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Non-fungible tokens, known as NFTs, have created a revolution. With the ability to portray any form of art, music, objects, collectibles, or others as NFTs on the blockchain, the complete idea of ownership and expression has gained a new significance. Some businesses allow their customers with NFTs to participate in the events or programs they organize. The next question is: How do these NFTs grant access to users in the Web3 ecosystem?
The concept of NFT token gating or NFT gate comes in. Non-fungible tokens or digital assets stored on the blockchain leverage this feature to grant selective access to the token holders. In this article, we discuss what NFT token gating is, some interesting examples, why it is vital for Web3 marketing, and more. Let’s get started.
Contents
What is NFT token gating?
At its most basic, NFT token gating is a verification mechanism used by Web3 communities to grant access to specific categories of people owning digital assets in their wallets to attend their seminars, events, or content. NFT token gating extends the functionality of tokens enabling them to bring in participation from anywhere, letting businesses grow in the Web3 space.
While many businesses implement token gating, the two most popular ones are:
Discord
Discord uses token gating by requiring the users to log in and connect their crypto wallets (hot or cold ) through its token-gated portal. When the user connects, its Web3 software, like Matrica on Solana, will check the user’s tokens in the wallet. Depending on this, the user’s access and role assignment with Discord’s API will take place. For other users who don’t hold the necessary tokens, there’s the option to purchase NFTs from marketplaces like Opensea, Rarible, etc.
Shopify
Shopify lets its users add the token gating app to its online store and allows them to choose which products or experiences the token holders want. Doodles, Stapleverse, and World of Women are some reputed brands token-gating on Shopify.
What are some of the marketing-oriented features of NFT token gating?
Token gating is a key marketing strategy with a lot of potential to unlock in the Web3 space. Some of its benefits include:
Builds a robust community
Token gating fosters a strong community spirit as it grants exclusive privileges to only the token holders. Some examples are Discord, the social platform, and Veecon, the multi-day conference hosting platforms, which have created a sense of togetherness and fraternity among the Web3 community.
Fosters exclusivity
The underpinning principle of NFT token gating is to induce the philosophy of exclusivity. It achieves this by letting only the token holders gain access to events, spaces, or such. Several projects have implemented this feature and garnered more attention. It offers a two-way joy ride wherein creators can decide whom to allow access to their NFTs. Likewise, the NFT gate enables token holders to enjoy special events or other rights that are exclusively available to them. Besides, the idea of getting exclusive privileges encourages more users to participate, thereby boosting the growth of the Web3 community at large.
Enables growth of brands
As Web3 evolves, brands across verticals are competing to carve a niche for themselves and attract diverse audiences. With NFT token gating, brands can shift their focus on creating marvelous experiences for their customers by offering their tokens and letting them participate in exclusive events and shows, thereby building a better image. A lot of promotional and educational programs and podcasts can be organized, which will be only accessible to and targeted at niche audiences. By rewarding their customers and leads through these special privileges, brands can successfully and profitably grow.
Why should you choose us?
At imintify, we understand the importance and potential that the Web3 space holds. We strive to create the best experiences for our customers in this arena. That said, you can create an NFT gated website easily on our platform. With this website, you can use token gating and grant access to your NFT token holders to your products or for event tickets. Assuming you have created an NFT website (reach out to us if you need assistance!), you are just a couple of steps away.
Under General Settings on your website, add or select a smart contract that exists. This is the smart contract for the NFT to which you want to grant access via the NFT gate.
- Add contract address
- Select the network
- Add or connect ABI
Click Save website to save the selected smart contract. Next, you need to enable the NFT gateway.
- Go to the Gateway tab
- Enable the gateway.
- Choose Pages to make NFT Gate active
You are done! It’s that simple. When your users come to your NFT gated website, they will see the page wherein they must fill in the NFT details of your collection that they have to enter.
Wrapping Up
In essence, the NFT gate allows token holders to use their “status” to gain access to special events and shows hosted by creators. In turn, it lets creators choose who should attend or participate in their programs. Additionally, NFT gating offers brands and businesses the privilege of promoting their products and services better. With Web3 imminent and metaverse already in, NFT gate holds a lot of potential to unleash. Interested in delving deeper into this? Feel free to reach out to us here.
