Transparency, honesty, and commitment are the keys to building and maintaining trust – and this is no different in Web3.
Dolce & Gabbana is currently facing a lawsuit for allegedly misleading buyers of their DGFamily NFTs – big wake up call for anyone launching NFT projects.
This situation really highlights how crucial it is to be crystal clear about rights and terms when you launch NFTs and make them easily known and accessible (you can use solutions like MINTangible to encode them to your NFTs).
Here’s the deal: an NFT is essentially an empty vehicle when created. It is the responsibility of the NFT creator to give it attributes.
An NFT can be set up in many ways—from using them to provide a straightforward perk or access rights to structuring a formal digital asset representing valuable property rights or other economic and contract rights . . . .
to using them as an experience in and of themselves where media, rights and other elements are changeable and temporary including the end of their usage.
What’s absolutely essential in all cases – is transparency and commitment. Buyers need to know exactly what they’re getting and or signing up for, and you need to deliver on what you commit to.
So, if you’re considering diving into the opportunities that NFTs offer, take this lesson to heart: define your use case, then be clear about what you’re offering and not offering, and make sure you follow through.
This is important not just for you and your reputation, brand and business but also for your community and fans.
Comments