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Getting free (or next to free) airdrops of NFTs from successful projects before they go on sale to the public is a bit like getting free money, and when the project in question is BAYC, that’s not a small amount of money, either. Yuga Labs, the company behind BAYC, also reserved 45,000 parcels of digital land from the BAYC metaverse Otherside for collectors. Owners of Bored Ape NFTs have received numerous benefits for having bought into the collection, including access to exclusive merch, allowlist access to Bored Ape Kennel Club and Mutant Ape Yacht Club airdrops, both of which have become highly-valuable collections in and of themselves due to the success of the main NFT project from which they originate.
The Bored Ape Yacht Club is one of the quintessential utility NFT projects out there. Utility simply isn’t a one-size-fits-all dynamic that any one camp can praise or denounce. Stop asking artists for utility- Drift April 13, 2022īut this binary is false, and the range of opinions the community has voiced about NFT utility is a pretty good reflection of the diversity of needs that NFT projects have regarding it.
Others believe the community shouldn’t pressure artists into delivering utility, claiming that the art itself is the utility. For some collectors, the simple fact that NFTs can have utility makes them expect it, almost without exception. The NFT utility divideīut the concept of utility has cleaved a deep rift in the NFT ecosystem. It’s the sense of community and camaraderie that comes along with it. For such individuals, digital meetups, live events, and related utilities are all important. In this respect, for some members of the NFT community, NFT ownership isn’t really about literally owning a unique digital file. In short, an NFT’s utility may help individuals feel like they are meaningfully contributing to a project.įor other NFT collectors, utility is essential because it allows them to connect with other like-minded individuals. However, the unique utility the project offered - i.e., letting collectors see birds released into the wild - certainly helped raise awareness for the NFT collection and incentivized people to buy the NFTs.īut why buy utility NFTs, instead of shopping for artistic value, alone? Rather than simply lending financial support to a conservation project, utility NFTs allowed owners a chance to be more intimately involved in what the team was doing. And why does NFT utility matter?įlach and the Atlas Labs team didn’t have to offer that utility to collectors. These might also outline how and why holders’ NFTs will retain and grow in value. Projects with a clearly-stated focus on utility often include clear roadmaps regarding where the developing team intends to lead the community.
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Collectors are often first in line for upcoming airdrops, they get access to exclusive IRL events, and NFTs even allow fans of TV shows and comic books to have a say in the IP’s creative direction. When it comes to PFP NFT projects, buying an NFT in the collection often comes with some pretty appealing benefits (or utilities). But most NFT projects offering collectors utility exist closer to ground level. Other projects have taken the concept of utility to astronomical heights (literally) by using NFTs to send people to space. For example, when photographer Tim Flach partnered with Atlas Labs to release a set of NFT photographs of the Spix’s Macaw, a species declared extinct in the wild, the team offered collectors a chance to be present at an event involving their release back into the Brazilian rainforest. The beauty of NFTs is that this utility can vary as broadly as the human imagination. Does that sound rather broad? That’s probably because it is. NFTs that come with utility (and not all do) give holders of those digital assets access to exclusive rights, benefits, and privileges.
But to get to that answer, we need to understand the basics of what NFT utility is, why people are so up in arms about it, and what its future will be. The answer to what utility means is more straightforward and interesting than you might think. The word has sparked countless discussions in the space in recent months, and the outcomes of those conversations are likely to answer a crucial question facing the Web3 world: what does an artist who sells NFTs owe the people who buy their work? If the NFT community were an extended family that met on occasion for holiday dinners and special events, utility would be the topical equivalent of politics and religion that people might try to avoid to keep things civil.
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