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7. Identify additional opportunities to engage fans Today, selling art and collectibles is the primary use cases for NFTs. While these use cases can generate revenue, there are untapped strategic opportunities that may be realized. Loyalty and Gamification: NFTs can be used as a reward or loyalty mechanism to incentivize certain behavior. A consumer could buy an NFT in the standard way, paying with a card, and receive the NFT in their wallet. Alternatively, an NFT can be earned by completing a task, such as making a purchase at a specific merchant. Fan Governance and Decision-Making: NFTs can be used to enable fans to impact decisions and outcomes of the team or brand. Companies are starting to explore NFT assets that grant fans certain permissions, such as voting rights for team decisions, the ability to compete in games and leaderboards, and earning unique rewards and VIP experiences linked to their teams. Utility Across Metaverses: There are opportunities to imbue NFTs with enhanced utility by building functionality that can be used across different applications within multiple metaverses. For example, a previously issued NFT can be turned into an asset in a game release or grant access to future NFTs and experiences, thereby increasing the utility and value of the NFT. Fan Data with Pseudo-Anonymity: A fan’s crypto wallet and the assets they own reflect that fan. The transparency of public blockchains enables interested entities to know the NFTs that a public key holds, which paints a picture of that consumer without revealing their identity. This can help inform marketing strategies and how to engage with the consumer in an ongoing manner. Ticketing: In addition to being collectables, NFTs can be combined with event tickets to provide access to an event. These tickets can provide verifiable authenticity, provide royalties upon secondary sales or auctions, and even turn digital tickets into unique commemorative assets. For example, one exciting aspect of NFTs is their composability. As the ecosystem develops, NFTs can be designed in a way that spans multiple use cases. This long- term utility enables deeper fan engagement and ultimately creates more valuable NFTs that generate additional revenue on secondary sales or auctions. This area is rich for potential and can span multiple phases of the customer experience: The NFT space today is nascent and new growth opportunities are emerging often. Positioning for long-term opportunities will maximize value, further enhance the fan experience, and allow for potential business synergies. All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply product endorsement or affiliation with Visa. 12PDF Image | NFT Engaging Today’s Fans in Crypto and Commerce
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