NFT Utility: Tired vs Inspired
NFTs and NFT utility continue to evolve at, what seems like, the speed of light. For those of you not familiar with utility, utility is the added value holders of NFTs get for being invested in the project. The way a project is typically valued can be identified based on a few key items, supply vs demand and future expected value.
We’ve quickly hit a period where the leaders of many key initiatives are driving the roadmap for everybody else. The important thing to keep in mind, is that if you’re not being innovative and inspiring future projects your utility is TIRED.
We’re going to break down a rising trend of tired repetitive utility being pitched as value add and tie it back to their inspired counterparts. My goal here is not to knock any specific projects or what they’re doing, but to continue to push the entire space towards executional excellence. Any of these tired or inspired items can easily be flipped to the other category given the right or wrong team trying to execute.
No, I’m sorry to tell you, but nobody cares or wants your merch. Great, every project says that the owner of the NFT owns the intellectual property (IP) to the image and therefore they can do what they want with it including future merchandising opportunities.
Yes, selling merchandise is one potential revenue stream open to licensing of IP, but that does not mean every project needs to make terrible merch. I realize I’m writing this right as the Bored Ape Yacht Club (BAYC) sold out instantly of all of their merch, well guess what? Your most recent generative project is not BAYC and can only strive for that level of success.
Inspired: Books & Other Creative
IP can also be used in so many other ways. This includes books, and other creative outlets. These other creative outlets include things like animated films, video games, and derivative pieces! There are now projects slowly popping up with the goal of taking your JPEGs and turning them into something with real substance.
This is how you give your NFT legs and start building real value behind the IP. The generative project you bought does not have standalone value worthy of merchandise, but with a proper back story or short film…who knows where the upside may end.
Tired: Companions, Paired Air Drops
Most of these things deemed as utility can be tied back to the BAYC, the Bored Ape Kennel Club (BAKC) resulted in new dogs being available for all BAYC holders. The BAKC spawned a new idea that every project needs to have a companion or related release available for all of their members. This process has become TIRED.
The additional drops may cause a slight run up in price to the original NFT, but after release day the original NFT goes down…and the companion NFT is worth minimal. NFTs are based on the utility surrounding them, if you’re dropping an additional NFT make sure it comes with utility! This could be a standalone utility or by pairing it with original NFTs.
The opposite of a useless companion? A sweet 1/1 piece of a community member’s favorite NFT. There are SO MANY good artists out there, and many of them are completely unknown. Identify a few that are small and get them involved with your project and have them create new artwork for your community!
This is both a great way to drive community engagement as members share the art they now own, give small artists exposure by getting them involved, and beef up your projects Twitter engagement.
Every project these days references some form of a metaverse, very few of them seem to be delivering on them. What does a metaverse mean anyway as a value add? Is it just a place for your avatar to exist where you can run and jump? That doesn’t do much for most of the community and pretending it’s somewhere in your roadmap isn’t super helpful. Execution is so important for this item, and without proper execution it’s just another useless promise of utility.
Inspired: Forging, Booming, Fuzing
The ability to combine traits of two of my floor NFTs to create a new one is a motion I can get behind. This also decreases the overall quantity of NFTs in circulation which benefits everybody else. That is huge, the individual gets a new NFT they are happier with and the entire community benefits from a decrease in circulation. I also really appreciate projects that are putting healthy spins on this function whether its new traits or other utility and benefits.
Tired: Rarity Tools / Sniper
Yes, we now expect every single project to be on rarity tools and/or on rarity sniper. No, this is not added utility to your community, this is table stakes to your project even being considered legitimate in the NFT society. Nobody wants to be involved in a project where they can’t figure out how rare their NFT is, then the marketplace will never be fair ground. Get rarity tools enabled and let everybody know, but don’t position this as utility for your community.
Inspired: Pushing Technical Boundaries
The NFT space is unbelievable, the technical advancements are pushing what can be done to technical extremes. We have small development teams pushing code to enable us to do new things at an unbelievable pace. The blockchain is great due to the transparency, the more technical innovation that occurs and occurs on-chain the better we all are for it. Ideas and utility boundaries are pushed from project to project, a great idea is tested with basic UI in an alpha/MVP style and then a future project picks it up and puts all of that information on-chain. The next best part, most projects open source their code to let the next project build further.
BONUS ROUND: INSPIRED
Charitable giving. This will always be inspiring to me and will be one thing I look for on every project that I mint. Is there a cause behind it? How are they identifying causes to support? Are they making traceable transactions that everybody can follow? Honestly, there are so many phenomenal causes out there that need our support. Find one and get your team behind it. Pick a message that resonates with you and find a way to help. Make the world a better place, show that the NFT space is not all ANONs who are out to cause pain, we all have a duty to grow our community and charitable giving will always be a major part of that.
Agree or disagree with what I have listed here? Sound off on Twitter @drucritt. I’d also love to hear about any projects with utility you think should’ve made the list! Check our my other articles here.
Greetings from Ohio! I’m bored to death at work so I decided to browse your website on my iphone during lunch break. I really like the information you provide here and can’t wait to take a look when I get home. I’m amazed at how quick your blog loaded on my phone .. I’m not even using WIFI, just 3G .. Anyhow, amazing blog!|
I think the admin of this website is in fact working hard in support of his website, for the reason that here every material is quality based data.|
Wow that was unusual. I just wrote an really long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say excellent blog!|
Right now it seems like Drupal is the preferred blogging platform available right now. (from what I’ve read) Is that what you are using on your blog?|
You actually make it seem so easy with your presentation but I find this matter to be really something that I think I would never understand. It seems too complex and extremely broad for me. I am looking forward for your next post, I’ll try to get the hang of it!|
If some one wants expert view concerning blogging after that i suggest him/her to pay a quick visit this webpage, Keep up the pleasant job.|
Very quickly this web site will be famous among all blog viewers, due to it’s fastidious posts|
Hi there, after reading this awesome post i am also delighted to share my experience here with friends.|
Thanks-a-mundo for the post.Really looking forward to read more. Really Cool.
Why people still make use of to read news papers when in this technological world everything is accessible on net?|
I open it then something pops up saying:. . Firefox has stopped working.. Windows can check online for a solution to the problem.. . So can anyone help to fix it?.
Hello are using WordPress for your site platform? I’m new to the blog world but I’m trying to get started and create my own. Do you require any html coding knowledge to make your own blog? Any help would be really appreciated!|
Hello friends, good piece of writing and fastidious arguments commented at this place, I am really enjoying by these.|
fantastic post, very informative. I wonder why the opposite specialists of this sector do not notice this. You should proceed your writing. I’m sure, you’ve a huge readers’ base already!
I was suggested this blog through my cousin. I am no longer certain whether this submit is written by him as no one else understand such unique approximately my difficulty. You’re amazing! Thanks!|
After going over a handful of the blog articles on your web site, I honestly like your technique of blogging. I saved as a favorite it to my bookmark site list and will be checking back in the near future. Take a look at my web site as well and let me know how you feel.|
Do you have a spam issue on this website; I also am a blogger, and I was wanting to know your situation; many of us have developed some nice practices and we are looking to swap strategies with others, please shoot me an e-mail if interested.|
I’m gone to tell my little brother, that he should also pay a visit this website on regular basis to take updated from most recent reports.|
[url=https://www.youtube.com/watch?v=okswK7FK9sM]приготовить дома ПАСТУ БОЛОНЬЕЗЕ[/url]
Мы предлагаем широкий ассортимент качественной посуды сообразно адекватным ценам. Безвыездно начинается с мечты.
приготовить дома ПАСТУ БОЛОНЬЕЗЕ
Hi there! This post could not be written any better! Looking through this post reminds me of my previous roommate! He always kept preaching about this. I most certainly will send this post to him. Pretty sure he will have a very good read. Thank you for sharing!|
Hey There. I discovered your weblog the use of msn. That is an extremely well written article. I’ll make sure to bookmark it and return to learn extra of your useful info. Thank you for the post. I will definitely return.|
Can I just say what a relief to discover an individual who genuinely knows what they are talking about over the internet. You definitely know how to bring a problem to light and make it important. More and more people really need to read this and understand this side of your story. It’s surprising you are not more popular since you surely have the gift.|
I think this is one of the most vital information for me. And i am glad reading your article. But should remark on some general things, The web site style is ideal, the articles is really nice : D. Good job, cheers|
Hey there just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.|
When I initially commented I appear to have clicked on the -Notify me when new comments are added- checkbox and from now on each time a comment is added I receive four emails with the same comment. Is there a means you are able to remove me from that service? Many thanks!|
Hello to every single one, it’s actually a good for me to pay a visit this web page, it includes important Information.|
Pretty! This was a really wonderful post. Thank you for supplying this information.|
Excellent article! We are linking to this particularly great article on our site. Keep up the great writing.|
hello there and thank you for your information – I’ve definitely picked up something new from right here. I did however expertise a few technical issues using this site, as I experienced to reload the web site lots of times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your quality score if ads and marketing with Adwords. Well I’m adding this RSS to my e-mail and could look out for much more of your respective interesting content. Make sure you update this again very soon..
Touche. Great arguments. Keep up the amazing work.|
I don’t know whether it’s just me or if everybody else encountering problems with your website. It appears like some of the written text in your content are running off the screen. Can somebody else please provide feedback and let me know if this is happening to them as well? This may be a issue with my browser because I’ve had this happen before. Appreciate it|
Yesterday, while I was at work, my sister stole my iPad and tested to see if it can survive a twenty five foot drop, just so she can be a youtube sensation. My iPad is now broken and she has 83 views. I know this is entirely off topic but I had to share it with someone!|
This is the perfect blog for anybody who wants to find out about this topic. You realize so much its almost tough to argue with you (not that I really would want toâ€¦HaHa). You certainly put a brand new spin on a subject that has been written about for years. Wonderful stuff, just excellent!|
Hi it’s me, I am also visiting this web page on a regular basis, this website is really fastidious and the people are truly sharing nice thoughts.|
Hello my loved one! I want to say that this article is amazing, great written and come with approximately all significant infos. I would like to see extra posts like this .|
I’ve been surfing online more than 2 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all webmasters and bloggers made good content as you did, the web will be much more useful than ever before.|
jamedays b9c45beda1 https://coub.com/stories/2696547-resumen-la-ciudad-de-las-bestias-personajes-khrdelc
nemvoyt b9c45beda1 https://coub.com/stories/2719243-3-step-pattern-worksheets-hot
salasha b9c45beda1 https://coub.com/stories/2737616-lg-xboom-pl5-vs-pl7-new
Wonderful beat ! I wish to apprentice even as you amend your website, how could i subscribe for a blog web site? The account helped me a applicable deal. I have been a little bit familiar of this your broadcast provided shiny transparent concept|
Thanks to my father who told me about this webpage, this weblog is in fact awesome.|
Its such as you read my mind! You seem to understand a lot approximately this, like you wrote the e-book in it or something. I feel that you can do with a few to pressure the message home a bit, however instead of that, this is excellent blog. A fantastic read. I will certainly be back.|
whoah this weblog is excellent i love studying your posts. Keep up the great work! You understand, many individuals are searching round for this info, you can help them greatly. |
I am really loving the theme/design of your web site. Do you ever run into any browser compatibility problems? A handful of my blog audience have complained about my website not operating correctly in Explorer but looks great in Opera. Do you have any ideas to help fix this problem?|
Thanks very nice blog!|
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You clearly know what youre talking about, why waste your intelligence on just posting videos to your site when you could be giving us something enlightening to read?|
It’s genuinely very complicated in this busy life to listen news
on Television, so I simply use web for that reason, and obtain the latest information.
This is my first time go to see at here and i am in fact impressed to read all at one place.|
Your style is really unique compared to other people I’ve read stuff from.
I appreciate you for posting when you’ve got
the opportunity, Guess I’ll just bookmark this web site.
I do not know whether it’s just me or if perhaps everybody else encountering issues with your site. It seems like some of the written text within your posts are running off the screen. Can someone else please provide feedback and let me know if this is happening to them too? This could be a issue with my browser because I’ve had this happen before. Appreciate it|
Excellent way of explaining, and pleasant paragraph to obtain facts about my presentation subject, which i am going to
present in institution of higher education.
Can you tell us more about this? I’d care to find out more details.
What’s up everyone, it’s my first pay a visit at this web site, and paragraph is truly fruitful designed for me, keep up posting
This is a very good tip especially to those new to the blogosphere.
Brief but very accurate info… Appreciate your sharing this one.
A must read post! quest bars https://www.iherb.com/search?kw=quest%20bars quest bars
I blog often and I genuinely appreciate your information. This great article has truly peaked my interest.
I’m going to book mark your website and keep checking for new information about once per week.
I opted in for your Feed too. ps4 https://tinyurl.com/45xtc52b ps4 games
First off I want to say great blog! I had a quick question in which I’d like to ask if you don’t mind.
I was interested to know how you center yourself and clear your head
prior to writing. I have had a tough time clearing my mind
in getting my thoughts out there. I do take pleasure in writing but it
just seems like the first 10 to 15 minutes tend to be lost just trying to figure out
how to begin. Any ideas or tips? Thank you!
cheap flights http://1704milesapart.tumblr.com/ cheap flights
It’s in reality a great and helpful piece of info.
I am glad that you shared this helpful information with us.
Please keep us informed like this. Thanks for sharing.
scoliosis surgery https://coub.com/stories/962966-scoliosis-surgery scoliosis
Very good blog you have here but I was wanting to know if you knew of any
message boards that cover the same topics discussed here?
I’d really like to be a part of community where I can get advice from other experienced people that share the same interest.
If you have any suggestions, please let me know.
Appreciate it! scoliosis surgery https://0401mm.tumblr.com/ scoliosis surgery
Hey I know this is off topic but I was wondering if
you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for quite some time and
was hoping maybe you would have some experience with something like this.
Please let me know if you run into anything. I truly enjoy reading your blog
and I look forward to your new updates. asmr https://app.gumroad.com/asmr2021/p/best-asmr-online asmr
I got this web page from my buddy who informed me
concerning this web site and now this time I am visiting
this site and reading very informative articles or reviews at this time.
quest bars http://bit.ly/3C2tkMR quest bars
Hello to all, how is everything, I think every one is getting more from this
website, and your views are good for new people.
Thanks for sharing your thoughts on that.
I have read so many articles about the blogger lovers but this piece of writing is in fact a pleasant piece
of writing, keep it up.
Hey there! I’ve been following your web site for a while now
and finally got the courage to go ahead and give you a shout out from Huffman Tx!
Just wanted to say keep up the great work!
What’s up colleagues, its enormous paragraph on the topic of teachingand completely defined, keep it up all the time.
I do not even know how I ended up here, but I thought this post was good.
I don’t know who you are but definitely you’re going to a famous
blogger if you are not already 😉 Cheers!
I really love your blog.. Great colors & theme.
Did you create this website yourself? Please reply back as
I’m planning to create my own personal blog and would like
to know where you got this from or just what the theme is called.
I have been surfing on-line more than 3 hours these days, but I never found any interesting article like
yours. It is lovely price sufficient for me. In my opinion, if
all website owners and bloggers made excellent content material as you did,
the net can be a lot more useful than ever before.
You’ve made some really good points there. I checked on the net for more info about the issue and found most individuals will go along
with your views on this web site.