Understanding the Different Applications of NFT Utility for More Perks & Benefits
With the rising popularity of NFTs or Non-Fungible Tokens, more and more people are starting to understand how it can benefit them in many ways. And one of the broad classes of NFTs is called Utility NFTs, which curiosnft offers. It provides its token holders certain perks, such as passive income opportunities. Therefore, these are not just for collecting but also for utility. It can help enhance businesses and brands in different sectors. Overall, it introduces a new way of interacting that you will enjoy as a token holder. Let’s find out more about some of its different applications below.
Used as Tickets for Events & Merch
One of the most popular applications of utility NFTs is as digital versions of tickets that give you access to exclusive events. In fact, many projects have been using their utility tokens to provide exclusive access to closed-door events to their holders. Since NFTs are unique, it’s a lot easier for event organizers to determine and verify these digital VIP tickets. It’s better compared to traditional tickets, which can easily be faked. Therefore, it eliminates the fear of ticket fraud, which protects the event in its entirety.
Applications in the Gaming Industry
With many brands collaborating with gaming developers to release NFTs, such as Burberry, it has now become a hot sector in the gaming and blockchain industry. NFTs are a massive part of this ecosystem and the metaverse in general; utility NFTs are used to facilitate monetary transactions and general gameplay in the gaming world. It includes using NFTs to represent exclusive in-game assets and collectibles, which players can profit from by trading in the various NFT marketplaces. Holders can sell their NFTs on secondary markets for fiat currency for those who don’t play blockchain games.
Different Uses in the Art & Fashion Industry
Many projects have started introducing utility NFTs in the fashion and art industry. For instance, you can find online auctions where they sell digital copies of real-world luxury goods in the form of NFTs. After that, successful looters can receive the physical goods. And through Augmented Reality, people can try on virtual outfits in the fashion metaverse in the near future. Furthermore, you can purchase an NFT artwork, but a physical art piece could be sent as proof of purchase. Therefore, allowing the holders to curate their pieces and show off their collection. It will enable art collectors to increase the value of their NFTs and the corresponding physical products.