It is still too early to discover real-world use cases for NFTs. Utility NFTs—NFTs with real use cases—could be the driving force that transforms NFTs from an investment fad into a new way of working, playing, and interacting.
What are utility NFTs?
Utility NFTs are NFTs with use cases that go beyond being unique digital assets. Utility for NFTs are NFTs that grant their owner privileges, rights, or rewards that they would otherwise not be able to access. There are many ways to add utility to an NFT or series of NFTs; it is not so much about the technology itself as it is about the application of that technology.
What’s so special about utility NFTs?
Utility NFTs have already made a name for themselves in business and popular culture. And collections of Top utility NFTs that were initially released without utility are increasingly evolving into utility NFTs.
What are some examples of useful NFTs?
- VeeFriends – A series of NFTs provides owners with tickets to the VeeCon conference via NFT ticket airdrops.
- Baristas – A “one-stop coffee experience” that entitles NFT owners to discounts at future coffee shops, an online store, and merchandise.
- World of Women – An NFT project that seeks to support and educate women and increase female participation in NFTs and Web3. Owners of World of Women NFTs have access to benefits, including ownership of the artwork underlying the NFT and invitations to real-life events.
- GainForest – An international non-profit organization that aims to use blockchain to help preserve tropical forests. People who donate to GainForest will receive NFTs corresponding to actual forest areas, track forest health, and mint governance tokens.
The future of utility NFTs
In the future, they could replace everything from health insurance cards to loyalty cards to season tickets, and NFT owners could access healthcare, discounts or tickets to events. Companies could incentivize sales with Best Utility NFTs that can be redeemed for discounts or gifts in the future, relegating paper discount tokens to the history books.
With the rise of the metaverse, utility NFTs could emerge that confer benefits to the owner in the shared virtual world, such as tickets to games or other unique virtual environments.
What is an NFT marketplace?
A Marketplace is a personalized digital platform where the company can create its own NFTs (Non-Fungible Tokens) to verify the authenticity of the NFTs uploaded to this platform and be able to carry out buying and selling actions.
Bitcoins are fungible, for example, but NFTS are not. They are unique.
The creation of these NFTs must be linked to a utility for the business, clientele or community in which the company participates.
The model has had an essential boom in the art world, for example, where certain artists market their works through NFTs.
Companies can customize and create their NFTs from their website with this option. You can add different roles, royalties, and token features, put it up for sale on the largest decentralized markets, and even create a buy/sell from the same platform.
There are decentralized or massive marketplaces, which are the ones that have been used until now. Still, with your option to have personalized marketplaces,
we avoid possible cases of phishing, NFTs with best utility have total control over what you upload and much more reach since your products are on a platform uniquely, not competing with many other NFTS.
How does this type of technology work?
The technology behind the Marketplace makes it possible to increase security, give consumers greater transparency and increase the ability to open the market in a scalable way. As for NFTS, the technology behind these assets is Blockchain technology, whose structure is complicated to hack or manipulate. A token is still a “contract” in which it is certified that someone owns a unique and irreplaceable copy of a digital asset.
It is stored through the safest technology to guarantee its security and integrity. There is blockchain technology, in which authenticity is not verified by a third party but by a network of nodes, which ensures the greatest possible transparency and security. In their case, they are based on the Ethereum network, BNB Chain and Polygon.