Exploring NFT utility
This week’s featured collection is InvalidByte
Exploring the possibilities for NFT utility
In a recent poll of Lazy.com users, we learned that utility is the #1 most valued feature in an NFT project. This week, we want to explore some of the many different ways that NFTs have added utility to their collection.
There are, at least, four kinds of NFT utility:
Exclusive perks & access to communities and tools
One of the most common forms of utility is access to exclusive perks, communities, tools, or opportunities. For instance, some NFTs can be used to unlock exclusive in-game content or rewards, or to gain access to private chats.
Financial Benefits like passive income opportunities
Another common use case for NFTs is to provide financial benefits such as passive income opportunities. For example, some NFTs earn a secondary token when held.
Fundraising and support for impact projects or charitable causes
NFTs can also be used to make a social impact. For instance, some NFTs have been created specifically to raise funds for various charitable causes. This type of utility is sometimes known as “NFTs for Good”.
Real world applications
Finally, NFTs can be used to streamline and authenticate existing services and processes. For example, a live event might use NFTs as entry tickets.
This is not an exhaustive list and more forms of NFT utility will likely be invented. If we missed anything, send us an email at firstname.lastname@example.org and tell us all about it!
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