Alright, we’ve talked ‘collectibility’,
Let’s talk ‘utility’.
People don’t only collect NFT’s just to collect. NFTs are tokens that live on blockchain and are accessible via your digital wallet.
You can access websites that are web3 compatible to USE your NFT.
So say you’ve sold Tickets as NFTs to your upcoming virtual show or conference.
You can lock the door on your virtual venue and only allow people that have this ticket in their NFT to open the door!
How cool is that?
We’ve seen Kakao’s ‘klip’ app use NFT’s to verify accredited investors.
“South Korea’s well-known chat application, Kakao, bolsters its presence in blockchain and crypto with its partnership with a non-fungible token-powered trading platform and its new crypto wallet Klip.
According to Hanguk Kyungjae, the trading company Angel League will receive support from Kakao’s Klip platform for its digital certificates based on NFTs.”
NFTs are used to represent digital land that people can have ‘deploy rights’ on. So you can buy the land and use it to build games, experiences, art galleries, etc,
As the industry matures, because these NFT’s represent all kinds of things and can be picked up by websites and thus given some sort of utility value, a lot can be done!
Maybe your NFT is a strong sword in a game or a dragon that can fly higher than others.
Utility with NFTs are being explored but the value will be immense.
About The Author
Matty is an Investor in Decentraland, Gods Unchained and NFT Art and frequently writes Analysis posts/updates on the NFT market. You can follow him on Twitter: twitter.com/DCLBlogger