NFT-based memberships offer a unique opportunity for trend-setting creators, artists and top brands to build engagement-centric sustainable campaigns. By using NFTs to manage access to exclusive content, assets, or events, the art, entertainment and advertising world can build customer/audience loyalty and open new revenue and engagement streams.
In this article, we'll explore how NFT-based memberships work, the benefits they offer today’s art, entertainment and advertising world, and some of the challenges they present. For the industry professionals looking to start a membership program, this should give you a few ideas that may help bring your vision to life.
NFT Membership Benefits
We know that an NFT is an asset represented as a digital token on a distributed ledger. These tokens are unique, traceable, and trackable, and might grow in value based on scarcity or demand. In other articles we talked about how they can be soul-bound, dynamic, and even fractionalized, meaning that fractions of them can be bought by a group. The idea behind NFT-based memberships is that we can take this value, the uniqueness and ownership the technology allows, and mint assets to represent membership in a club or community, much like a ticket or passcode gets you into an exclusive room.
NFT are fun rewards, often taking the form of a piece of art or exclusive video, so there is value in owning them and some cachet for users who want to get a unique perk. Using them to track and reward membership makes a lot of sense. But they also might solve a lot of inefficiencies in membership systems and better track engagement.
Improving user experience
NFT-based memberships could eliminate paper-based memberships, or the idea of traditional membership cards, as all one would have to do to enter a club, site, or company is present a digital wallet that has the required NFT in it. The inviting organization could eliminate any paper systems or existing back office systems that verify identity, as identity would be attached to the NFT.
New revenue streams and engagements
NFT memberships can create real value for businesses and customers. Companies can charge upfront for inclusion and add micro-fees, or pay-as-you-use pricing, all tracked via smart contract. For membership holders, the actual membership may go up in value as well. Say space becomes limited, a membership holder could sell their space for more than they initially paid to join.
Eliminating forgery and fraud
Password sharing, false identities, there are all types of ways to bypass membership fees and get into places you’re not allowed to be—especially on the internet. Rather than relying on physical cards, passcodes, or documents, NFTs allow members to store digital and securely encrypted tokens which can be authenticated effortlessly. The permanent, tamperproof records allow for increased transparency and authenticity verification in the membership process.
Ideas for NFT-based Membership Programs
An NFT-based membership offers an exciting new way to grant exclusive access to digital content and experiences. As we think about ideas to put these into action, let’s brainstorm some ideas across industries:
A gaming studio could create an NFT that grants buyers early access to the next release, members-only digital assets such as avatar skin designs, or live events with the game developers.
A music label could offer exclusive previews of upcoming albums or behind-the-scenes looks at production sessions. These types of experiences were once thought impossible to monetize, but with NFTs they turn into valuable opportunities for both fans and creators alike.
Media companies (Time is an example) are starting to issue NFTs to build communities of holders, rewarding people for engaging with their product, then introducing them to like-minded customers.
Flyfish Club became the first private dining club where membership is purchased via an NFT, creating exclusivity and a new, interesting way to take reservations.
When it comes to NFT memberships, like many NFT use cases, initial use cases may skew playful and collectible, and then evolve into something more functional. Surely these use cases, fun, interesting, and newsworthy, will inspire other more functional membership programs that replace the dated systems we consumers interact with on a daily basis.
How to Create an NFT-based Membership Program
Creating an NFT-based membership program can be a great way to reward customers and fans who appreciate your product or brand. The idea behind it is simple: create custom tokens on a blockchain network, assign them to users based on their level of loyalty, and provide exclusive benefits.
With its 360 degree NFT management approach, CHEYNI makes minting and managing NFTs easier than ever.
Contact us to start your NFT-Based Membership Program
We would love to hear from you! Contact us to embark on a creative journey with CHEYNI, the Paris-based streaming collectibles platform. At CHEYNI, we bring together trend-setting content creators, audiences, and top brands to foster growth, connectivity, and monetization opportunities in the world of art and entertainment.
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Contact us today and let's revolutionize the way we engage with art, entertainment, and NFTs together. We look forward to hearing from you!