How to choose an NFT and tokengating partner

The Importance of Choosing the Right NFT Solution for Your Store

The first post in this series introduced us to digital wallets and digital assets, especially NFTs. The second post was a deeper dive into how Woo merchants can use NFTs for profitability and growth. In this post, we’ll help you choose the NFT solution that’s right for your store.

As with our post on how to choose a crypto payments partner, we won’t make specific partner recommendations. Instead we’ll explore what requirements sit behind the use cases we covered last time, and empower you, dear Woo merchant, to make your own decision according to your use case, situation and goals.

NFT Jargon Buster

• AirDrop: When a token creator sends tokens (of any kind) to one or more wallets. Yes, this is a thing in crypto: sometimes you wake up and someone has sent you free money.
• Claim drop: Projects or creators often require people to claim tokens rather than just sending them via AirDrop. This usually involves visiting a website, connecting your wallet, and proving you own it.

NFTs are small software programs that conform to certain standards that allow them to interact with whichever blockchain(s) they are deployed to. This section is a little technical but don’t worry, Woo’s NFT partners (Verisart and Boson Protocol at the time of this posting) all do a great job of abstracting this complexity and helping you to make good decisions about how you want to do things.

Key Considerations When Choosing an NFT Solution

Here we’ve bundled many individual requirements together into high level sets that broadly represent the steps of an NFT project.

Design decisions range from the deeply technical (which chain(s) do you want to use, how can you keep transactions cheap and where to store your data) right through to more business-focused (how many NFTs do you want to make available and what image(s) will you use to make them attractive in a user’s wallet).

Typically, a partner solution will help guide you through deciding things like:

• Do you ever need or want your customer to know that your experience uses NFTs?
• Will the NFTs be free or paid for?
• Do you want to set Royalties?
• The number of NFTs to be made available and the minting schedule
• How many NFTs each customer can buy

FAQs

1. Can NFTs be transferred or sold?
   Yes, NFTs can be designed to be transferable or sellable through an official marketplace.
2. What are the different experiences for customers when receiving NFTs?
   Customers can experience normal minting, AirDrop or “claim drop” pre-minted NFTs, and lazy minting.
3. How can NFT holders visualize their NFTs?
   NFT holders can visualize their NFTs using native crypto tools like wallets, blockchain explorers, or NFT marketplaces.
4. What are some key considerations for NFT lifecycle experience design?
   NFTs are meant to be a long-term engagement tool, so planning for ongoing engagement is crucial.
5. How can analytics and insights benefit businesses using NFTs?
   Analytics from public blockchains can provide valuable information for businesses to analyze and utilize for strategic purposes.