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Claimable NFTs: What do you need to Know?

Mintology Admin Sep 16, 2022 9:00:00 AM

The online world is transitioning from centralized social media (Web 2.0) to a decentralized metaverse (Web 3.0) world of web. This paradigm shift is making the web smarter and more distributed.

 

The new generation of consumers is more focused on having their:

  • Digital identities
  • Asset ownership
  • Digital community participation
  • Enhanced engagement

 

It is these new-gen preferences that have shaped their desires for advanced technologies and products such as:

  • NFTs (Non-Fungible Tokens)
  • Cryptocurrencies
  • Blockchain (also called Decentralized Ledger Technology or immutable ledger technology)
  • Machine learning
  • Artificial Intelligence (AI) and many more

 

This dramatic change in the digital age from Web2.0 to Web3.0 has brought immense opportunities for businesses (of all sizes), brands, artists, and users.  

 

Major brands like Nike, Gucci, Prada, Adidas, Coca-Cola, McDonald's, the NBA, Vodafone, and many others have already started catching up with the NFT trend. They have used NFTs in their marketing strategies to reach new gen customers, engage existing customers better, create a community of fans and loyal customers, and expand their businesses exponentially. 

 

Brands are using NFT marketing strategies because they understand that they can reach more customers when they provide value. This is where claimable NFTs have been found to be highly beneficial for brands and businesses. A business can give away NFTs for free to its target audience. 



This is where claimable NFTs can help brands achieve greatness. Businesses can give away NFTs for free and, in turn, engage customers. 

 

To understand how brands and businesses can use NFTs in their marketing strategies for growth, let's know the following:

 

  • The basics about NFTs
  • What are claimable NFTs?
  • How does Mintology's gas-free minting, claimable NFTs, and NFT launchpad help businesses grow?

What are NFTs?

NFT stands for Non-Fungible Tokens. They are tokens representing ownership of unique items such as art forms, music, collectibles, real estate, and many more. Each NFT is unique, and therefore, it has only one official owner at any given time. Furthermore, as NFTs are secured by the Ethereum blockchain, it is not possible for anyone to copy an existing NFT. This is mainly because no one can modify the ownership record. 

 

Fungible Tokens vs. Non-Fungible Tokens (NFTs)

You may wonder how a non-fungible token is different from a fungible token. Let me explain in layman's terms. 

 

Fungible Tokens

 

  • Fungible Tokens: What are they?

A fungible token is a token that you can exchange with another one. This is mainly because the fungible ones are defined by their value. Fungible refers to an item that is replaceable by another identical item. 

 

  • Fungible Tokens: Examples

An example of the fungible token can be a Bitcoin (BTC) or a fiat currency like a US Dollar (US$ 1). So you can exchange 1 BTC with another BTC or US$1 for another US Dollar. In fact, 1 BTC/US$1 can be exchanged with another 1 BTC/US$ 1. However, you can't do the same with non-fungible tokens. 

 

Non Fungible Tokens (NFTs)

 

  • Non-Fungible Tokens (NFTs): What are they?

NFT is a unique token that comes with specific features and can't be replaced with another NFT. They are tokenized versions of real-world assets. All non-fungible tokens are unique digital assets, where each of them have unique properties. 

 

To make it easier for you to understand, we can compare NFTs with baseball cards for simplicity. For example, you can't exchange a "1951 Bowman Willie Mays" baseball card with another identical "1951 Bowman Willie Mays" card. However, you can trade this card in exchange for another baseball card, say, "1969 Topps Reggie Jackson." 

 

You can't interchange NFTs because each of them has its unique properties. For example, an NFT can't have multiple owners at a certain point in time. For every NFT, contracts, and transactions are secured on the Ethereum blockchain.  

 

  • Non-Fungible Tokens: Examples

Each NFT is unique as it needs provable ownership. A non-fungible token can be anything like:

  • A unique digital art such as "Everydays: The First 5000 Days" by Beeple. It was sold at US$69.3 million (38,525 ETH).
  • A limited edition sneaker line such as Nike's Cryptokicks sneaker versions that consisted of 20,000 NFTs. One such virtual sneaker designed by Takashi Murakami was sold at US$134,000.
  • An in-game item such as "Pop!Top" Edition at Decentraland marketplace.
  • A digital collectible like Cryptopunks.
  • A domain name such as Ethereum.eth.

 

What are Claimable NFTs?

Claimable NFTs allow users to claim ownership of any unique digital data, which can be tracked as a public ledger using Ethereum's blockchain. Brands of businesses of all sizes can give away these claimable NFTs to their target audience free of cost as an incentive. Once customers receive claimable NFTs, they feel rewarded and valued by your brand.

 

A few examples will help you understand better.

 

Example #1 

A baseball team can airdrop claimable NFTs free to its fans. These NFTs can be used to get first access to exclusive events such as pre-season games. Based on the company's offers, claimable NFTs can also give you access to free hotdogs. 

 

Example #2

Let's suppose that you contributed to ethereum.org. In that case, you can claim POAP NFT collectibles, which prove that you participated in an event. In fact, POAP NFTs have also been used by some cryptocurrency meetups as a form of ticket for participating in an event. 

 

Example #3

Mintable NFT Marketplace participated in the 2022 NFT.NYC conference. As a promotional effort, they offered free, claimable NFTs as an incentive to all the new users who signed up. These claimable NFTs allowed users to present the Mintable Pizza NFTs to participating vendors near the conference. This would enable the users to receive free cheese pizza slices from the vendors. 

 

As MasterCard sponsored this Mintable Pizza NFT campaign, they also offered a mega MasterCard Priceless experience award for one of the lucky new users. You can check this Interview video with Mintology @NFT.NYC to get a closer look at this campaign:

 

https://www.youtube.com/watch?v=G1Yez3XV2o8 

 

How Mintology's Gas-Free Claimable NFTs Can Help Your Business Grow?

The most exciting thing about Mintable's claimable NFT campaign at the 2022 NFT.NYC conference was that Mintable used their proprietary gas-free minting technology to mint 2022 Claimable NFTs. This helped the company save at least US$50,000, which could have been spent on Ethereum gas fees in traditional minting. 

 

While traditional Ethereum blockchain-based NFT minting may cost anything from US$20 to US$200. With Mintology's gas-free minting technology, Mintable lowered the NFT minting cost of each NFT to just US$1 to US$2. 

 

This demonstrates how a business can use the gas-free NFT minting technology of Mintable, which can be used by businesses of all sizes to provide significant value to new and existing customers. Therefore, the brands can use Mintology's claimable NFT services and NFT Launchpad to create NFTs at over 90% less cost than traditional minting. 

 

They can easily use these cost-effectively minted Claimable NFTs in their marketing strategies to:

  • Reach newer generations of customers and 
  • Engage better with their existing customers 

 

To know more about Mintology's new brand-centric Claimable NFT Platform, check out this video:

 

https://www.youtube.com/watch?v=3rHSt6dxTok

 

Mintology's Claimable NFT Platform: Curious to see How it Works? 

Start engaging your customers now with the power of giving away NFTs for FREE! Click Here to Get Started https://claimable.mintology.app/