NFTs with Utility

Emily Ziegelmeyer

It doesn’t feel like it at all but we’re still early. In this piece, I want to touch on what Non-fungible token (NFT) utility is and why people are interested in its future. Our digital identity is growing and it’s inevitable that ownership draws people into emerging technology.

The market is down right now but teams across the NFT space are working hard. I’m working on making Unlearning Conference happen in October (rescheduled due to a family emergency) and I’m beyond excited.

I have written about NFT utilities and this is my additional thoughts on the subject. With that, Let’s get into NFT utility:)

NFTs and Utility

@RealAllenHena

Take NFT gaming - if you are playing a normal game (web 2.0), all of your in-game purchases are not able to be sold by you. When ownership is applied to this, a gamer can sell skins and more without violating rules. This level of value is a step in the right direction as long as gamers see the value in it.

The tricky aspect of utility is that the targeted community or individuals might not be interested, thus falling flat. It’s why play-to-earn incentives deplete overtime. If the player does not have motivations to play the game outside of its existence as an NFT then it’s of no value.

Long-term Vision

NFT utility comes down to value. Some projects use merch as a case for utility, some provide value in the form of a physical good. Community members that are looking for utility will know the difference between a sincere attempt at keeping the promise for this vision.

A coffee shop, for example, can release NFTs that allow for its customers and community to have ownership and participate in ways that wasn’t previously possible. This can be done via a physical good or a supplement to the services the coffee shop is already providing.

Value, as we know it, will transform and take into shapes we haven’t seen before. This is why innovation is great, we must keep going.

Thanks for reading, for more join my free Unlearning Newsletter:)