Thread by @withmattkim

10 types of NFT utility explained.

NFTs used to be just art.

now it's becoming more than that.

here's the new crypto trend 👇

NFT "utility".

🧵 (a thread)...

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if you're new to NFTs, check out this video by @WhiteboardCryp1

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NFT utility means that these NFTs now have functional uses for them.

Here are 10 examples:

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Event Access:

NFTs like @BoredApeYC are used for exclusive member-only access to events and parties.

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Discord Channels:

@Collab_Land_ allows only people with specific NFTs to be part of Discord channels.

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Physical Items:

You can use NFTs to get physical versions of your art.

(@RTFKTstudios has sneaker NFTs and you can purchase the actual sneakers).

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Voting:

NFTs can be used to vote for organization decisions.

Also known as governance.

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Breeding:

You can use NFTs to create new NFTs.

You can breed 2 @CryptoKitties together to get a "baby" NFT.

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Merging:

Some NFTs let you merge 2 NFTs to create 1.

This decreases the total number of NFTs in that collection.

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Burning:

Some NFTs let you burn them (aka use them up).

This removes those NFTs from circulation permanently.

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Airdrops:

Airdropping means the owner gives them away to people for free.

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Fractional Ownership:

You can own part of an NFT.

@FLAMINGODAO and @fractional_art seamlessly let you do this.

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Staking:

Staking means you lock up your NFT to earn rewards.

@wolfdotgame lets you earn their native token $WOOL in exchange for staking your NFT.

13/ projects to watch

@CyberKongz
@BoredApeYC
@RTFKTstudios
@CryptoKitties
@wolfdotgame
@Collab_Land_
@SnapshotLabs
@FLAMINGODAO
@fractional_art

14/ 3 NFT Opportunities

Purchase Utility NFTs:

Be at the forefront of new NFT utilities by using them yourself.

Experiment with what's possible.

15/ 3 NFT Opportunities

The next NFT utility:

What are some creative ways we can be using NFTs?

Games like @DefiKingdoms are already experimenting with NFTs being "heroes" that can even go on quests.

16/ 3 NFT Opportunities

NFT Management Tools:

More organizations are experimenting with using NFT utilities.

Are there any solutions that can make this easier?

Is there a tool they can use to create their own NFT staking mechanisms?

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this article was inspired by @thebrettway

go check out his video here:

18/ what other NFT utilities have you seen??

comment on this thread! 👇

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