The tech world has gone gaga over NFTs and it's all over the place. The rage is accepted well in the technological globe. Non-fungible tokens or NFTs can be quite confusing to understand. So, here's everything you need to know and understand to kick start your virtual and hybrid events.
Non-fungible tokens- Explained
Now, you know NFT stands for ‘Non-Fungible Token. As per the word, we understand that these tokens are unique and can't be replaced as they are non-fungible. In the tech context, NFTs are digital art or unique digital properties. Essentially, NFTs signify ownership and are unique files that are stored along the blockchain.
How Do They execute?
With so much worldwide discussion and viral exposure of NFTs, You might be thinking why are NFTs such a big deal? As digital art can be downloaded with just a right click, right? Yes, surely can but the original is always one.
Just as with artwork, the value of the original piece is decided by the people who buy and sell it. Most NFTs are part of the Ethereum blockchain. Ethereum is another form of cryptocurrency, like Bitcoin, but also supports these NFTs and eventually allows you to get ownership of an artwork. The blockchain is associated to prove ownership and has all the necessary information.
These NFTs have a lot of potential for the virtual event industry you just have to tap on them and explore.
How To incorporate NFTs into Your Virtual Events
NFTs can be better utilized in virtual events platforms. As this is a newly introduced technology, you can grab a lot of revenue along with standing out of the mushrooming crowd by cutting through the clutter and eventually becoming a market leader. Let's discuss a few ideas to incorporate NFTs in virtual and hybrid events.
Have Unique Merchandise
With NFTs, you can sell unique digital versions of branded merchandise.
This is quite doable for almost every industry. You can have digital posters, souvenirs, or share a glimpse of the event itself. Additionally, you can sell custom avatars and artworks.
While these may be viewable to others, only the people who attended the event and opted for these NFTs will ‘own’ these assets.
Run Pre-Event Campaigns
It is very important to build hype and anticipation amongst the audience around a hybrid or virtual event that is about to take place shortly. With NFTs in place, you can make your event stand out from the countless events taking place. Make NFTS as your USP. Give naming rights to a certain part of events or even give exclusive access.
Look up channels that will match your company's interests and have inclusiveness in NFTs. This will help you generate much-needed hype.
Generate and distribute NFT Tickets
Distributing NFT tickets has multiple benefits. To gain hype around the event you can use them and as these are uniquely generated, you can prevent them from being transferable. By this means you are likely to avoid unwanted practices and authenticate the ticketing system.
The benefit of such tickets is the add-ons which will include rewards and prizes encouraging more people to sign in. With various layers of awards, the audience can gain a lot of interest in your event.
Nowadays most virtual events include gamification. It gives a feeling of inclusiveness through participation and engagement with the event as much as possible. Try and incentivize your visitors for participation. So, features like leaderboards, trivia games, spin the wheel, and others can add a lot to the experience. Give appropriate awards to steer audience behavior with gamification. NFTs are an amazing way to give out awards to a virtual audience, globally.