How to Add Utility to an NFT
Forget about static websites, read-only dynamics, corporations taking control over the things you own and being spied on, enter the world of NFTs.
Welcome to Web 3.0 where everything is decentralized, where you have power over the things that you own and people buy first to see what will be developed in the future, the famous “ownership economy”.
Blockchain is a transparent ledger that allows you to issue NFTs where you can verify actual ownership and other data with trust because it’s decentralized. NFTs are digital assets that because of blockchain you can see how it navigates through the world.
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NFT Real-World Use Case Examples
This is transcendental to today’s world, we are more technological than ever and NFTs help us to evolve and improve our digital experiences. This is not just art as many think, this is not just a community of flippers, this is not fugazzi money, this is actually a new way of interacting digitally!
The metaverse is the place where we can hang out digitally, cryptocurrencies are the way of exchanging value and NFTs are the assets that we buy to communicate.
Communicate? Buy? NFTs? Slow down I will explain it to you…
We are more technological by nature and NFTs allow us to communicate who we are inside this digital environment in what we are spending more time as days goes.
In this article we will review how you can create an NFT into Real-World Utility for your business so keep posted!
What does it mean for an NFT to have Real-World Utility?
NFTs were first known as Digital Art or Digital Collectibles but actually the concept is much more. NFTs have an underlying ladger that can represent anything that requires authentication of digital property.
NFTs can represent the signatures of a home, a ticket to a conference, a membership pass, it can represent a physical object or a contract! As long as you explore the utility a NFT could be anything.
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NFT Collectible Token Holder Abilities
There is a small population submitted to only collect art but there are billions of people willing to buy things that come with experiences.
Utility NFTs are NFTs with valuations based on the access, perks, and opportunities they provide to token holders. Utility NFTs are NFTs that offer clearly defined intrinsic value in addition to the usual scarcity associated with NFTs.
Holding a utility NFT, for example, can grant access to exclusive experiences, early access to products, airdrops, exclusive invites to events with top celebrities/athletes, and much more.
Let’s take the example of Kings Of Leons:
Back in March of 2021, Kings of Leon released their album titled “When You See Yourself”, in the form of a non-fungible token (NFT) — becoming the first band to ever do so.
The band actually dropped three types of tokens as part of a series called “NFT Yourself” but one offered live show perks like front-row seats for life, meet & greets, merchandising, green-room access, among other things.
Can an NFT be a Business?
Alan Weiss says that the purpose of a business is to offer value (through products and/or services) to customers, who pay for the value with cash or equivalents. Minimally, the money received should fund the costs of operating the business as well as provide for the life needs of the proprietor.
Non-fungible tokens (NFT) are a type of digital asset which can be used to represent ownership of a unique object. They are different from commodities and other fungible tokens because they have an intrinsic, digital scarcity.
So if you ask me, as long as you create value packaged in NFTs you could say that you have a Business NFT.
How Brands are using NFTs
Let’s review some of the most famous one to see what they are doing:
Diamond Supply Co. & Nike Tiffany SB Dunks NFTs
The Nike Dunk SB Low Diamond Supply Co. is considered by many to be a “holy grail” of shoes. Nicky Diamonds is the founder and the designer of Diamond Supply Co. and has worked with brands such as Nike, Coca-Cola, Puma, Chevrolet, NBA, ASICS, Basquiat Estate, and Warner Brothers, among many. He teamed up with ArtGrails, a standalone NFT platform, to turn his much-coveted shoe into an NFT.
So what do you get when you buy the NFT? Every Diamond Crypto Dunk holder has an exclusive membership card to everything diamond.
- Every Diamond Crypto Dunk holder will have pre-access to Nicky Diamonds upcoming store opening in the metaverse.
- DCD holders are granted access to all nicky diamonds exclusive events and first access to all diamond supply co collaborations, special releases and DCD holder only vvs1 gang merch.
- DCD holders have pre-sale listing opportunities for upcoming nft project collaborations and affiliated nft / crypto currency coin projects.
- DCD holders receive a discount of any purchase directly from the diamond supplyco.com webstore (DCD holders will be verified on the diamond supply co. website through a shopify wallet connection receiving a 30% discount at checkout. (currently being implemented)
- DCD holders have exclusive access to minting nicky diamonds designed metaverse wearables. Designs will include apparel, hats, sneakers and accessories for personalizing avatars from head to toe (being implemented in multiple metaverses).
Before the minting they explored some collaborations making public that all the holders of Adam Bomb Squad were automatically placed on the pre-sale list. Also all Fire Starter Hiro Token Holders had a place in pre-sale.
They followed the next approach when it comes to minting:
McLaren Racing Collective NFTs
McLaren has announced the creation of the McLaren Racing Collective, a global community of collectors and fans served through an innovative digital platform, where fans can purchase McLaren Racing digital collectibles in the form of NFTs.
The platform will be McLaren Racing’s primary location to allow fans and blockchain enthusiasts alike to engage with the brand, with the first drop featuring different digital components of the MCL35M 2021 Formula 1 race cars, originated from the McLaren Racing CAD system.
The initial digital components will be gifted free to fans who join the McLaren Racing Collective platform. From there, fans can collect one or multiple components as they are released in an experience which enables fans to accumulate all 22 available components and assemble the full digital MCL35M race car.
But why should a person think of collecting all the pieces? Because of the incredible reward! The first person to complete a full MCL35M will win a trip to a McLaren Formula 1 VIP race weekend experience this year.
#McLaren Racing Collective Platform Goes Live On #Tezos
— Blockchain Reporter (@blockchainrptr) October 22, 2021
BY: Lee Evanshttps://t.co/OvzqvNLGaq
#Altcoin #Bitcoin #Blockchain #BlockchainTechnology #BTC #Crypto #Cryptocurrency #F1 #McLarenRacingCollective #NFT #NFTs #Xtz @McLarenF1 @tezos @XTZNews pic.twitter.com/XYvMimJBla
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Bacardi Music NFTs
Bacardi is taking its approach to the next level by pairing purpose with blockchain technology and empowering people to invest in women in music production.
Bacardi and BBDO NY teamed with Grammy-winning producer Boi-1da to launch a collection of music NFTs aimed at addressing gender disparities in the music industry. According to a representative from BBDO, only 2% of music producers are women. That’s why the NFT collection, called “Music Liberates Music,” included three tracks from female Caribbean producers Bambii, Denise De’ion and Perfxn.
Bacardi’s latest campaign takes this engagement one step further by allowing buyers to have an ongoing financial investment in their NFTs. As streams go up, so do the royalties that consumers can earn, which could establish a deeper connection among consumer, artist and brand.
The holders of the three NFTs will also receive unique Stromectrol for human animated art from Serwah Arrufuah, an afrofuturist designer, and promotional kits to promote their track’s artist and build up streaming figures.
Looking for a Blockchain Marketing Agency?
Crowdcreate is a leading crypto, NFT, web3, and metaverse marketing agency that’s helped some of the top projects in crypto create buzz, grow a digital community, and connect with influencers & investors.
Because of their desire to create something truly revolutionary, Robert Mondavi Winery partnered up with the legendary French porcelain house Bernardaud to create a limited series of Limoges porcelain magnum (1.5L) bottles, each a handcrafted sculpture.
In a nod to the year Robert Mondavi Winery was established, the collection features 1,966 bottles, each an original creation inspired by Robert Mondavi Winery’s vineyards, wines and iconic winery, and each one taking 50 specialized craftsmen nearly two weeks to create. The result is stunning design and perfect functionality in a single vessel.
Each bottle will be offered exclusively through generative art non fungible tokens (NFTs), each a unique and collectible piece of art created by Clay Heaton. He is a generative artist and data scientist at day has launched various projects in the NFT space.
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Summary
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