Putting NFT Utilities Into Your Business

By Jeffrey Maganis

Putting NFT Utilities Into Your Business

NFTs offer more flexibility and usefulness than other digital assets is one of the primary reasons they are growing in popularity. NFTs can be used for a variety of things, including digital art, land titles, and virtual pets. Although utility NFTs are still in their early stages, several experts have projected that they are a strong asset that will eventually garner widespread public acceptance.

Community NFTs, gambling, in-game items, and social NFTs are a few of the major concepts that employ utility NFTs. It will also continue to grow in the market based on user experience. The benefits of owning a utility NFT include access to unique giveaways, airdrops, early product access, invitations to events, and parties with celebrities.

We are seeing "Utility" based projects struggle, because their tools are only useful within the NFT ecosystem

When NFTs struggle, so do these accompanied tools

WL/collab/data/trading tools don't have much use in a bear NFT market

We need "utility" that ventures outside NFTs
— Turnt Up Dylan / DKS (33.3%)《TYR》 (@TurntUpDylan) July 4, 2022

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NFT Utilities

Types of Utilities in NFT

Play to Earn NFTs – When playing games, participants will compete to win or obtain that unique feature of the games. The users will be able to instantly redeem an earning or value from these NFTs. NFTs like Axie Infinity, Pegaxy and Spliterlands which players have to hold in order to participate in the game play.

Gambling NFTs – Gambling NFTs like Gambling Apes. The focus of Gambling Apes is gambling. The future, jointly owned metaverse casino is the project’s key selling feature. Every month, as a Gambling Ape owner, you will receive a portion of the casino’s earnings in addition to special access to specific tournaments and events that aren’t open to the general public. The industry’s growth spurred by covid was only the beginning. These days, NFT projects explicitly target this industry, paving the stage for next advancements. The potential for expansion is huge.

Community NFTs – Users who purchase this NFT and have access to exclusive fan communities in addition to owning it. An example would be the VeeFriends NFT. With the NFT, you would be able to attend VeeCon, the developer’s convention for creativity, marketing, business, and community enjoyment, for three years.

Sports NFTs – Given that sports enthusiasts are well-known for being enthusiastic collectors of memorabilia, whether it is vintage sporting goods or signatures from well-known sportsmen, NFT sports collectibles may represent an additional investment option. An example would be NBA Top Shot. Each collectable has a blockchain connection in which buyers can acquire the crypto-collectible NBA Top Shot (NFT). By doing this, each NFT is effectively given a special certificate of validity that cannot be altered. Therefore, even if someone creates an exact replica of the highlight movie, it will be obvious that it is phony. A LeBron James highlight sold for $200,000.

NFT Utilities

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Overview of Marketing your NFT Utilities Strategies

As the NFT market becomes crowded, developers must come up with new ideas for motivating users to accumulate NFTs. NFT collectors today are not only required to possess an NFT, but also to take advantage of a number of benefits. The fundamental secret to the success of the top projects appears to be the usefulness underlying NFTs.

Looking for Best NFT Marketing Agency? Whatever strategy you may choose, we here at Crowdcreate can help you out with your NFT Marketing Strategies. Contact our team at Crowdcreate and let us discuss the strategy that’s best for you and get your NFT project the marketing and exposure it truly deserves.

Author

Jeffrey Maganis

I’m the co-founder of Crowdcreate, a leading marketing & consulting agency. Crowdcreate has been a global pioneer in marketing some of the most successful businesses around the world ranging from tech and blockchain, to lifestyle and business. Crowdcreate is an award-winning full-service consultancy winning multiple awards such as “Top Marketing Firm” by Forbes, CoinBureau, and Clutch. Crowdcreate also runs one of the largest networks of founders, investors, influencers, and creators. Follow me on Twitter and connect on LinkedIn to suggest updates to the list.

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Author

Jeffrey Maganis

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