NFT Utility Ideas — Real World Redeemable NFT
NFTs are making their way through our time, and that’s to be expected, given the fact that they help fill the current needs for ownership and authenticity in this increasingly digital world. And chances are, the popularity of NFTs will only continue to rise, as there now exist “utility NFTs” whose value lie not only in their originality but also the perks that come with them.
Let’s explore further on this matter.
What are utility NFTs?
Utility NFTs are the next natural step of NFTs — they encompass what’s good about NFTs and make things even better for buyers by including attractive, redeemable perks that come with owning the NFT.
Essentially, utility NFTs provide values further than the scarcity enforced by the traditional NFTs; and because of this utility-driven nature, they’re poised to become a game-changing phenomenon in the NFT world.
How utility-driven NFTs is the next big thing
Utility-driven NFTs have undoubtedly caused a great disruption in the NFT scene, and some even saw it coming from miles away. Proof of ownership on the blockchain alone isn’t enough to satisfy the growing needs of collectors everywhere, and when some celebrities start to offer added utilities to go with their NFTs, it’s when we know the game has changed.
Prior to utility-driven NFTs, NFTs were mostly in the form of digital collectibles with minimal real-world utility. In a word, they were mostly for artistic purposes, which is also why experts such as Gary Vaynerchuk claim that 90% of NFTs will have little to no value in three to five years. It’s a bold claim, but it does hold some truth to it, considering that utility-driven NFTs weren’t really a thing back then.
As the world gets more familiar with NFTs, we see more variety in NFTs, with metaverse NFTs and utility NFTs being one of the new up-and-coming NFT types. According to a recent study about NFT on nature.com, we see utility NFT leading the race and becoming arguably the most valuable NFT type, with its top 1% of assets having $12,756 average sale price — highest among all NFT types.
Projects with NFT utilities
It’s easier to just show you. Here are some of the famous, utility-driven NFT projects that serve as inspiration for others to follow:
Quentin Tarantino: NFT films Pulp Fiction
Quentin Tarantino is probably up there on your list of favorite directors, and it’s no wonder, since the guy is the mastermind behind various famous titles such as Hateful Eight, Inglourious Basterds, etc. Just recently, Quentin Tarantino announced the launch of his first seven NFTs featuring uncut scenes from his breakthrough 1994 film “Pulp Fiction”.
What makes these NFTs special is that owners of each NFT — and only them — can get the access to bonus content including the original, handwritten script pages, new commentary from Tarantino, along with details about the uncut scenes as well as about the director himself. Needless to say, this is a genius move from Quentin Tarantino’s part, and it’s clear that only more film projects will continue down this trend.
Kings of Leon’s “‘When You See Yourself’” album
King of Leon is the first band to have ever released an album in the form of NFT, and it was a wild success. The album includes various special perks including limited-edition vinyl, digital download of the music, enhanced media cover, and the best part is that fans will get the chance to auction six golden tickets which include never-seen-before perks such as front-row seats for life.
Thanks to all these perks and the love of NFT fans,, the band managed to generate nearly $2 million in their NFT album sales. Truly, “‘When You See Yourself” looks to be a prime example for other bands to follow.
CryptoBaristas: NFTs with caffeinated perks
CryptoBaristas is an interesting take on crowdfunding. It combines the best part of crowdfunding with the best part of NFT to make what you would call the new way for entrepreneurs to do business.
Basically, the idea is that every NFT bought in the shop will include “caffeinated perks” for life which can then be used at future cafe spaces. Yes, the keyword here is “future”, as there isn’t a physical location for the coffee shop yet, which may seem a little bit of a risky investment for some; but the perks offered by simply holding a Crypto Barista NFT is almost too attractive to pass up:
- Exclusive coffees and discounts on Crypto Barista merchandise
- Voting power: holders of Crypto Barista NFTs get to dictate the project’s future, and this means having the ability to influence cafe space decisions, new character concepts, season 2 direction, and usage of the project’s 15% Baristas Bank fund
The Crypto Barista project is a good step in the right direction. With its crowdfunding nature combined with NFTs, the project has a real opportunity here to create a community of caffeine-loving and art-loving enthusiasts where they get the chance to be a part of the brand throughout its journey. There’s no conclusive results for the project yet, but hopefully, we can get to see some positive results from the project in the future.
Here to stay
It’s still unsure to say if NFTs will survive the coming years, as something still felt missing from the big picture. And as it turns out, utility was the missing piece all along. Projects are now starting to incorporate elements of utilities into their NFT projects, making a future of utility-driven NFTs one that doesn’t seem that far-fetched.
Here at NFTify, we’re all for utility-driven NFTs. A store on the NFTify network, NFTWhales, is having great success with their utility NFTs offering holders auto-enrollment in prize draw, free premium subscription, along with various other in-game perks. Create a store for free with NFTify now and find out how the platform enables limitless flexibility when creating utility NFTs.
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