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What Is the Next Generation of NFTs?Given their explosive growth, it’s easy to see finding success in the field of NFTs as a moving target, especially for brands that are currently on the outside looking in. Should you make a curated set of unique avatars? A token that ties in with a piece of real-life merch? Or maybe even an AI NFT that unlocks access to a unique, generative piece of software? Thankfully, there’s no need to guess.
We run our own blockchain-based collectibles marketplace, and we Australia WhatsApp Number List asked our active user base where they’d like to see NFTs head next. Over half of the respondents said they want to see more utility from NFT programs.When we ran the survey, a quarter of NFT sales volume in the preceding 30 days was for NFTs with both physical and digital utility, a marked uptick over the 14% of total sales volume that type of NFT has represented historically.
In short: people want NFTs that do more and they’re putting their money where their mouths are.
Utility NFTs Are Already on the Rise
Let’s back up for a second: What do we mean when we talk about utility NFTs? The term refers to blockchain tokens that have substantial use beyond conferring ownership of a digital asset, (putting them in relief against some of the best-known NFT lines such as CryptoPunks). In the case of our own collectibles marketplace, our utility NFTs represent ownership of real-life goods — if you own the token, you can redeem it to take possession of the physical thing from our vault.
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Other common applications for utility NFTs include giving owners access to exclusive communities or events; for instance, Fox’s new Krapopolis show from Rick and Morty co-creator Dan Harmon lets fans purchase a Krap Chicken Fan Pass to participate in the show’s creative process — including a token-gated viewing room that gives holders early access to animatics and other insider previews of what’s coming to the TV network later this year.
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