How to Monetise Community with NFTs
Aug 26, 20234 min read
How to Monetise Community with NFTs

Non-Fungible Tokens (NFTs) have taken the digital world by storm, offering a new way to monetise unique digital assets. NFTs are blockchain-based records that uniquely represent pieces of media. The media can be anything digital, including art, videos, music, GIFs, games, text, and more. As a community leader, you may be wondering how you can leverage this new technology to monetise your community. Here's a guide on how to do just that.


1. Understand the NFT Market:

Before you start, it's crucial to understand what NFTs are and how the market operates. NFTs are unique digital assets that can be bought, sold, and owned just like physical assets. They are stored on a blockchain, which is a decentralised and secure ledger system. The uniqueness of NFTs makes them valuable, especially when they are linked to a particular artist or project.


2. Identify Valuable Community Assets:

The first step to monetising your community with NFTs is identifying what unique digital assets your community possesses. These could be anything from unique community-created artwork, exclusive community content, virtual real estate in a digital world, or even the community's brand or logo. The key is to find something that is unique to your community and has value to your members.


3. Create Your NFTs:

Once you've identified your valuable assets, the next step is to turn them into NFTs. This process involves "minting" your digital assets onto a blockchain. There are several platforms where you can do this, such as OpenSea, Rarible, and Mintable. These platforms make it easy to create NFTs, even if you don't have any coding or technical skills.


4. Sell Your NFTs:

After you've created your NFTs, you can list them for sale on various NFT marketplaces. These include platforms like OpenSea, Rarible, and Foundation. When listing your NFTs, you can choose to sell them at a fixed price or auction them off to the highest bidder. You can also choose to earn royalties every time your NFTs are resold in the future.


5. Engage Your Community:

One of the most effective ways to monetise your community with NFTs is by engaging your community members. You can do this by creating exclusive NFTs for your community members, offering them special privileges or rewards, or even giving them a stake in the community through tokenised ownership. This not only helps to monetise your community but also strengthens the sense of community and loyalty among your members.


6. Educate Your Community:

Lastly, it's important to educate your community about NFTs. Many people are still unfamiliar with NFTs and how they work. By educating your community, you can help them understand the value of the NFTs you're selling and how they can benefit from owning them. This could involve hosting educational webinars, creating informative content, or even bringing in experts to talk about NFTs.