For those thinking of launching an NFT in the near future, having a well-thought-out strategy and being able to execute that strategy with precision and purpose will be of the utmost importance. The NFT world has seen some major shifts in the past few months. After the market soared to spectacular heights in 2020, it has come crashing down in the past year as the novelty of this new innovation has worn off. Much like the boom and bust cycles that have happened in the past, way back to Tulip Mania of the Dutch Golden Age, many tokens in the NFT art market are currently trading for a tiny fraction of their previous worth.While a bust has certainly happened, that does not mean that NFTs should be abandoned. After all, tulips remain one of the most popular flowers today, roughly half a millennium after their famous crash. If the 200% rise in NFT-related trademark applications so far in 2022, when compared to 2021, is anything to go by, we can expect a tulip-esque recovery from the current NFT market lows. However, those launching an NFT now must come to grips with the economics of the current market and plan accordingly. Put very simply, the value of an NFT comes from three attributes. First, there is the quality and rarity of the art involved. Second is the associated community, and third is the utility that the NFT provides. As such, one should examine these three attributes before launching to realistically estimate the revenue the NFT project will generate during and after launch. You will need to have at least two, and more likely all three, of the attributes for your project to be successful. Your project could have fabulous artwork, but without inspiring a devoted community, the art will most likely go unseen. Community is the glue that holds the other two components together.ArtNFT art has taken the biggest hit in the crash after the meteoric rise in value after the initial mania. It must be noted, however, that art of exceptional quality is still valued quite highly. Perhaps the most famous digital artist ever, Mike Winkleman, professionally known as Beeple, can still command tens of millions of dollars for his NFTs, but he is the exception. Going forward, entrepreneurs must realize that the novelty has worn off NFT art, and it's not enough to just put something out there and let market momentum increase its value. Of course, there will always be a demand for high-quality art of any medium, and digital art is no exception, but the price must match the quality and value, which did not happen during the initial boom starting in 2020 and 2021. CommunityThe most successful NFT projects so far have a community built around them. The economics are similar in that realm as they are in art. The novelty has worn off, but there is still a demand, although the quality must be high. Entrepreneurs should concentrate on building their community before launching the NFT. Even prices on the famous Bored Ape NFTs have fallen considerably, and the lesser-known ones are again trading for pennies on the dollar compared to their original price. Again, this shows the importance of first building the community. The Bored Ape Yacht Club would be nothing without its community. The art isn't anything special, but the community is amazing and holds tons of utility, from celebrity endorsements to networking opportunities. Buyers of community-based tokens must have a reason to purchase the NFT after the novelty has worn off. Those focusing on building a community around a certain identity or interest without initially using an NFT will likely be the biggest winners going forward and will be able to launch a successful line of NFTs further into the future that will be profitable and have tangible utility. UtilityNFTs offering real utility outside of just art hold the most promise as of 2022. Smart contracts can potentially disrupt several industries, from financial services and insurance to real estate, just to name a few. Many believe this is where the real value of NFTs will come from, though it may still be years away. For one example, real estate transactions could be simplified in a way that would save enormous amounts of time and significantly cut expenses. In addition, NFT-based smart contracts that trustlessly and automatically self-execute when certain conditions are met offer effective solutions to real-world problems.For example, one could easily build a platform that hosts real estate contracts, and the deal closes once a clean inspection report and financing requirements are properly submitted. It's easy to imagine that soon this type of technology could completely eliminate the need for title insurance and escrow accounts as well. Similar opportunities are available in insurance underwriting, shipping of perishable products, or commoditized or uniquely valued goods; the possibilities are endless. A real game changer could come in the way that NFTs could open up real estate investing, much like trading stocks on the Internet. An NFT could represent the equivalent of one share of a piece of real estate, making it as easily tradable and transferable as a share of stock on the exchange. The increase in liquidity and ease of transfer could be a major boon for the real estate market and bring in a whole new wave of investors who otherwise lack the capital to get started.The Post-Bubble OpportunitySince the initial wave of hype has worn off, there stands a real opportunity to launch successful NFTs and even to build brand-new high-quality NFT platforms. Those hosting digital art must realize that the economics will no longer support anything but truly high-quality art. There are ways for this art to be genuinely monetized, though. Platforms can allow for both commissions on sales and ongoing royalties to be paid to the artists for their works. The same goes for community-based NFTs. Opportunities are out there, but the community must provide genuine real value before the launch of the NFT in order for the economics to allow it to be successful. The biggest opportunity currently lies within the realm of providing utility to NFT holders. In the near future, it is likely that many industries will go through a major metamorphosis as NFTs are implemented. Basically, any system based on trust can be revamped, which will reduce both time and friction in the processes involved. Clever blockchain entrepreneurs have a genuine once-in-a-lifetime opportunity to create and launch truly groundbreaking, revolutionary and sustainably profitable NFTs if they focus on the area of providing genuine utility. NFT TechFor those who will be using their creativity to build out the Web3 infrastructure over the next few years, partnering with an organization with deep institutional knowledge of blockchain technology will be a major key to success. NFT Tech is a multidisciplinary blockchain company helping their clients reap the benefits of decentralization. Whether building a community, creating art, or using the latest technology to recreate and improve upon existing infrastructure and systems, NFT Tech will be your partner from the conception of an idea all the way through implementation. As we head into the 21st century, it is reasonable to assume that no company can thrive or survive without having a Web3 strategy. NFT Tech is truly one of the pioneers in this space, and they are committed to helping your organization become a leader in your industry.