may offer you different levels of membership that better suit your needs.
Here are a few benefits of owning or using NFT memberships.
A Two-Way Partnership Between Brands and NFT Holders
Brands and organizations earn the loyalty of their NFT holders when they succeed; as the value of the membership increases, holders and brands form a vested interest.
When organizations create an NFT membership program, they build trust among their audience with several monetization opportunities. This two-way partnership ensures that organizations and NFT holders are on the same page with the brand's success.
Reduces the Possibilities of Loss or Forgery
NFT memberships provide a wealth of opportunities for holders because they are unarguably unique. Their ownership can be verified, and they can be sold to others at whatever price you wish.
There is a lower chance of NFT memberships being forged or stolen because anyone can authenticate or verify each token. This keeps you from worrying about losing your physical cards or authentication information.
As blockchain technology has grown rapidly in recent years, organizations and NFT holders now have the platform to build a solid and lasting mutual relationship that will benefit both parties. In addition, it is now extremely difficult for anyone to create fake membership information or steal them because memberships are easily verified on the blockchain network.
Simple and Smooth User Experience
NFT memberships allow you to sign up instantly by connecting your wallet to the brand's platform when you have the right NFT in your wallet. This is due to blockchain technology, which uses a specific wallet address to identify customers while securing their privacy simultaneously.
The authentication process is straightforward without the hassles that mostly accompany traditional membership registration, and it guarantees instant benefits from the brand once the NFT is verified. You may also retain your benefits and rewards even if you sell your NFT membership cards.
More Earning Opportunities
The rewards offered per NFT membership vary and grow based on the brand. With traditional membership, rarely do the value of memberships increase. But with NFTs, creators can use smart contracts to earn continuous royalties from their NFTs.
Some NFT memberships come with airdrops, allowing holders to resell the airdropped NFTs as a membership benefit. Several brands also release a limited number of cards, thereby making it possible to create more exclusivity around the membership card and increase the price by a wide margin, creating another marketplace where you can sell these cards.
How Can I Get Started with an NFT Membership? How Much Does It Cost?
Acquiring an NFT membership is relatively straightforward.
First, you must join an organization's NFT community to obtain its branded NFT membership. There will likely be a verification process to confirm the authenticity of your purchase, and anyone on the blockchain network can easily confirm this. Once your purchase is verified, you will automatically be granted access to all the long-term benefits and perks of the brand, along with special incentives.
On that, the price of an NFT membership often varies depending on when you buy. If you buy straight from an NFT creator at launch, you'll likely pay a flat price and the same as everyone else. But if you come to a project later, you may pay more for NFT membership if the project has appreciated or is very popular.
If you want to create NFT membership projects, you can use Shopify, RareCircles, or any other platform that helps you develop and manage NFT membership campaigns. Usually, you would have to request access to use these platforms. But they'll help you launch your NFT membership project and grow your community. They'll likely also provide support for you.
Why You Should Have an NFT Membership
NFT memberships guarantee access to a range of online and real-life opportunities. They can be a digital identity and literally open doors for you on the blockchain network. And utilizing NFT memberships as a creator, musician, artist, or even entrepreneur will allow you to organize your fan base and provide beneficial NFTs.
Considering the ease with which you can acquire NFT memberships (or implement them), it is only fitting to take advantage of this ingenious form of access now.