Description: Utility NFTs are non-fungible tokens that provide their holders with benefits or additional functions beyond simple digital ownership. Unlike traditional NFTs, which often focus on art or collectibles, utility NFTs are designed to grant access to specific services, experiences, or products. This can include everything from exclusive event access, discounts on products, to voting rights on community decisions. The distinctive feature of these NFTs is their ability to interact with the real world and offer tangible value to their owners, making them versatile tools across various industries such as entertainment, fashion, and gaming. Their growing popularity is driven by the search for new monetization methods and the creation of more engaged communities, where NFT holders can enjoy unique benefits that foster loyalty and active participation.
History: Utility NFTs began to gain attention starting in 2020, when the NFT market expanded beyond digital art and collectibles. Projects like CryptoKitties and NBA Top Shot laid the groundwork for creating NFTs that offered more than just ownership, introducing elements of gamification and community. As blockchain technology evolved, platforms emerged that allowed the creation of NFTs with specific functions, such as access to events or exclusive services, leading to an increase in their popularity and adoption across various industries.
Uses: Utility NFTs are used in various applications, such as access to exclusive events, memberships in communities, discounts on products, and voting rights in governance decisions. In the gaming sector, they can offer in-game items or access to additional content. They are also used in the fashion industry to provide access to limited collections or personalized experiences. Their ability to offer tangible benefits to holders makes them valuable tools for customer loyalty and community building.
Examples: An example of a utility NFT is the access token for events from the Bored Ape Yacht Club platform, which allows holders to attend exclusive parties. Another case is the NFTs from the World of Women collection, which grant their owners access to an active community and special events. In the gaming sector, NFTs from Axie Infinity allow players to obtain characters and resources that can be used in the game as well as in the secondary market.
