As NFTs and the wider blockchain and metaverse spaces evolve, it’s inevitable we will see a change in how things are done. And one such change- the evolution of the idea of NFT Utility- is making itself a common point of debate in NFT spaces. With collections like the super-hot Book of Gates bringing the concept of NFT Utility to the table, what should you know? Let’s take a look
What is NFT Utility?
Not all NFTs have in-built utility. Many of the collections, including some of the current ‘blue-chip’ NFT collections, simply exist to allow for more accountability in the ownership of digital art. However, as the wider idea of NFTs has evolved, we’ve seen more and more attempts to either fuse them with the ‘meat space’ around us, or offer additional functionality and enjoyment for the owner. And it’s always nice to have extra options.
So utility isn’t a have-to-have, but it’s certainly very nice to have! Whether it’s something like knowing a charity gets a donation from your purchase, right through to buying assets that you can use in the Web3 gaming space, it adds an extra dimension of utility. And a prime example of how NFTs have immense power to help meet a number of needs, not just art collection.
The Book of Gates: An NFT with Utility
Still not sure what NFT utility can mean? Let’s look at one of our favorite NFT gaming collections, due to launch very shortly. Based on the graphic novels by Alexander Black, the Book of Gates is, at the core, a very beautiful collection of 10,008 exquisite NFT images. More than gorgeous enough to just hold for the art (and investment) value alone.
However, it’s also an online trading card game. Think Magic: The Gathering, but set in an evocative landscape reminiscent of the ancient world of archaeological exploration, with 7 secret Orders working behind the scenes for added intrigue and drama. For those wanting ‘more’ from the collection, they’ll have the chance to shape, change, and build an entire new gaming ecosystem from the ground up.
Of course, this depth of utility doesn’t need to come with every NFT collection. There’s nothing wrong with the idea of art-for-art’s-sake, as they were initially developed. But seeing the idea of an NFT as ‘just’ an art piece moving forward into this broader space is certainly exciting. In fact, we can bet that there’s a future where NFTs will differentiate more broadly, into NFTs with paired utility, and NFT art collections. It’s an ever-shifting landscape that will grow as the wider metaverse does, and that’s a fantastic thing.
What is clear, however, is that NFTs are the way of the future when it comes to giving both creators and owners greater flexibility, accountability, and ways to properly track recompense and royalties due. The added creativity and flexibility of the genre is just another great facet to consider.