Merchandise is a good option for NFT (non-fungible token) projects because it allows creators to offer physical products or experiences that are tied to a unique digital asset, which can increase the value and desirability of the merchandise.
For example, an artist could create an NFT that represents a digital art piece, and then offer limited-edition, physical prints of the piece to people who own the NFT. Because the physical prints can only be obtained by people who own the corresponding NFT, they become more valuable and sought-after.
Another way of using merchandise with NFTs is by creating a form of rarity by linking it to the NFT. For instance, in the case of a music artist might sell merchandise such as T-shirts or posters, with the number of those items being limited and tied to the ownership of a specific NFT.
Additionally, merchandise can also be used to create more immersive experiences, such as a special concert or meet-and-greet event that is only accessible to people who own a specific NFT. This creates a sense of exclusivity and makes owning the NFT more desirable.
There are already quite a few NFT projects that have utilised merchandise to bolster the value of their NFT’s, here are just a few:
“The First 5000” by Beeple: This NFT project sold 5,000 unique digital art pieces, each of which came with a physical print of the piece, signed by the artist.
“Alien” by Fewocious: This NFT project sold unique digital collectibles, each of which came with a matching physical trading card.
“CryptoPunks” by Larva Labs: This NFT project sold 10,000 unique digital characters, each of which could be redeemed for a physical vinyl toy of the character.
“Gods Unchained” a blockchain trading card game, the game was launched by Immutable, with the NFTs representing the in-game items, where players could own it, trade it, or even play the game with it. Each card is a unique NFT and it creates a new economy for the game.
“Cryptovoxels” a VR based world where users could buy and own virtual plots of land, this project has different ways to use the NFTs, for example, it allows creators to embed 3D models and even sell physical art pieces related to their virtual land.
Overall, merchandise can be a powerful tool for enhancing the value and desirability of NFTs, by providing tangible, unique, and limited physical items that are linked to the digital assets.