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New Ideas for NFT Coupon Applications: Strategy Analysis for the Minting and Trading Market Stages
Discussion on the Application of Coupons in the NFT Field
Basic Concept of Coupons
Coupons are widely used as a marketing tool on e-commerce platforms. They primarily serve two purposes: stimulating consumption and encouraging user participation. Compared to direct cash giveaways, coupons have the following characteristics:
Limited Scope of Use: Typically only applicable to specific platforms, product categories, or under certain conditions.
Low liquidity: Generally non-transferable, and difficult to circulate due to different user demands.
Cost Delay: Costs are incurred when the user utilizes the service, rather than when it is issued.
In the NFT environment, the application effect of coupons may vary depending on the nature of the NFT (consumer goods or investment items). In addition, coupons can be divided into two forms: those issued by the platform and those issued by sellers, each with different cost-bearing methods.
Coupon Applications in the NFT Field
Coupons can be introduced at two stages in the NFT lifecycle:
Minting Stage: Users interact directly with the NFT contract, paying currency to acquire the NFT.
Trading Market Stage: NFT holders buy and sell through the trading market contract.
Introducing coupons during the minting phase, NFT issuers can use coupons to promote the project or encourage more users to participate in minting. This approach does not incur additional expenses; it simply reduces revenue.
In the trading market phase, the situation is more complex. There are three parties that may issue coupons:
In the trading market stage, whether it is the NFT issuers or the trading market that issues coupons, additional expenses are required. Therefore, it is necessary to carefully weigh the costs and benefits.
For NFT issuers, the cost is the total amount of coupons multiplied by the usage rate, while the revenue includes users completing tasks and the improvement of NFT liquidity.
For the NFT trading market, the cost is similarly the total amount of coupons multiplied by the usage rate, while the revenue is generated from users completing tasks and the increase in transaction amounts. However, due to the unique user behavior characteristics of the NFT market and the scarcity of professional sellers, advertising revenue may not be as significant as on traditional e-commerce platforms.
Summary
In summary, it is a more appropriate strategy for the NFT issuer to issue coupons during the minting phase. This can enrich the existing lottery and whitelist mechanisms on social platforms. In the trading market phase, the NFT issuer needs to carefully assess the cost-benefit of issuing coupons. The feasibility of coupon issuance by NFT holders and the trading market is relatively low.
In the future, if this product idea is proven to be feasible, we can further explore the implementation of coupon contracts and how to modify existing NFT contracts to support coupon functionalities.