NFT-as-a-Service (NFTaaS) — A New Business Commercialization Model for Brands

What are NFTs?

NFTs or non-fungible tokens are unique blockchain tokens and cannot be exchanged with another similar token. They are digital assets representing real-world objects like music, images, text, videos, property, etc. Anything can be made an NFT, and companies in the fashion industry are investing in creating digital assets that represent their physical counterparts.

How Utility NFTs are used in Important Industries

Utility NFTs are fast gaining relevance in a multitude of industries, such as:

Gaming Industry

NFT use within the gaming industry has given rise to play-to-earn games and the interoperability of assets. Play-to-earn game or GameFi is a decentralized game model that allows players to reap virtual and real-world benefits from their in-game assets. In a play-to-earn game, in-game assets like weapons or upgraded game avatars can be transferred and sold for cryptocurrency or fiat. But what could be the most significant use of NFTs in the gaming industry has to do with the interoperability of game tokens and assets. Players can port their assets from one game world to another quite easily. Some of the big play-to-earn games include Axie’s Infinity and Decentraland Mana.

Social Media

Social media is a strong catalyst for NFT’s meteoric rise in popularity. The open discourse around NFTs and the growing attention it has enjoyed has been boosted by conversations that started and are sustained by social media. But, as helpful as social media has been to NFTs, NFTs can be just as helpful.

Online Marketplaces

According to Consensys, NFTs coral 10% of the global art sales. This might not seem to be a lot, but it is significant. It means that creatives are choosing to sell their intellectual properties on NFT marketplaces and that NFT marketplaces are growing. Why is this important? It’s essential because online marketplaces are growing to exclude the idea of ‘a middleman.’ But there’s something else still. In a world where forgeries, copies, and doubts of originality exist, the origin and validity of rare art pieces can be confirmed. The top two NFT marketplaces where you can mint and sell your NFT are OpenSea and Rarible.

Real Estate

The real estate industry is one of the key industries to benefit from NFTs. The adoption of NFTs in real estate makes the process of buying and selling a property more straightforward and more efficient and adds benefits that the traditional methods can’t provide. To begin with, using NFTs in real estate takes away the hassling and time-wasting process of ownership transfer. With NFTs, the property transfer is only as quick as the buyer makes a payment. Not only is it swift, but ownership is also ironclad and easily proved. In addition, taking out a mortgage on your property is faster and easier on DeFi than in traditional finance. Like every other industry using NFTs, its role is still in its nascent stages and would likely advance to include more benefits.

Music and Content Creation

Creatives are arguably the first set of people to enjoy the benefits of NFTs, even when they were just digital collectibles. NFTs allowed content creators to hold the rights over their creations and enjoy maximum benefits without going through third parties. Musicians can sell their music as NFTs directly to fans and keep the ownership of their creations and all of the compensation. Now that utility NFTs have even more to offer, creatives can further set up a royalty agreement that makes them eligible for royalties of the sale of their intellectual property. Musicians and artists can also use utility NFTs to organize virtual exhibitions and concerts. Artists can also sell merch and be eligible for all proceeds using NFT tokens. Eminem is one of the artists who has explored NFTs in this manner.

What is NFT-as-a-Service (NFTaaS)?

NFT-as-a-service is simply the third-party building and management of cloud-based networks for companies creating NFT applications. Like BaaS, NFTaaS is still a new development even as companies are springing up in the NFT field, and older businesses are slowly adopting NFTs. However, the demand for NFTaaS companies and services hasn’t hit its peak yet and will keep growing as the internet fully transitions from Web 2 to Web 3.

Why Businesses need NFTs-as-a-Service (NFTaaS)

The cost of setting up an NFT application is a lot, and many companies cannot afford to be self-sufficient. For example, a company offering NFT services may require software that helps make payment more efficient. They don’t need to build their network to get it done when they can get the service from a NFTaaS company offering that in exchange for a monthly subscription fee. Businesses need NFTaaS to avoid operating at a high cost.

Solarr’s NFT-as-a-Service for Brands

Solarr is one of the few NFTaaS companies helping businesses transition to the metaverse by offering a branded NFT strategy for businesses. The services are broken down into five stages -

  • Compose
  • Design
  • Mint
  • Launch
  • Redeem

Compose

This stage is the planning stage, and the services include:

  1. Devising NFT strategy
  2. Composing NFT utilities and design
  3. Defining NFT offers and benefits
  4. Defining royalty rules
  5. Defining NFT design strategy
  6. Developing pricing strategy
  • Strategic advisory on brand NFT strategy and NFT utility
  • NFT minting and release schedule
  • NFT pre-launch and post-lunch plan

Design

The design stage covers all the essential design aspects of an NFT brand, including:

  1. Developing NFT design
  2. Crossover collaboration with famous designers for crossover NFTs.
  3. Developing 2D/3D avatar designs for the metaverse
  4. Designing and customizing branded storefront for SOLARR square
  • NFT graphic design
  • NFT avatar design
  • NFT 3D model
  • Minting-ready final artwork
  • Branded Storefront design

Mint

Businesses are eligible for these services under the mint stage.

  1. Development of smart contracts
  2. Minting NFT with SOLARR’s NFT minting protocol
  3. Submitting and pre-scheduling NFT for publication on the branded storefront
  • Smart contract development
  • NFT minted on blockchain
  • Pre-schedule NFT for publishing
  • Ready-to-sell features on branded storefronts, including payment details

Launch

In the launch stage, SOLARR offers the following services:

  1. Development of strategic NFT marketing and PR campaign
  2. Promotion and marketing of NFT
  3. Community growth
  4. Publication and launch of NFT on the branded storefront
  5. Hosting an NFT auction sale and launch event
  • NFT published on branded storefronts
  • Strategic NFT marketing and PR plan
  • Community growth and marketing execution
  • NFT auction sale

Redeem

This is the last stage of SOLARR’S branded NFT strategy, and the services for the post-launch stage include the following:

  1. Providing a smooth user experience for NFT holders to utilize and redeem NFT offers
  2. NFT education and operational training for brands store staff
  3. Post-launch community maintenance and loyalty-building activities
  4. Off-ramping crypto to fiat
  • Technical interrogation with brands exiting technology
  • Whitelabel NFT waller for your brand
  • Staff NFT education and operational training session
  • Post-launch community maintenance and loyalty-building activities
  • Crypto converted to fiat

Bottom Line

NFTs are evolving and growing very fast, which calls for the adoption of NFT applications, companies, and services. As more businesses strive to add NFTs to their operations and services, companies are springing up to fill the void and offer NFTs-as-a-service. Although NFTaaS is still in its infancy, with no one knowing exactly how much and in what direction it’ll grow, there is still much to be excited about as businesses unfold NFT services for other businesses.

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SOLARR

SOLARR

DeFi-Integrated NFT Commerce Platform