NFT Utilities

What ‘are’ NFTs with utilities? At the simplest level, holding an NFT with utility allows you to do something you wouldn’t be able to do without being a holder of that NFT.

Organisations and individuals from music, sports, live events, the arts and anyone with a fanbase or a community, are looking for ways to Increase engagement, reward loyalty and monetize these relationships. Utility engages the owners of the NFTs through exclusive rewards that are only available to these individuals. These rewards can be combined with memberships providing a greater motivation for fans to be a part of performing artist or event organizer programs.

As far as monetization opportunities go, NFTs with utilities allow new ways to cross sell physical and digital products. This can be combined with specific experiences allowing for an upsell to tickets and events in general. Additionally, the providers of these products could participate as sponsors of NFTS opening another avenue to increase revenue around events beyond ticketing.

The Opportunity and the Challenge

$21Bn 2022
-
$212Bn 2030

(total market)

Global NFT market growth

Skyquestt

64% of NFTs

have 2 or more utilities

(2023)

Dibbs Analysis of OpenSea Collection data

Dibbs

> 77%

believe that utility is important in their decision to buy an NFT

Need for utility

Coin Gecko

Physical & Digital Experiences & Products

NFT utilities can allow access to digital assets, but also physical assets. Some of you may have heard of the term phygital – this brings together the physical and digital world as you would expect. Utility also gives event organizers new opportunities to drive additional revenue by selling sponsorships to partners who desire to have their ‘utility’ associated with a specific event.

Event NFTs with Utilities

The basic layer of topics is associated with entry to an event via the ComeTogether ticketing platform.
Utility can enhance experiences during an event such as:

Access to VIP / Exclusive Areas

Use NFTs to manage access to VIP areas within an event and also provide proof of attendance not only to the event but in a VIP area that can be kept as memory for the future and shared on social media.

ComeTogether NFTs for Meet & Greet Utility

Meet and Greet

With performers or sports personalities. In general the same concept as the previously mentioned utility, but to enable personal interaction with performers or sports personalities.

ComeTogether NFTs for Exclusive Content Utility

Exclusive (gated) Content

NFTs can allow attendees to access gated content. Some possibilities include music tracks from performers, commentary of sports moments – winning goals, etc., and video highlights from the event. These are just a few examples. The key is that an NFT unlocks access to the exclusive content, while also providing proof of ownership.

Merchandise

Similar to the concept above although the reward is physical vs digital. This can include special collectibles created for the event or other merchandise associated with the experience.

ComeTogether NFTs for Food & Drinks Utility

Food and Drinks

A certain amount of consumption included with the ticket or possibly an overall discount on these purchases.

Discounts across Purchases

Enable discounts for purchases within an event for food, drinks, or merchandise.

Stand-alone NFTs with Utilities

Not all utilities need to be associated with attendance of a specific event. By allowing the holder of the NFT to do/access something they couldn’t otherwise, this can be broadened beyond events. Some ideas to facilitate this migration could include:

Online Event
Access

Maybe you would like to host mini-online events to build excitement for upcoming in-person events, an NFT could provide the key to access them.

Access Gated

Communities

Create an exclusive ‘invite only’ discord group that is only accessible through your branded NFT. Share ideas, promote upcoming events/merchandise and enable them to chat with their favorite performers or sports personalities.

Metaverse
Access

Do you already have a Metaverse presence or are you thinking of creating one? Is your goal to open it to all who would like to join or do you want to control access? Maybe you only want to control access to certain areas of the metaverse?

Online Gaming or
Betting Platforms

NFT holders could accumulate credits for use on online gaming platforms based on the number of events attended and/or expenditures during those events. The NFT could allow for a discounted purchase or a direct reward. These credits could then be applied for use in gaming platform partners.

ComeTogether NFTs for Advanced Notice Utility

Advanced Notice
of upcoming events

Along with special offers to purchase tickets/event experiences. Alert fans/event attendees of upcoming events and offer a special advance purchase rate only to this group.

Discounts on

partner networks

If you have eShop or physical shop partners, the same theory could apply where there are credits or discounts made available for use in partner online shops.

NFTs with Utilities for Events or Stand-alone

Utilities don’t need to stop after the event, they are a great way to stay connected with fans (attendees). Why not use this opportunity to create a community with fans? Once they have the NFT on their device, ongoing communication for delivery of additional utilities/rewards or to present them with special offers can continue. This is like opening a new channel for marketing campaigns for your future events and products. Some ideas for utilities in this category could include:

Lotteries

After purchasing NFTs in the prior categories, the holder of the NFTs can be entered into a lottery to win a physical reward. This could be sports signed by athletes or music collectibles signed by the artists.

Loyalty Rewards

An opportunity to reward super fans. If someone buys all NFTs from a collection or completes a series of actions, they unlock a master NFT with even more exclusive privileges.

And best of all, they’re good for the fans! NFTs with utilities allow the holders of those NFTs to expand their access, experiences and memories of participating in an event through a single interface – the NFT they hold on their device. Everyone wants to feel special, access something not everyone can and take home a sharable memory. These desires are all addressed via this technology.

Benefits

For the Organizer

Upsell/Cross-sell

Package event tickets with utilities – enable increased revenue through larger purchases and sponsors from partners.

Increase consumption

Pre-purchase food/drinks in advance of the event, reduce wait time on site and increase consumption revenue.

ComeTogether helps to identify and reward super fans

Monetize/Reward Super Fans

Identify those who participate in multiple events/offers and recognise their loyalty.

Build communities

Create communities for event organizers /artists to engage with their fans after events/in advance of upcoming events.

Fan interaction beyond event

Communicate with fans post-event to announce upcoming events, new merchandise and special offers for NFT holders.

Physical/Digital linkage

Extend the event experience into the digital world.

For the Attendee

Provide exclusive experiences through NFTs

Exclusivity

Have access that non-NFT holders don’t have – special VIP areas, gated content and communities, exclusive merchandise.

Personalized Offers/Rewards

Get rewarded for your support of artists, sports teams, venues – receive special offers and early bird announcements for upcoming events, new merchandise, etc.

Decrease time event attendees have to wait in line

Reduce time waiting in line

Pre-purchase food/drinks in advance of event, no waiting in line to order.

Be part of a community

Be part of an exclusive community that lets fans interact with artists and sports stars.

Case Studies

HAWK GRECO
Multi-Diamond Artist (IFPI)

The purpose of KOLLECTIVA is to unite people who share the same artistic vision. Humanity's greatest achievements always come through cooperation and respect for the uniqueness of each one. If we assume that all of us are pieces of a puzzle, KOLLECTIVA is the hand that puts all these pieces together and the result is creation. Join the movement!

The Challenge:

Hawk wanted to engage with his fans in a new way via the NFT offer. The NFT owners not only got a special experience during the initial sale but also became part of an exclusive community.

The Outcome:

20% more NFT sales over the initial estimation.
4.500 participants in the Discord channel within one week.

The Solution: