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In recent years, digital assets have experienced explosive growth, 187% increase Total market capitalization for the last year alone. This growth can be attributed to the growing popularity of NFTs and the need for secure and transparent digital transactions.
lecture notes
Paul-Adrien Lamoureux, co-founder of the token-gated platform sender 3, has spoken to hundreds of brands launching NFT collections. He has the opportunity to interview major projects to highlight the most intriguing utility projects.
“We’re still exploring and experimenting with holder utility. It’s very exciting to have the opportunity to talk to leading NFT project teams and learn how they can provide utility for holders,” said Paul-Adrien.
I see you, do you see me?
One of the most exciting utilities for holders is attending live events. Many people tend to think that NFT utility is limited to the digital space. But as we’ll see throughout this article, physical utility is just as important as virtual utility.
Justin Mezer (Proof and moon bird) recently continued his visit to European cities, where he and his team hosted IRL meetups for Moonbirds and Proof NFT holders.
“With Proof and Moonbirds, we knew that one of the things we needed to do when it came to community was to make sure there was local activation. We wanted to have some moments of authenticity where you could see people you met online and share in those face-to-face in diverse digital communities.”
Meetings were held in Berlin, Paris, Lisbon and London. Each location has been chosen for its uniqueness and cultural significance.
World of Women (WoW) has also successfully offered in-person meetups for its NFT holders.
“We have a program called WoW Meetups under which [NFT holders] Funding can be applied for to organize meetups with other local holders. We had two events in Los Angeles and two events in New York. We’ve had one in Korea, Malaysia, Singapore, Toronto, and we’re about to have one in Vancouver,” said Kashvi Parekh.
With such a diverse mix of locations, these NFT memberships truly offer a unique and one-of-a-kind experience. But what else can these tokens be used for?
Will NFTs be the new way to stream?
One of the most exciting and innovative use cases we saw during this interview came from Krapopolis. It’s a new TV show coming to Fox next year from Rick and Morty co-creator Dan Harmon.
Stephen Byrne, vice president of Fox’s Blockchain Creative Labs, spoke about the value NFT holders will receive.
“We have a token-gated viewing room, so if you’re a Krap Chicken holder, you actually have access to this token-gated viewing room. You can see animations now, and I’m super excited to bring more Put it in that observation room.”
While there’s no limit to the utility Krapopolis can offer holders, exclusive content and early access to new episodes may be the most enticing.
One two, one two, did you get it?
A common theme for some projects is the challenges involved in handling communication between token holders. Some solutions are shaped by the makeup of the community, like World of Women.
Kashvi Parekh offers some insight into how they engage with the community and beyond: “Discord is currently the number one place for the WoW community to interact. But one interesting statistic we’re seeing is that a lot of women in our community don’t Love using Discord.”
In this case, group interactions naturally migrate to other mediums, such as Instagram.
The Lootverse, on the other hand, had a different problem and they had to find a solution. The communication channels they provide for NFT holders are full of trolls and people promoting their products.
Lootverse’s solution may seem counterintuitive, but it works. Sumaroo shared what’s interesting about the project and its impact on the community: “Each message you post is actually paid a small fee to post it. This effectively eliminates all spam and trolls and such. thing.”
My NFT, my rights
The real advantage of NFT-based projects is that the holder of the NFT is the sole owner of it and anything that comes with it.
World of Women uses this fact to the benefit of the artists who hold their NFTs. Kashvi Parekh pointed out that the intellectual property rights to the artwork they create belong to the NFT holders: “This means WoW and WoW-G holders can take the artwork and start their own business with it. They can use it as a logo, or as an integral part of the branding of any product or service they launch. “
This significantly lowers the barriers to entry that artists and entrepreneurs typically face when monetizing their work.
redemption in real life
We’ve seen projects invest in real-world meetups, but some go even further than that.
Exclusive brings luxury brands together with the digital world. To this end, Exclusive NFTs often appear alongside real-life products as well.
An example is their Bugatti drop. Along with the NFT, holders also received a sculpture of a contemporary Bugatti La Voiture Noire. But there are many others, such as the Hogan drop.
“All the NFT holders of the Hogan drop, if they go to the physical store, they will get special treatment, such as gift bags, welcome to the community,” said Sara Teixeira of Exclusive.
While Exclusive is leading the way, adding real-world value to NFTs is something more that other projects will have to do to remain competitive in the future.
big names entering the field
Adam De Cata is bringing the real world into the virtual world. As Head of Partnerships at Decentraland, CEO of NFT Tech, he has been actively involved in the blockchain space and previously worked at Warner Bros.
The metaverse represents the new real estate that consumers are spending their time and attention on. Adam was responsible for bringing big-name brands like Coca-Cola and Wimbledon into the Metaverse. He’s also working on the Elvis NFT collection, which apparently has a large pre-existing fan base.
Regarding his work on Decentraland, Adam said, “I think for us, it’s about establishing a purpose, building something really interesting and engaging, having a high-quality project, and then inspiring the people around us to do things differently. way of thinking.”
The Future of Utility in NFT Projects
As the NFT world continues to evolve, so will the utility of projects. Focusing on the various utilities associated with your projects will help you identify which items can be sustainable and contribute to the growth of the space as a whole.
Note: Investing in cryptocurrencies and encrypted assets is financially risky and readers should do their own due diligence. Entrepreneur Media does not endorse any such investments.
