Non-Fungible Tokens (NFTs) have increased in terms of popularity throughout the past few years, and this, in turn, has led to a lot of hype surrounding them. Many creators have figured out ways through which they can essentially monetize their talent through the utilization of NFTs as well as NFT marketplaces; however, the technology has not stagnated at a single point since then.
In fact, there have been a variety of different use-cases for NFTs, and they have grown tremendously from just being a proof-of-ownership that’s sitting on someone’s cryptocurrency wallet.
If you are still new to NFTs and want a good primer you can learn more by reading NFT 101: A Beginner’s Guide for Web Creators to help you get started in this new and exciting space.
One of these developments is the introduction and utility surrounding redeemables, which are a unique use-case for NFTs that any creator can utilize to create hype and gain attention throughout their collections.
What are Redeemable NFTs?
Redeemable Non-Fungible Tokens (NFTs) are essentially tokens that allow you to invite your collectors through the usage of a special link. This link will then let them mint the NFTs you made from your collection.
What this means is that each creator of NFT sets that aims to utilize this technology only has to set a quantity, a maximum per mint, a maximum per wallet, and after that, simply share it on social media and in your Discord community.
When the buyers mint the NFTs which have just been published by the creator, the creator would, in turn, earn revenue for each NFT redemption.
This can be utilized as a means of creating hype surrounding NFTs, where the creator is now given the opportunity to create a presale list, a feature that will come at some point in the future on NiftyKit as well, and this would let anyone that’s been included on that list start minting the NFTs ahead of everyone else.
However, you might be asking yourself about other, additional use-cases surrounding Redeemable NFTs aside from simply creating hype. Well, Redeemables can also be used as proof-of-attendance tokens for a concert or an online event, for example, or for editions, tickets to events, giveaways and promotions, scavenger hunts, and overall community building.
Creators can keep their communities as hyped as possible through rewards in the form of Mintable Non-fungible tokens (NFTs). Redeemables can be utilized as a means of creating special NFT events, out of which users can mint NFTs through the utilization of a special link.
Easily gain new collections and gain a lot of exposure through utilizing the NiftyKit Redeemable NFTs. Yes, you can even now do a free mint if customer pays the price for gas. Only available on Redeemable NFTs on NiftyKit.
Any attendee will also be able to access the full Web3 experience, where you could let them mint your event ticket. You can easily create over 1000 ticket NFTs using the easy NFT builder and mint on NiftyKit.
Additionally, you can unlock unique perks for your community through the usage of NFTs and can easily create editions for your event.
Different Use-Cases of Redeemables Explained
Proof of Attendance Tokens
Proof of Attendance Tokens are essentially tokens that are created as a means of celebrating and recording attendance within a specific event. What this essentially means is that typically the unique NFTs are given out for free to any of the attendees within the event.
This would, in turn, serve as verifiable proof that all of the holders of that specific NFT actually attended the event.
Editions are essentially based on a relationship between a creator and a group of collectors within the community. The creator could utilize the redeemables here as a means of asking the followers and collectors to help them decide what should go into a digital edition, and this could, in turn, leads to a strengthened relationship which will help build the concept of the creator as a brand.
Tickets to Events
This is a common use case even today, where NFT tickets would be used as digital assets that hold access credentials and unique perks across a variety of different events. These can allow creators to generate new revenue streams for both them and their community, as they can now be minted only prior to the start of the event, instead of getting minted a long time prior to the official launch of the event.
Giveaways & Promotions
Creating giveaways and promotions can be a solid way through which NFT project creators can essentially market their NFT sets and collections. All they have to do is draw out a comprehensive plan on how they are going to promote their work to achieve better results. What this means is that they would need to build a community, and stay connected to the community through a constant stream of activities, such as live streams, polls, ask me anything (AMAs), comment replies, question and answer sessions, and in this use-case, giveaways and promotions.
This is due to the fact that redeemable NFTs can easily be utilized as a means of hosting giveaways as well as promotions by the content creator, which would, in turn, lead to a better relationship with their community as well as a higher level of growth when it comes to building a better following.
NFT scavenger hunts can also play a major role in having a creator engage properly with their community. What this means is that they can create specific, virtual events which would require their follower base to complete specific tasks in order for them to be able to mint an NFT.
Another key use-case surrounding redeemables is that creators can use them as a means of building their community. They can essentially provide their fans with early or exclusive access to specific releases. This could be in the form of a free NFT, for example, or a placeholder for a truly exclusive NFT collection that will only allow a specific number of mints.
This would lead the NFT creator to build an NFT community surrounding them filled with people that are actively collecting, trading, selling, and engaging in NFT conversations. What this means is that a creator that shares redeemables of their art could spark interest in a much higher community than they otherwise would without doing so.
Creating Redeemables with NiftyKit
Now that we covered some of the main use cases surrounding Redeemables, the chances are high that you might have gained a heightened level of interest and want to create your own.
For a truly in-depth, step-by-step guide on how you can do this through the utilization of NiftyKit, you can visit the official Redeemable NFTs Guide here.
For the time being, however, you can check out this simplified explanation of how this is a possibility if you are in a hurry.
If you are interested in creating a Redeemable NFT through the utilization of NiftyKit, all you really have to do is set a supply quantity, and price per mint, assuming that you want to sell them. Keep in mind that if you are utilizing redeemables as a means of conducting giveaways to truly grow your community further, you are also presented with the “free mint” option, which is available for you. You can also select the max NFTs per mint as well as the max NFTs per wallet, and then all that’s left for you to do is upload an image or video, set the properties and traits, and create a draft.
Keep in mind that NiftyKit as a service will even allow you to generate a unique link to your redemption page, where your collectors will be able to lazy mint an NFT.
Redeemable NFTs is a NiftyKit Classic feature, which will let your collectors lazy mint on the Smart Contract Event organizers, which will get you prepared to move forward in Web3 alongside your community. You can level up your ticketing game by using NFTs to give access and commemorate your upcoming event.
Lazy minting is essentially when a non-fungible token (NFT) is available off-chain or outside of the blockchain, and it is only minted after the sale of the NFT has occurred.
This allows creators to utilize lazy minting as a means of avoiding any gas payments upfront when minting their NFTs. This is due to the fact that the gas fee is only paid after an NFT work is purchased and then transferred on-chain.
With all of that in mind, in the case of NiftyKit, all a creator has to do is sign in with their MetaMask wallet as a means of generating their unique minting link, and once the transaction has fully been processed and has finished executing, they will get a unique link through which their NFTs can be minted down the line.
Another interesting feature that is coming soon to NiftyKit is known as the Presale Mint Listing option. This will enable creators to create an additional layer, or tier of exclusivity, where they can utilize redeemable as a means of publishing a list of wallet addresses, which are able to mint the redeemable in question. This list can be added on or updated as many times as the creator wants, and this would let them make use of the full wallet addresses.
You can imagine a scenario where an NFT creator hypes up their NFT collection and, as is the case with newsletters, can only allow a pre-specified amount of collectors from their communities to actually mint the NFT in question. This way, not only would they create a lot more hype surrounding their NFT collection, but they can create exclusivity, which can drive the overall value and attention to their collection a lot higher than it would otherwise be.
Once the NFT Redeemables collection has been created from the side of NiftyKit, a creator might want to share them. Once they are generated, they will create a unique link. The creator, in this case, would be able to send collectors to mint an NFT, and this is a link that can be shared on social media, email, as well as with the community. They can also use URL shorteners or even QR codes as a means of giving users special access to minting.
However, NiftyKit as a service takes things one step further by essentially letting Redeemable links be regenerated as many times as a creator might want to do so.
If you are a non-fungible token (NFT) creator reading this, you might be asking yourself, how would a creator get paid with these redeemables.
As NFTs are redeemed, the creator can, at any point in time, see the number of NFS redeemed and how much they have earned from that specific drop. There will always be a list present as to the NFT holders and the quantity of the NFTs which have been minted. Every time someone ends up purchasing one of the Redeemable NFTs, the funds are sent to the smart contract.
What this means is that in order for a creator to get paid, they will need to withdraw their earnings directly from NiftyKit by going to the Collection Dashboard. NiftyKit only collects a 5% fee on the primary sales.
Taking your NFT Collection Further
Hopefully, now you have a heightened level of understanding, as well as a heightened perspective as to the various use-cases of Redeemables. If you are a creator, you can utilize redeemables in numerous ways to ultimately increase the rarity, value, and overall appeal to your NFTs and increase your community.