10 Types of NFT Utility Explained
NFTs used to be just art.
Now it's becoming more than that.
Here's the new web3 trend 👇
NFT "utility". NFT utility means that these NFTs now have functional uses for them.
Here are 10 examples:
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Event Access: NFTs like Bored Ape Yacht Club 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 (RTFKT has sneaker NFTs and you can get 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 for free to people.
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Fractional Ownership: You can own part of an NFT. Flamingo DAO and Fractional.Art seamlessly let you do this.
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Staking: Staking means you lock up your NFT to earn rewards. NFTs like Wolf Game let you earn their native token $WOOL. You can earn ~$1000 per day by staking 1 NFT.
full twitter thread link:
Staking nft? That sounds pretty interesting to me 👍 I wonder if bayc ecosystem already has this feature or not. At the moment I stake only Pocket on P2P https://p2p.org/networks/pocket but it would be great to stake NFT too.
I agree here, this is an ideal vacation. You can also take a fishing rod with you and go fishing. I was lucky and I was able to buy a yacht at a reasonable price. Take a look at https://2yachts.com/charter/france , here you can find a suitable yacht, well, or equipment for it if you already have a yacht.