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What Utilities to Offer in my NFT Collection?

WHICH UTILITIES TO OFFER IN MY NFT COLLECTION

Welcome to the sixth chapter of the NFT creation course! In this chapter we are going to talk about how to decide which utilities we are going to offer in our NFT Project, which despite the fact that we have previously downplayed its importance compared to Marketing, is a key point that will add a lot to get sold out and above all for our collection to be successful in the long term.

It is very important that you are clear that the profits you promise must be achievable, makesense and work in the longterm. It is also important that this is profitable; your NFT project is a business, it needs to generate profits in one way or another to sustain itself.

Without further ado , let's look at the importance of differentiation, places to find inspiration and discusswhere we get our Tillarys utilities from.

NFT UTILITIES - SMITHII

UTILITIES TO DIFFERENTIATE YOUR NFT COLLECTION

The utility we offer in our NFTProject will be one of the factors that will allow us to differentiate ourselves and stand out in order to attract users with the potential to buy our NFTs.

Having a unique or uncommon utility is important, especially if it is really valuable. Offering what we are used to seeing in all projects (Staking, belonging to a DAO, Receiving Calls and Whitelist Opportunities) will not help us, even though there are many cases of projects that brand these same things and achieve incredible impact.

The NFT sector has very little upside, so we have many blue oceans to exploit with our Project. With so many opportunities, it makes no sense to stay with a red ocean.

Of course, if we have a working business that can support our NFT Collection it will be much more helpful. It will also be very useful if our team is formed by certain people if our utility will be based on their work (for example there are NFT projects that are dedicated to offer their development to other projects, their utility is to make revenue sharing of the profit they generate).

BUT THEN WHERE DO I GET IDEAS FOR MY UTILITY?

We have a lot of ways to get inspiration or ideas. If you already have a business that works, the easiest thing to do is to offer something related to it to your holders because of what this will bring us, making the business and the NFT project feed each other (what we talked about in chapter 2).

If this is not the case, which is the most common, we will have to use our creativity or copy other projects and take it to a different blockchain/adapt the idea.

Copying is not a bad thing, if someone is doing something that works and you apply it in another sector (in this case in another blockchain) you have an advantage, since you are sure that it has worked previously.

You can find hundreds of NFT projects on Twitter or on Marketplaces like Opensea or Magic Eden, take your time and check the ones you find interesting. The more projects you see the better ideas you will get. 

You should not over-analyze either, you must analyze but also act. Under no circumstances should we suffer paralysis by analysis.

If you don't want to copy literally, you can use the same concept but use it differently.

It should benoted that there is a great opportunity to convert games and businesses that operate in the "traditional" sector to the NFT sector, find the one that best suits you.

HOW TO PICK MY NFT UTILITY - SMITHII

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WHERE DO WE GET TILLARYS' PROFITS FROM?

In the case of Tillarys, we have drawn inspiration for our utilities from many different places.

Tillarys' approach is to do revenue sharing, but not through its NFTs as such, but through the creation of secondary collections. Tillarys holders will be able to mint these collections for free. And these collections will be focused on offering tools as a service to other projects, from which they will generate profit and revenue sharing.

In other words, we will make money with our profits. That is, we will not seek to monetize only with royalties or mint, so we will sell a very limited collection at an average price.

These secondary collections will be created through the incubator, which will also support external collections, such as a standard startup incubator.

Tillarys will not only have that, it will also have Gatchapy and Tamagotchy. A Gashapon machine for users to play using the $THII token and a Tamagotchi game to evolve the NFT, customize traits and get $THII.

The incubator idea is literally copied from the "real" business model that startup incubators already follow.

We have taken the revenue sharing model from other collections and incorporated it through secondary collections, in order to separate all the tools that we can offer as a service into "categories", having their own "commercials", which will be the holders themselves, because of their interest in generating more sales.

The Gatchapy idea is an adaptation of the vending machine idea from another project.

And Tamagotchy is an adaptation of the game of a lifetime mixed with the concept of traitshop and metadata update.

CONCLUSION

Finding utilities that we have the capacity to implement and that are profitable for us is a key point for the long term success of our NFT Project. Take the time to do your research, read about other projects and find out what utilities you would like to offer, without overlooking the analysis of the idea to make sure it makes sense.

Thank you very much for reading, see you in the next chapter!

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