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Non-fungible tokens gain more popularity among business owners willing to boost their brand loyalty. Many world-famous brands integrated these blockchain-based assets into their marketing and loyalty plans.
NFTs are widely used across different sectors, like fashion, sports, gaming, food, education, etc. For instance, Deloitte reports that 4–5 million sports fans will get NFT sports items by the end of 2022, and NFTs will generate over $2 billion in transactions.
NFTs are booming, so how to keep pace with the latest trends and make your business grow? It may not be easy to integrate NFTs and achieve long-term loyalty. There are many things to learn and aspects to consider.
Softermii is a reliable company offering high-quality software development services for 8+ years. Thus, we have a profound understanding of how to create cutting-edge NFT solutions, and we’ll be sharing our knowledge in this article on how to create an NFT loyalty platform.
Benefits of NFTs for Your Brand
NFT is a powerful tool for building close relationships with your customers. And there are many reasons to create an NFT platform for loyalty programs right now. Giving loyal audience NFT tokens that can later be exchanged for goods or sold significantly boosts customer loyalty. On the other hand, managing the NFTs through the loyalty platform adds a gamification element to the customer experience, which is also an effective customer engagement solution.
Here are some other advantages of using NFTs:
NFTs are secure and difficult to forge. They are stored on a blockchain platform where the network tracks and verifies them. Here you can find more about blockchain technology trends.
Each NFT is unique and has a set of metadata. Owning a token these days is a privilege not every company can be proud of. The non-fungible nature of this item will make your brand exceptional and recognizable.
If you decide to create an NFT loyalty software, you will maximize the value of your brand without much cost. You will make a valuable investment in your brand strategy without a huge entry barrier.
Linking to Digital Services
NFT can boost engagement for other digital services. By clicking on the token, people will access your products and services. It will also safeguard you from fraudulent activity.
With NFTs, businesses can benefit from fast and secure decentralized transactions. Make sure your digital logo is appealing to attract investors’ attention to your firm’s shares.
Establishing a Strong Community
NFTs can benefit your business by building a solid base of loyal customers. You can easily reach and reward your customers and support social causes to encourage people to interact with your company in the long run.
Users can flawlessly store NFTs. They can also transfer non-fungible tokens between various decentralized applications.
Digital assets can be traded instantly on different marketplaces that increase their liquidity. Non-fungible tokens are exposed to a great pool of buyers.
Features for an NFT Loyalty Platform
If you plan to build an NFT marketplace with loyalty programs, there are several crucial features to integrate. But you should consider the specifics of your business before including any extra features for an excellent user experience.
It’s a place where people can find all useful information about NFTs for loyalty programs and buy or sell them.
Users can benefit from listings based on NFTs’ titles, creators, descriptions, tags, prices, collections, etc.
Advanced Token Search
This feature is a must if you want to boost your brand loyalty since it helps customers to find the token quickly if it belongs to a specific category.
Provide your users with different payment options, including a digital wallet, a mobile wallet, or a credit card. NFT creators shout set fixed prices for their assets.
The rating system allows people to see the most relevant items on the platform.
It’s a great idea to provide your customers with user profiles. Once a user is authorized, they will have a profile including personal data, transaction history, and NFTs.
This feature will help you generate more traffic on your reliable NFT loyalty platform and boost customer engagement.
Explore the NFT marketplace development guide to find more useful information for building your NFT loyalty programs.
What to Consider When Building an NFT Loyalty Platform
The NFT loyalty platform development requires paying attention to certain things. Here we will find out vital aspects for your consideration:
- It’s crucial to ensure that the platform is secure to avoid transaction loss and other unpleasant outcomes.
- People should see that there are no errors in payments and they can fully rely on your transparent procedures.
- When creating an NFT platform decide your fee model: either charging a listing fee or a percentage from the sale.
- You should also consider a decentralization feature to have your data copied and distributed across multiple blockchain networks simultaneously.
- Initiate signing contracts online to prevent fraudulent actions. Smart contracts do not require any commission fee.
Technology & Third-party API integrations
If you plan to make an NFT loyalty platform, consider integrating appropriate technologies. They are constantly improving and upgrading, so you will have a wide range of options. Your list of third-party integrations might include:
- Ethereum, a popular blockchain technology, one of the top solutions for NFTs
- CoinMarketCap, a cryptocurrency price tracking service
- Infura.io, a blockchain development platform offering blockchain APIs (Application Programming Interfaces) and developer tools
You can build your NFT solution around a third-party NFT API. It will provide your platform with crucial data, such as NFTs’ metadata, prices as well as transfer and ownership information. Some of the most popular NFT API providers are QuickNode, Moralis, NFTPort, and Alchemy.
Sounds too complicated? Don’t worry! With the help of a reliable NFT marketplace development company, you can build your NFT solution from scratch. Rely on experts to create a high-quality project tailored to your requirements. As a result, you will be able to engage a larger audience and boost your profit.
Read Also: Blockchain in The Real Estate Industry
Right Tech Stack for Your NFT Loyalty Platform
Now, we’ll explore how to build an NFT loyalty platform using the right tech stack. These constructing tools will help your platform stand out and attract more clients.
- Using cloud hosting platforms like Amazon Web Services can help crypto-preneurs safeguard their data.
- With database management systems (MongoDB, MySQL, and PostgreSQL), companies can boost their operating efficiency.
- Storage platforms include IPFS, Filecoin, and Pinata.
- Then, you should choose your smart contract deployment tool from a variety of frameworks like Brownie, Drizzle, Hardhat, Truffle, OpenZeppelin, and more.
- There are plenty of blockchain platforms you can choose from, like Tezos, Flow, Cardano, and more.
Reward Mechanics to Increase Customer Loyalty and LTV
You can increase your NFT platform loyalty by creating reward mechanics. You must take a customer-centric approach and do your best to ensure a flawless customer experience. Change the paradigm and try to make all benefits go to your customers rather than your company. Sounds strange, but today it’s the motto of branded economies.
Try to make your customer a partner and an active participant in the exchange. You will collaborate on improving your company if a frequent customer has an NFT stake in a company, they will also win when the NFT value rises. Making your customers your brand ambassadors is not easy. There are many strategies to do that, and our experts can help you.
How Much Does It Cost to Develop NFT Loyalty Platform?
It’s hard to define the exact cost to develop an NFT loyalty platform, as the final price depends on many factors. Developing an NFT loyalty platform has a unique set of requirements determining the cost. If you hire a reliable development company working on your platform from scratch, the price will be higher compared to a ready-made solution.
The development cost depends on the duration, the NFT development tools, the development company you hire, its region, your requirements, features, UI/UX design, technology integrations, third-party API integrations, etc.
Let’s find out more about the NFT platform cost:
1. Discovery phase, estimation & UI/UX design
The very first stage is when business analysts conduct thorough market research. They define your audience and the problems your software will solve. Here, the team also selects features and creates the UI/UX of your product.
Time: 280 hours
Cost: $8 400
At this step, the developers use the chosen tech stack to develop your NFT loyalty platform with all the necessary features.
Time: 640 hours
Cost: $25 600
3. Testing & Launch
Next, the finished product must be tested to identify all limitations and bugs. This step involves making your NFT software perfect. Testers identify bugs and limitations, these issues are corrected to make your product perfect and ready for launch.
Time: 240 hours
Cost: $6 480
4. Writing technical documentation
This step is necessary to create a single document that includes all the information and instructions for your product.
Time: 40 hours
Cost: $1 600
Let's summarize our considerations in a summary table below.
Estimation, Research & UI/UX design
Creating technical documentation
1 200 hours (3 month)
There are many more functionalities you should have in your platform, including product page, Etherium integration, and inventory management, so in the end, the price you should pay may amount to $70,000 and more. You can reduce NFT development costs by hiring offshore NFT developers. Get in touch with our experts to learn more about the cost of NFT loyalty platform development.
Creating NFT Loyalty Platforms With Softermii
The NFTs market cap has an active trading volume of $4.47 billion, and its popularity grows every day. So starting an NFT loyalty platform is a promising venture. If you are interested in NFT loyalty program platform development, our experts are always ready to consult you on any question.
We have a successful case study of developing a web application for the Extobit cryptocurrency exchange. Our experts worked on this project for nine months, and developed accessible UI/UX, implemented advanced analytics, and more.
Despite many challenges like setting up internal integrations, deploying secure cloud infrastructure, integrating third-party API, etc, we managed to find successful solutions for blockchain software development. The platform has advanced features, efficiently synchronized data, an accessible trading interface, and essential integrations.
Softermii talent team will be dedicated to your project for a full development cycle. Do not wait to contact us for professional NFT loyalty program development support.
Frequently Asked Questions
How to choose the right NFT platform developers?
Expert NFT platform developers adhere to a strict product development process, including ideation, research, planning, prototyping, sourcing, costing, and commercialization. They should use blockchain, smart contracts, crypto, and AI technologies. The Softermii company will satisfy all your requirements and create a top-quality NFT platform.
How will companies use NFTs to drive consumer loyalty?
NFTs enable brands to encourage their users to appreciate the value of the asset and resell it because of blockchain technology. Brands can upgrade their users’ loyalty status depending on the number of sales which makes them more aligned with that brand. Some brands reward consumers with digital assets for desired behavior.
How long does it take to build an NFT loyalty platform?
The timeline of NFT loyalty platform development depends on different factors. Generally, building an NFT platform takes four months. But if the project is complex, requiring an advanced tech stack and a lot of features, you will have to wait about six months.
What features to add to encourage registration on the NFT platform?
You can attract people by suggesting some unique features to them. For example, the registration process will be more active if you give registered users discounts, memberships, the possibility to communicate on a forum, or implement notifications about new collectibles.
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