For every successful NFT collection, dozens fail to capture anyone’s attention. Most of the time, that’s because NFT marketers forget to think about the whole customer journey of the buyer.
Instead, they only think about the initial sale. To make up for that, the future of the NFT space is made up of utility-based NFTs. Outside of owning a piece of artwork, an NFT assigns a use to the digital asset.
Chances are, the popularity of NFTs will only continue to rise, as the value of “utility NFTs” lies not only in their originality but also in their perks.
What is a Utility-Driven NFT in the first place?
Utility NFTs are the next natural step in the NFT space. They encompass what’s good about NFTs and make things even better for buyers by including attractive, redeemable perks for owning the NFT.
They provide values further than the scarcity enforced by the traditional NFTs. Because of this utility-driven nature, they’re poised to become a game-changing phenomenon in the NFT world.
A utility NFT can be:
- a real piece of art that corresponds to the NFT that was purchased;
- the exclusive entrance to an event;
- an in-person membership;
- or future usage in the digital world (think within a game).
What are some Utility-Driven NFT trends shaping the future?
Some top upcoming NFT trends shaping the future include (but are not limited to):
- Play-To-Earn Gaming;
- the metaverse;
- NFT ticketing;
- avatars & PFP NFTs;
- AI NFTs;
- NFT Streaming and Community-Owned Entertainment;
- NFTs and Finance.
Let’s take a look at how a couple of these trends unfold nowadays.
Utility-Driven NFT trends shaping the future #1: Play-To-Earn Gaming
Some of the largest gaming companies, including Ubisoft, Square Enix, and EA, have recently announced their desire to incorporate NFTs into their games.
Axie Infinity and Blankos Block Party, for example, are making headlines with their play-to-earn (P2E) models, which pay gamers actual money.
They’ve exploded in popularity in the last year, especially in developing countries, as the gaming sector has a lot of promise with blockchain technology and NFTs.
Utility-Driven NFT trends shaping the future #2: Social Spaces
Most people who pay attention to what’s happening in the digital world have heard about Bored Ape Yacht Club, a collection of 10,000 NFTs featuring cartoon primates. Many of the same people also wonder why anyone would pay as much as $3.4 million for an image of an ape.
Here’s the reason: owners of Bored Ape NFTs get to access an exclusive social space where they can meet with like-minded individuals—including celebrities—and chat about anything they want, such as entrepreneurship and investing.
Utility-Driven NFT trends shaping the future #3: Metaverse
Meta, Microsoft, Apple, Epic Games, Nvidia, Niantic, Sandbox, Decentraland, and Somnium Space are some of the companies actively building the metaverse, an embodied internet that’s expected to grow at a compound annual growth rate of 13.1 percent over the next few years.
Decentraland and Sandbox, two leading metaverse startups, are leveraging NFTs to tokenize everything from usernames to in-game wearables to real estate. Twitter (Meta) and Facebook (Meta) appear to be planning to follow suit.
More specifically, how does a Utility-Driven NFT project example unfold?
To break it down for you more specifically, Ritz Herald says it:
Projects such as BAYC and VeeFriends are using utilities to give their NFTs value by turning them into a sort of VIP membership card.
You might be wondering what the perks of being a BAYC NFT holder could be.
“Take Bored Ape Yacht Club as an example. When someone purchases a BAYC NFT, they are purchasing more than a piece of digital art because the BAYC NFT doubles as a lifetime membership into the BAYC community, unlocking exclusive utilities. BAYC membership includes utilities such as their exclusive members-only games, digital merch, and VIP parties, for instance, the first annual Ape Fest in New York, held recently on October 31.” – The Ritz Herald
Whereas being a VeeFriends NFT holder, on the other hand, means…
“Vaynerchuk has been experimenting with various methods of incorporating utilities into his project. One of the ways he has been experimenting is to allow users to earn a VeeFriends NFT once they buy a predetermined number of his books. Besides that, owning one of his NFTs provides holders with access to real-world lectures, events, and even a members-only restaurant.” – The Ritz Herald
Thus, it’s safe to say that sky is the limit when it comes to utility-driven NFTs.
So, who is good at slaying the Utility-Driven NFT trends right now?
For an NFT to be considered to be utility-driven, it needs to help create the real market value that is sorely missing in the NFT space.
After a quick search online we found an interesting, new project called Crypto Thots that does just that through their roadmap.
Crypto Thots, the NFT marketplace that helps you become a P.I.M.P in the NFT Space, is minting on the 8th of June 2022.
Through its minting, it promises to bridge the gap between NFTs and online content providers, help you collect thots, build your harem, and become an NFT P.I.M.P.
Not only is the project minting soon, but they’re also making a statement through their +60K Otherside land giveaway, as they set out to help their holders achieve their passive income goals.
To do so, until minting day, they are giving away daily prizes for 5 random active users in the Crypto Thots community.
And what this means for the NFT buyers is simple: You’re not just an NFT buyer, but also part of an interactive, money-making community!
By being a part of their 30,000 and growing Discord users community, Crypto Thots NFTs holders can flex the Bored Ape Yacht Club and enjoy any airdrops that BAYC is making.
Holders get guaranteed access to constant giveaways – such as the 13ETH giveaway in Decentraland – and have access to exclusive content created by their OF models.
Therefore, users won’t have to worry about their needs being neglected at any step of the roadmap.
To cater to their holders’ financial needs, they are planning to:
- Give 20% of revenue back to each holder;
- Give 10% of revenue back to a charity cause chosen by their holders;
- Reveal information about the P.I.M.P coin — and how holders can use it to advance on the P.I.M.P path;
- Introduce the PPI (PASSIVE P.I.M.P) concept, to provide its holders with free money in no time;
- Enable networking opportunities for pimps while partying with 3D thots at Crypto Thots’ club in Decentraland.
How NFT projects who address their NFT buyers throughout every stage of their customer journey will evolve now that interactivity is skyrocketing in the metaverse is yet to be determined.
Nonetheless, we are excited to see how user behaviour shifts with the introduction of more utility-driven NFT projects offering access to like-minded communities and virtual access to them.
What are your thoughts on utility-driven NFT projects? Share with us in the comments section below.
Never walk alone! Join us on noise.cash and Telegram where we talk crypto all day with other passionate and knowledgeable crypto investors.