What drives the best NFT marketplaces is their community. The success of an NFT project is heavily reliant on the engagement of their community. Therefore, an enormous amount of weightage has to be given to keeping it active, interesting, and of course, incentivizing. This can be done by contests, airdrops, and giveaways, sure, but there is something far more lucrative - token gating.
Token gating is the method by which NFT projects offer certain benefits and perks to the holders of their NFTs. This takes the value of the NFTs to another level and is a huge advantage for both the creators and the buyers. Curious? Read on…
Explaining Token Gating
As we’ve already mentioned, token gating means to give NFT holders some extra access as compared to other members of the community. For instance, “holders-only” channels on Discord could be created to give NFT owners early access to the latest drops, special content, and even access to physical products. Who wouldn’t want to be a part of such an exclusive club?!
And all one needs to do to access these benefits is connect their digital wallet and get it verified. This simple process can give the holder and the creator a number of benefits, the chief among which is the level of exclusivity. Creators, too, can get complete control over the distribution of their content as well as royalties for their work. The blockchain’s inherent security, too, is a major plus! However, it is important to beware of false links and to do your due research before committing to an NFT project.
Closing Words
NFTs have become the go-to strategy for brands and creators alike. The features and functionalities offered by token gating are sure to take this tech to the next level, bringing a revolution in the world of Web3.
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