Do's and Don'ts guide to building utility in web3

Do's and Don'ts guide to building utility in web3

Have you ever thought about the reason you didn’t buy something?

Think about the last t-shirt you tried on. There’s always the obvious reasons not to purchase, like:

• It didn’t fit
• You didn’t like the color
• It was sold out before you were able to purchase it

However, even when we do like something, it doesn’t always translate into making a purchase.

After passing the initial qualifiers of ‘do I like this’ and ‘can I buy it’ the goods you purchase everyday also undergo an internal value test — whether you’re aware of it or not. Let’s revisit that t-shirt, this process sounds like:

• Does the price of this t-shirt align with the quality and craftsmanship of the garment?
• Does it bring value to my wardrobe and is it something my wardrobe is missing?

Guess what? The same process exists for NFTs.

In a January report from Dibbs NFT, 64 percent of NFTs have two or more utilities, making up 73 percent of all trading volumes. This data signifies that NFT collections with multiple utilities trade at higher values and faster rates than collections with only one utility — which make up just 28 percent of trading volume.

The numbers don’t lie. Today’s collectors are looking for collectibles with meaningful utility and Creators must deliver to keep pace with competition.

Our Director of Creators, Megan Cornelius, put together a definitive (and easily digestible!) list to guide Creators through the utility building process.

Watch now to learn how to focus on your target audience, deliver delight to your community and how to avoid purchase-pausing roadblocks during your next mint.