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If you want to build a profitable NFT project and add value to your business model, tokenomics should be one of your foremost considerations. ‘Tokenomics’ is a broad term used to describe the incentives and numbers governing crypto assets, from the mechanics of tokenising assets, to the factors both physical and behavioural that will affect the value of tokenised assets in the long term.
Tokenomics is what enables decentralised finance (DeFi) projects to run successfully and generate value, by considering supply, allocation and distribution of tokens. Like in traditional economics, tokenomics revolves around supply and demand of tokens, and since these laws are immutable, the strategy you use to generate tokens for your NFT project will determine its holding power over time.
Blockchain Australia has an in-depth knowledge of tokenomics and we use this to build profitable NFT projects and provide tokenisation consulting to our clients. Designing smart, scalable token solutions, we help you add value to your business model, preparing your project for entry into further blockchain projects like DAO applications and the metaverse.
With the implementation of a successful tokenomics strategy, we can help your project be self-sustaining within the micro-economy of the blockchain it runs on. We help you evaluate what kind of assets can be tokenised to suit the current NFT market, the incentive needed to buy and hold these tokens, and how much token supply and demand you will need for the foreseeable future.
Unlike in traditional economics models, where the return on investment (ROI) of an asset is determined by how far the price of the asset can increase, the ROI on a crypto token such as NFTs is determined by the income it can generate simply by holding the token. When marketed well, this makes NFTs a viable investment for buyers due to its guaranteed ROI by merely collecting and minting them.
Determining the supply and demand of NFTs is slightly different from that of regular crypto tokens; it is also influenced by online trends and feeling among users in social media hubs and crypto communities. Tokenomics also deals with evaluating what kind of assets can be made into NFTs, how high its rarity should be, how many should be minted and how many can be available in the future, and more.
Tokenomics can help you determine if your NFT project can be pre-mined or have a fair launch. Some pre-mined projects have done historically well with select investors and developers granted early access to NFTs before the public offering, but some projects require limited, rarer tokens that cannot be hoarded beforehand. A good tokenomics strategy will help your NFT project launch on a solid footing.
