Utility NFTs — Opening A Plethora Of Usability Of Non-Fungible Tokens

Though Non-Fungible Tokens were minted on the Ethereum blockchain network back in 2015, they received an overwhelming response only in 2021. The year marked a stupendous overall sales volume of over $24 billion, which is 200 times more than the previous year. That was just an onset, and the number has kept increasing ever since. Though there were signs of slowing down, NFTs are still getting that crazy, impressive response from the NFT geeks every time a collection drops.

Though it all started by giving exclusive ownership to digital assets, it is now seeing surging use cases. Utility NFTs are something that can change the future of the exertion of NFTs in blockchain networks. If you are an NFT enthusiast or an entrepreneur looking forward to opening fresh use cases and opportunities with NFTs, here is something curated just for you.

Are NFTs just Decorative?

You should know all about NFTs unless you’ve been living under rocks and caves. But still, for all the newbies, Non-Fungible Tokens give an exclusive ownership right (just like a certification maybe) to assets on the blockchain.

So you have a digital asset, which is digital art, photography, video music, or even a tweet. You can wrap that file as an NFT in the blockchain and flaunt it off. But what if there are copies of the same digital file? There are a number of duplicate copies of Monalisa circulating on the internet, but there is only one original painting. You might say it’s a painting- a physical asset, but when it comes to digital files, you can’t even hold it. Right?

NFTs indeed gave a great opportunity to artists, independent content creators, and freelancers to monetize their assets. But what did it offer to the holders or owners of those NFTs, excluding the show off on their social media? It, in fact, gave the rights to the brands and businesses to use this content. What else?

Are NFTs just decorative things that people buy? Is it a thing for celebrities like The Chain smokers, Marshmello or Jimmy Fallon to flaunt them on their Twitter? That is when the utility of NFTs surged up. Read further to know more about the Utility of NFTs and NFT platform development for Utility NFTs.

Types of NFT Utilities

As mentioned earlier, NFTs are not just made for artists, designers, and musicians to monetize their work. Ever since NFTs started getting recognition from the public, the use cases started to infiltrate, pulling every industry possible in the world. Right from sports to music, every industry began to use NFTs in its own way. Some utilities that can be implemented in NFTs, some in the process of implementation, are given below.

NFT real estate- Hampton Hall, an 11-bedroom mansion in London, has a digital replica of it made as an NFT. The $55 million worth mansion has its NFT replica, which can give a virtual tour to the buyer who owns it. This has opened doors for NFT real estate.

Event Ticketing- Every ticket to an event must be unique and should never be forged. So NFTs made their entry here, giving no space for theft and forging of tickets. This has already made its way into entering, giving opportunities for the public to enjoy a seamless ticketing experience.

Identification and Certification- Identity theft has always been a problem for the government across the world. Though there are a variety of unique identity systems followed in different countries, having an ID on the blockchain through NFTs can be global. It can still be opted in small scale in organizations in place of employee ID or certifying them on the blockchain.

Supply chain and Logistics- Blockchain and NFTs open up transparency. Having NFTs as the unique identification of goods in the supply chain and logistics will help in bringing out transparency on where the product has been and for how long. This will increase the reliability and value of the product further.

Not just the above four, blockchain enthusiasts have been coming up with various utilities for NFTs. So, in conclusion, NFTs are not just decorative; they possess plenty of use cases in the future, making them an invincible tech of the blockchain.

Utility NFT tokens

Coming back to Utility NFTs, owning art NFTs is also not a decorative asset, says Bored Ape Yacht Club NFTs. Before moving into BAYC, it’s time to introduce this new type of NFT that has started to emerge and will trend in the market.

Utility NFT s is something that offers other uses other than owning the NFT. That is, the holders will be getting exclusive functions or offers just by being the owners of it. Though this concept has not reached the masses, there are many projects that came out and are planning to launch soon with this attribute.

Utility NFT marketplace development will also become a new trend in the near future. Here are Bored Ape Yacht club NFTs the first of this kind to explain to you all about Utility NFTs.

BAYC- First-ever Utility NFTs

So you might have seen celebrities like the chain smokers, Steve Aoki, Jimmy Fallon, and more flaunting ape doodles, in other words, punky art on their Twitter. There are many more celebrities who own this BAYC NFT being one of the most expensive NFT collections on the Ethereum Blockchain. These unique 10,000 NFTs are apes that give exclusive membership access to the BAYC club. Members or NFT holders are given access to various exclusive utilities. They are

• BAYC Bathroom- an exclusive member-only room where every member can draw one pixel of art canvas every 15 minutes.
• BAKC- The Bored Ape Kennel club offers the members to adopt a dog NFT for free that the members will only need to pay
• Mutant Apes- The members can modify their apes by injecting the mutant serum. This serum is available only to the members and is dropped into their wallets directly.
• Exclusive merch store- the official merch of BAYC is open to the members alone
• The club meets- There have been club meetings held for BAYC holders in US and Tokyo.
• Fundraising through the community- BAYC members can also vote on how to use up the funds for charity and other purposes.

Takeaway

NFTs are thrusting as an invincible asset in the blockchain as they are opening up several utilitarian functions. This will not only bring more users to the blockchain but will also open the doors for entrepreneurs to make their revenue.

NFT marketplace development for Utility NFTs will be one door with a promising revenue outcome. With this, NFTs will take a permanent stay in the blockchain, making the world a better place by offering various social utilities to the community.