Executive Summary: What Are Utility NFTs?
In this article, I explain what utility NFTs are and how they offer intrinsic value by granting access to exclusive privileges and examine the potential of utility NFTs to move beyond just digital ownership.
Summary: Utility NFTs offer intrinsic value by granting access to privileges like exclusive content, while real-world utility NFTs connect to physical experiences.
What are utility NFTs:
- Offer direct value by providing access to specific privileges
- Unlike regular NFTs valued just for ownership
Use cases and examples:
- Gaming NFTs grant access to items and achievements
- Fashion NFTs verify authenticity of physical goods
- Sports NFTs provide premium content and communities
Adding utility to NFTs:
- Make NFT redeemable for good/service
- Connect to real-world experiences
- Make usable in metaverse
Real-world utility NFTs:
- Directly connect to or impact physical world
- Provide access to services requiring identity
Conclusion:
- Utility NFTs move beyond just digital ownership
- Open up new possibilities but need real-world value
Full article:
What Are Utility NFTs? | CoinMarketCap
A utility NFT is an NFT that, unlike regular NFTs, offers the holder direct and intrinsic value by granting access to specific privileges.
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