Did you know that creating your own NFTs and selling them can be incredibly beneficial to your online business? Non-Fungible Tokens, or NFTs, are a new standard of digital value. They can represent unique items and each one is as unique as the owner who possesses it.
They can be extremely beneficial to your online course business. But first, let’s take a deep dive into what NFTs are.
Understanding the benefits of NFTs
What are NFTs?
NFTs (or non-fungible tokens) are a type of blockchain technology that has grown in popularity over the last few years. NFTs are used to represent any digital asset, and they're often used as collectibles.
NFTs differ from cryptocurrencies like Bitcoin or Ethereum because they represent something unique and can't be duplicated. This is what makes them non-fungible.
They are more like physical collectibles than cryptocurrencies. If you have an NFT, it’s yours and no one else can take it from you. This creates a lot of interesting use cases for these types of assets — especially in gaming and art industries.
Non-fungible tokens are non-interchangeable, meaning they have specific traits that make them unique and distinguishable from each other. They are a lot like collectibles like baseball cards or antiques.
What does ‘non-fungible’ mean?
When you hear the term "non-fungible," it's referring to something that can't be replaced with something else of the same quality or quantity. When we say "one of a kind," we're talking about something that's non-fungible.
NFTs are just like any other digital asset in many ways — they can be bought and sold on exchanges, transferred between wallets, used for payments or even staked for rewards. But there a difference between them and other types of blockchain assets:
They're unique and cannot be replaced by another item with the same value; this means they're not fungible. They exist on an immutable ledger so their ownership cannot be changed once it's established on a network
Why use NFTs for selling online courses?
The reason why you should use NFTs for selling online courses is because it can act as a ticket for an online course. Once the user has learned everything in that course, they can then sell the token to other people and get their money back. It is also very beneficial to you, as the creator of that course, because you will get a cut of every sale of that NFT.
This can be especially beneficial if your course is popular and people start buying it from each other. It’s important to note that this doesn’t happen all the time; but it does happen often enough to make it worth doing.
Here are some other reasons why:
They can act as a ticket for an online course
Once the user has learned everything in that course, they can then sell the token to other people and get their money back. It is also very beneficial to you, as the creator of that course, because you will get a cut of every sale of that NFT.
Make users more connected with your product and brand
It's also a great way to incentivize people to learn more about your brand and products or services. This is because it gives them something concrete to work towards — something that could be sold for a profit later on down the road.
A better way to monetize your content
NFTs are a great way to monetize your content. Instead of creating an ebook or a video course, you can create an NFT for your users to use in order to access the content that you create. This will allow you to create more unique content instead of just giving them the same information that other people have already created.
How much extra income can I expect from using NFTs?
It boils down to a couple of factors:
How many NFTs are in your collection
The more NFTs are in your collection, the more likely it is that one of the owners decides to sell theirs.
What was the price of your NFTs
As you get a percentage of every sale of the NFT, you will get more money from each sale as the NFT price increases.
How likely your users are to resell their NFTs
If you offer to provide more and more value to your NFT as time passes, your holders might be more tempted to hold on to their token rather than sell it. You might think that this is bad, because you don’t get as much money from resale, but actually it’s good, because playing for the long run is always profitable. People that hold on to your NFT for a long time can also feel more connected with you and your brand.
Is it good that a buyer will be able to resell their NFT?
The fact that an online course buyer will be able to sell their NFTs is actually good. It gives them a kind of warranty, where they are more willing to buy your course in the first place, as they're always able to resell it if they don't like it.
The reason why this is good is because it means that there will be a lot less risk for them when they're making a purchase.
This is especially important with online courses, since some of them can be pretty expensive.
There have been many instances where people have bought online courses only to find out that they weren't as good as they had hoped.
This can lead to them being very upset, and even angry at the person who sold them the course.
In addition to this, it also allows you to create a system where people can trade their NFT for others' NFTs, which means your course might become more valuable over time!
What benefits does using NFTs for online courses give the user?
The benefits of using NFTs for online learning have been discussed in many articles and blog posts. Here are some of the main ones:
1. NFTs allow users to sell their access to the course if they finished it or decided that the course is not really something they're looking for. This helps them recoup some of their investment, which is especially important considering that many students have to pay for courses out-of-pocket.
2. NFTs allow users to resell their access to other people who might be interested in taking the same course for a small fee (e.g., $20). This gives students an opportunity to earn money from their knowledge, while also allowing them to give back to the community by helping others learn new skills as well!
3. NFTs allow developers and teachers to create a stable income stream from their courses because all transactions are done within the platform itself — no external payment processor needed!
Using NFTs in your online courses
What steps do I need to take to launch an NFT collection for my online course?
Figure out what you want your NFT to be
The first step is to figure out what kind of NFT you want to create. Do you want it to be something that represents an object? Or do you want it to represent a specific action? If it's an object, how do we represent that? Do we use a video? How detailed does it need to be?
How do we represent that? We could use a video or animation, but how do we decide how detailed it should be? Do we want people collecting our tokens and displaying them on their walls at home or in the office?
Create the image or video
The second step is designing what your token looks like. This could be simple as a single illustration or complex as an animation with sound effects and music.
Create the smart contract
The third step is coding your smart contract, which is basically writing code that lives on the Ethereum blockchain.
What is a smart contract?
A smart contract is a piece of code that lives on the blockchain. It is fully automated and permissionless. It means that once deployed, a smart contract is not being controlled by anyone and will do only the thing it's programmed to do.
In other words, it's like a vending machine for money. Once you put in money, it does what it's supposed to do: give you something in return.
Smart contracts are very powerful because they can automate any sort of transaction or exchange. For example, if you want to buy something online (or even offline), you can use a smart contract to pay for that thing without having to trust anyone else or middlemen like banks or PayPal to process your payment.
What blockchain should I choose for my NFT collection?
If you're going to create a crypto NFT, you have to make sure to choose a blockchain that's best suited for the job. The problem is, there are so many options. How do you even know what to pick? It's a tricky decision. You have to balance many factors, like cost and security.
The most popular blockchains for NFTs are Ethereum, Cardano, Solana and Binance Smart Chain. Every one of them comes with some benefits and some drawbacks. Ethereum is certainly the most popular one. The problem is that it is quite expensive in terms of network fees. Cardano, Solana and Binance Smart Chain are less costly, but they are less decentralized and less reliable.
Ethereum was created to be a decentralized platform for smart contracts. It was designed to make it possible for developers to create applications on top of it that would not need any third party interference or intermediaries. In other words, an application built on Ethereum could be trusted because no one could manipulate its code or steal your money.
The main advantage of Ethereum is that it is well-known among developers and businesses alike. Because of this familiarity, there are plenty of tools available for developers looking to build their own applications on top of Ethereum's infrastructure. This means that if you want someone else to build your application for you, you will find plenty of people willing to do so
Where do I sell my NFTs?
When it comes to selling your non-fungible tokens (NFTs), you have two options; either you can sell them yourself or you can sell them on a marketplace.
The first option is to create your own website and sell your NFTs there. This is great if you want complete control over how you manage the sale of your tokens, but it also means that you will have to handle everything from customer support to marketing and advertising.
The second option is to sell your NFTs via a marketplace such as OpenSea or RareBits. This will allow you to focus on what matters most — creating new art and earning money from it!
When choosing between these two options, remember that by using a marketplace, you will be able to reach more people who might be interested in buying your art — and that’s really what it’s all about!
The only downside is that they charge a fee on each transaction.
Where do my buyers resell their NFTs?
The first thing to understand is that there are different ways to resell your NFTs.
The most common method is to use an existing marketplace such as OpenSea or RareBits. These websites provide all the information you need to list an NFT for sale, including a description and images of the item, a price and other details. The buyer then pays using his preferred cryptocurrency or credit card, and upon completion of the sale, the seller can confirm that he has received payment.
Some NFT projects implemented their own marketplace inside their platform. That's a solution you'd use only if you need total control over the buy-sell process — for example, if you want to charge fees on each transaction or restrict certain countries from trading your items.
Get support with your first NFT collection
So you are ready to launch your first NFT collection.
It is a lot of information to digest, but don't worry about it, Parlour Development is here to help you. We offer complex blockchain services, from creating NFT collections to DeFi apps. Use the form below to contact us and get the support you need for your NFT collection.
We will guide you through the process so that you can focus on building your product.
So there you have it: a quick rundown of the many benefits of using NFTs over traditional course sales. However, while it may be advantageous in today's marketplace to begin embracing NFTs, this doesn't apply to all types of online courses. In other words, don't feel compelled to use NFTs just because they're the latest trend. Instead, make your decision based on what you know works best for your business—and give them consideration alongside other options and technologies at your disposal.