cft

NFTs with Utilities- Non Fungible Tokens Beyond Pixelated art

Non-Fungible Tokens are now well known even to people who are not tech geeks.


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osamu dazai

2 years ago | 1 min read

Non-Fungible Tokens are now well known even to people who are not tech geeks. The popularity of NFTs is getting hyped up that they are known to even in the nooks and corners of the globe. NFTs with Utilities became popular with NFT gaming platforms. Yet, there were NFT collections that broke the comment that they are not just jpeg images and they are beyond Pixelated arts. You must have heard about NFT games or about Garry Vee's NFTs that came with Utilities. If you haven't, here is a short blog to tell you all about NFTs with Utilities with other examples like Token gated communities.

NFTs with Utilities

When NFTs came, they were criticized that they were just JPEG images that would lose value over time. To prove them wrong, Garry Vee, an Entrepreneur, came out with his NFT collection that has a utility attracted to it. That is, whoever buys an NFT from his Vee Friends NFT collection, will have a chance to interact with Garry through a voice call, chat, or even a video call, depending upon the NFT he buys.

Interesting right? This paved the way for the Token gated community, where a community is formed with the help of NFTs in the blockchain. Bored Ape Yacht Club was the pioneer in this case. Whoever owns the NFT for this certain community will get access to the exclusive perks and offers that are designed only for the community members.

NFT gaming platforms and NFT gaming Marketplaces are other examples of utility-based NFTs. Instead of buying an in-game item as a digital file, you buy them as an NFT on these platforms. This way, you can sell, rent and earn through these NFTs whenever you want.

Outlook

NFTs are getting their updates every day, and they are now used by governments to record documents. Birth certificates and even land records are registered as NFTs in the blockchain. NFT trading platforms are getting a constant demand for NFTs even during the market downfall displaying how strong these NFTs are and how they are invading every industry one by one. 

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