NFTs used to be just art.
Now it's becoming more than that.
Here's the new web3 trend.
If you're new to NFTs, check out this video by Whiteboard Crypto: "What is an NFT?"
NFT utility means that these NFTs now have functional uses for them.
Here are 10 examples:
NFTs like Bored Ape Yacht Club are used for exclusive member-only access to events and parties.
Collab.Land allows only people with specific NFTs to be part of Discord channels.
You can use NFTs to get physical versions of your art (RTFKT has sneaker NFTs and you can get the actual sneakers).
NFTs can be used to vote for organization decisions. Also known as governance.
You can use NFTs to create new NFTs. You can breed 2 CryptoKitties together to get a "baby" NFT.
Some NFTs let you merge 2 NFTs to create 1. This decreases the total number of NFTs in that collection.
Some NFTs let you burn them (aka use them up). This removes those NFTs from circulation permanently.
Airdropping means the owner gives them away for free to people.
You can own part of an NFT. Flamingo DAO and Fractional.Art seamlessly let you do this.
Staking means you lock up your NFT to earn rewards. NFTs like Wolf Game let you earn their native token $WOOL. You can earn ~$1000 per day by staking 1 NFT.
Cyberkongz: used NFTs to produce $BANANA tokens
Bored Ape Yacht Club: hosted exclusive events for NFT holders
RTFKT: gave physical versions of their sneaker NFTs
Cryptokitties: innovated with NFT breeding
Wolf Game: NFTs can be staked
Collab.Land: used to moderate access in discord channels
Snapshot: voting and governance with NFTs and tokens
Flamingo DAO: DAO for fractionalized NFTs
Fractional: buy and sell fractionalized NFTs
Be at the forefront of new NFT utilities by using them yourself. Experiment with what's possible.
What are some creative ways we can be using NFTs? Games are already experimenting with NFTs being "heroes" that can even go on quests.
More organizations are experimenting with using NFT utilities. Are there any solutions that can make this easier? Is there a tool they can use to create their own NFT staking mechanisms?