How Universities Can Use NFTs To Improve Attendance And Engagement
Universities & Conferences staff are stretched both with money and time. However with new technology they can begin to find effective ways not to lose both. One of the newest ways conferences and universities are saving time and money is with Web3 Technology.
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With the emergence of Web3 & NFTs many conferences and universities have begun to tap into ways to maximize their time and resources by allowing this new technology to provide solutions. Here are strategies a university or conference can use to allow Web3 technology to provide solutions for some of their persisting problems:
Problem: Aging Audience
- Solution: Like all technology the younger generation is always the first to adopt. When conferences and universities adopt NFT technology first, they are attracting a new audience. Second, they are establishing a relationship with an interest growing and important to these future leaders. Lastly, offering NFT technology can attract future and new students to interact with the university and conference long before ever becoming a potential applicant, ticket holder or student. Establishing this relationship early can lead to saving time and resources at the university when recruiting new students or looking to grow revenue.
- The Research: In a survey conducted by Civicscience the majority of people interested in NFTs (14%) are between the ages of 18 and 24. The NFT market grew nearly tenfold from 2018 to 2020 (Statista). Data from Statistica shows that among the age group with the largest interest (18 - 34) men and women own NFTs fairly equally, with 24% men and 21% women.
- Application: General application, Harrisburg University is launching NFTs for their top University moments. In Sports, the Pac-12 was the first college conference to sign an NFT licensing deal seeking to attract a younger audience to their universities and conference events.
- Solution: NFTs, like the sports industry, is a very fast moving environment therefore NFT fans/traders are highly engaged in the day to day of the industry. This level of excitement and engagement is the perfect compliment to the sports industry which is changing on a daily/hourly basis. Brands can tap into this excitement by pairing their teams/school moments with NFTs so fans can have quick access not only to content but the memories they are creating at these events and with these athletes. Colleges can tap into the emotion of how college students are the future leaders both in sports and throughout our society. Holding an NFT of your favorite college athlete may mean showing off your NFT in 10 years as that same college athlete becomes President, A World Champion or the next Nobel Prize winner.
- The Research: As noted by CoinTelegraph “NFTs are marketing tools that carry the power to bring newcomers to the game. This is especially true among younger fans who have collectibles on their phones and can share their enthusiasm and experiences with friends at school or college.” They go on to note, “NFTs are pretty unique in how they help to keep communities active and engaged — or ‘sticky,’ especially with secondary marketplaces springing up across different ecosystems and the potential for NFT use in various gaming metaverses. Also, a major opportunity for memes.”
- Application: According to Business Insider, BYU and Syracuse University have opened their own NFT Marketplaces to engage and reward student engagement.
- Solution: While there may be skepticism and a recent market crash in Crypto & NFTs that doesn’t mean that the adoption or revenue is slowing down. In fact, the NFT market has only gone main stream over the past 2 years and those early adopters have received incredible value by adopting this technology. Schools & Universities don’t have to spend much money to tap into this as a long term revenue stream both with the growth that is still happening in the industry and the smart contract technology which allows them to add royalties to NFTs that they are selling.
- The Research: Conferences like leagues can tap into revenue streams within the NFT market. Hackernoon reports “NBA is gaining success with NFT Top-Short projects with around $500 million on sales ...” According to Statista, “In the NFT segment, the number of users is expected to amount to 64.45m users by 2027. NFT Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 27.26% resulting in a projected total amount of US$8,412.00m by 2027 (Charts Below).
- Application: Brands poured more cash into NFTs and trading cards than any other segment of NIL activity, comprising more than 17 percent of the NIL market, according to Opendorse data cited by MarketWatch. If universities are looking to take advantage of growth opportunities over the next 5 years, NFTs are a great way to get in early and capitalize on the revenue without too much time and money up front.
If you are interested in learning more about how your university or conference can get involved JRZY can help you get started! Learn More
Revenue Research Visualized By Statista