The Intersection of User Activation and NFTs: Understanding Complexity, Value, and Regulation

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Sep 15, 2023
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The Intersection of User Activation and NFTs: Understanding Complexity, Value, and Regulation
Introduction:
The world of digital products and services is constantly evolving, with user activation and NFTs (non-fungible tokens) being two significant areas of focus. While these topics may seem unrelated at first, a closer look reveals common threads and shared challenges. In this article, we will explore how time to value and product complexity shape user activation, and delve into the controversies surrounding NFTs and fan art. By understanding these dynamics, we can gain insights into improving user activation strategies and advocating for necessary regulation in the NFT space.
Reducing Time to Value and Product Complexity:
Time to value refers to the period it takes for a user to experience the full benefits of a product or service. It plays a crucial role in user activation rates. While it is important to streamline the onboarding process and reduce time to value as much as possible, there are limits to how much it can be compressed. Complex products with a long time to value, such as workplace software, require a motivated first user with backing from top management. Display ads, which attract users with low motivation and intent, may not work effectively for such products.
On the other hand, simple products with minimal time to value, like popular match-3 games, can sometimes benefit from misleading advertising that draws in less-motivated users. As the time to value decreases, the threshold level of intent necessary for new users to appreciate the product's value also decreases. Recognizing these differences, activation strategies for complex products should focus on activating users when they are truly ready, with enough motivation and trust to experience the product's value. This may involve adding friction at certain stages of activation to improve timing and overall results.
The Influence of NFTs on Fan Art:
While NFTs have gained popularity for their uniqueness and ownership potential, they have also faced growing criticism and controversies. One significant concern is that profits from NFT sales may not always go back to the creators. Some digital objects and art are being converted into NFTs without the artists' consent or knowledge of the downsides associated with NFTs. This lack of control over their work has prompted some artists to set their accounts to private, attempting to prevent profiteering.
Furthermore, NFTs do not confer any exclusive use or improvement to the artwork. They primarily serve as a means to sell and trade digital assets. This has led to calls for regulation in the NFT industry and updates to intellectual property and copyright laws in the digital age. It is essential to protect artists' rights and ensure fair compensation for their creations.
Connecting User Activation and NFT Controversies:
While user activation and NFT controversies may seem unrelated, there are underlying connections. Both involve the need for regulation and understanding of value. In user activation, the focus is on guiding users through the onboarding process to experience the full value of a product or service. In the NFT space, there is a need for regulation to protect artists' rights and ensure fair compensation.
Actionable Advice:
- 1. For complex products with a long time to value, focus on activating users who are genuinely motivated and ready to experience the product's benefits. This may involve adding friction at certain stages to filter out users with low motivation.
- 2. In the NFT space, support artists by advocating for regulation and updated intellectual property laws. Encourage platforms to prioritize the rights and consent of creators, ensuring fair compensation for their work.
- 3. Stay informed about the evolving landscape of user activation and NFTs. By understanding the nuances and challenges, you can adapt your strategies and contribute to positive change in these areas.
Conclusion:
User activation and NFTs are two distinct yet interconnected areas that shape the digital landscape. Understanding the impact of time to value and product complexity on user activation can help improve strategies for complex products. Simultaneously, recognizing the controversies surrounding NFTs emphasizes the need for regulation and protection of artists' rights. By incorporating actionable advice and staying informed, we can navigate these areas more effectively and contribute to a more inclusive and fair digital ecosystem.
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