Content Developer Associate at almaBetter
NFTs' prospects and the hype around them need to be addressed, as it is essential that the world understands the value of this technology and utilizes it in the best way possible.
The exciting technology is making headlines everywhere, and several massive brands such as Starbucks and Meta are already one step ahead by hopping early on the trend.
If NFTs are to go mainstream, the most crucial factor will be their utility and not just the profit-making factor. If a new technology is to be used regularly, it has to be something that can be used in the day-to-day life of an average person. Therefore, NFTs must be accessible to everyone, and that’s the only way this technology can go mainstream. The non-fungible tokens are an exclusive collectible for people interested in collecting digital art or tickets for a considerable amount.
In this blog, we will look into the utilities of NFTs and how they can go mainstream if used accurately.
NFT utility is an essential feature because it adds value and functionality to the technology. One of the best examples of NFT utility is Play to Earn gaming, allowing users to earn exclusive digital tokens just for playing. The best part about the NFTs is the digital ownership; P2E enables users to own exclusive collectibles by working for them instead of just buying them out. Play-to-earn concept might be crucial in helping NFTs go mainstream in the future.
The only drawback with this concept is that it is exclusive to the people who are a part of the gaming community. If a person is not into gaming, it will be a challenging task to collect these digital tokens. As is evident, gaming companies won’t give out collectibles that easily. However, it is worth trying out and a piece of good news for all gamers around the world!
As the market matures, users are becoming cautious about how and where they want to spend their money. This is where the NFT utility (digital tokens) comes into play. Traditionally, when a user purchases a game, they do it to enjoy the gaming experience; however, now, with the exclusive collectibles, they have a solid reason to invest their money into P2E games.
Regarding digital world utility, digital ticketing is a good use case for NFTs. NFT tickets are digital assets that securely save a user’s credentials and act like a pass for entry into an event.
There are several advantages of NFT Ticketing, as the stakeholders can provide exclusive benefits to make the fan experience even more immersive. These benefits might include access to the backstage area, merchandise, and more. Another great advantage of digital ticketing is that it can help reward artists and other stakeholders with recurring royalties, which eventually results in a stronger association with fans. Finally, when using NFT tickets, everyone involved can always follow the transactions on the Blockchain ledger, essentially providing transparency.
Real estate has always been a profitable investment in real life. However, with Metaverse’s popularity, digital land or metaverse real estate is also gaining traction as an NFT Utility. There are several benefits of purchasing NFT virtual properties, as users can utilize them for various purposes such as gaming, socializing, working, and promoting their businesses.
NFT virtual properties are hassle-free as each NFT is one of a kind, and it is easy to exemplify digital ownership. The value of digital land is determined by various factors such as rarity, usefulness, and market speculation.
The NFT market has certainly matured, and people are more interested in the whole idea of a virtual world. However, on the other hand, as the general audience learns more about these technologies, they would want real-world use cases or the utility of such aspects. Initially, NFTs lacked real word applications or utility. However, as we move forward and NFTs add more and more benefits to their offerings, we might witness NFTs going mainstream sooner than we imagined.
If you are fascinated by the virtual world and aspire to be someone who works with Web3, Blockchain technology, and NFTs, check out AlmaBetter’s Full Stack Web Development with Web3 program in collaboration with Polygon. The industry-relevant program offers fantastic features such as mentorship sessions, cohort-based learning, lifetime access to learning materials, and a placement guarantee of Rs. 5-25 LPA.
Read our latest blog on “AC Milan’s new NFT project”.