Kornelija Kazlauskas 
Non-fungible tokens (NFTs) have fundamentally changed how we think about digital artwork and collectibles—opening up innovative use cases for creators, collectors, and investors alike. While there is immense potential with NFTs, unlocking value requires creatives to go beyond simply making art or items available in a publicly accessible marketplace. To gain further traction within their space, artists must find ways to add utility that differentiates and adds value to their project or collection. In this blog post, we’ll explore the answer to “how to add utility to an NFT?” and maximize your NFT’s appeal.
What Is NFT?
Before discussing “how to add utility to an NFT?” we need to know what NFT is. NFT stands for Non-Fungible Token. It is a unique digital asset representing ownership of a particular item or content: artwork, music, videos, and even tweets. Unlike fungible assets such as fungible cryptocurrencies, each NFT is unique and cannot be traded or exchanged for another NFT.
NFTs are based on blockchain technology and provide a decentralized and transparent ownership and transaction history ledger. This enables verification of authenticity and ownership and tracking of the value of NFTs over time. NFTs have grown in popularity in recent years, especially in the art world, where they have been used to sell digital art for millions of dollars. NFTs can also be used in gaming, virtual real estate, and other industries that have value in their digital assets.
How To Add Utility To An Nft?
NFTs, or non-fungible tokens, are digital assets that use blockchain technology to verify uniqueness and ownership. In recent years, it has grown in popularity to represent ownership of various forms of digital content, such as artwork, music, and even tweets.
While an NFT’s initial value is usually determined by its perceived rarity and uniqueness, there are several ways to add utility to an NFT to increase its value and appeal to potential buyers. So, you need to know how to add utility to an NFT. Here are some examples:
Access to exclusive content or events
NFTs can give owners exclusive content such as unreleased music, behind-the-scenes footage, or private virtual events with artists. This makes the NFT worth more than the original price, incentivizing buyers to invest. Royalty and Revenue Share:
Some NFTs can be programmed to include a percentage of revenue generated by an underlying asset, such as an asset. It can create songs and video games. This means that NFT owners can generate ongoing income from their investments, creating a long-term incentive to hold on to their NFTs and potentially increase their value over time.
Game and virtual world integration
NFTs can be used in games and virtual worlds to represent unique in-game items and virtual properties. This could increase the usefulness of the NFT, as the NFT’s owner may develop an interest in virtual worlds and games, creating a secondary market for trading her NFTs in games and worlds.
Physical Goods or Experiences
Some NFTs can be redeemed for physical goods and experiences. B. A private concert with a work of art or an artist. This increases the value of NFTs beyond their digital representation and provides a special incentive for buyers to invest in NFTs.
Social utility
Some NFTs can be used to represent membership in communities or social networks. This can add value to the NFT by granting NFT owners access to exclusive content and events within the community, potentially creating a sense of belonging and status among the community members. Increase.
Adding value to an NFT will help increase its value and appeal to potential buyers. By incorporating features such as access to exclusive content, revenue sharing, game, virtual world integration, physical goods, experiences, or social benefits, NFT developers can make NFT developers more attractive and valuable assets to buyers. It can be created.
What Are Examples of NFTs With Utility?
1.NBA Top Shots
NBA Top Shots is an NFT platform that allows users to collect and trade digital basketball highlights. Each highlight is represented by a unique NFT that can be bought and sold on the market. His NBA Top Shot NFTs have utility beyond their rarity and uniqueness, as they can be used to access exclusive content and experiences such as Virtual Meetings and Greetings with NBA Players.
2.Crypto Kitty
CryptoKitties is a game where a user collects and breeds digital cats, each represented by his own NFT. His NFTs in CryptoKitties have utility beyond their rarity and uniqueness, as they can be used in other games, virtual worlds, or exchanged for physical goods such as t-shirts and stuffed animals. Asynchronous art:
Async Art is an NFT platform that allows artists to create layered artwork that can be programmed to change over time. Each layer is represented by a unique NFT that can be bought and sold on the market. Async Art’s NFTs have utility beyond their rarity and uniqueness, as they can be used to influence the artwork itself. Change the color of a specific layer.
3.Board Ape Yacht Club
The Bored Ape Yacht Club is a social club for NFT collectors, and a unique NFT represents membership. Bored Ape Yacht Club NFTs have utility beyond their rarity and uniqueness, as they can be used to access exclusive content and experiences, such as Private Discord Servers and Live Events.
4.Rarible
Rarible is an NFT marketplace where users can create and sell their NFTs of her. His NFTs in Rarible have utility beyond their rarity and uniqueness, as they can be used to represent ownership of physical assets such as real estate and collectibles. This bridges the digital and physical worlds, allowing NFTs to have tangible value beyond their digital representation.
These are just a few examples of practical NFTs, and new use cases for NFTs are emerging as technology advances.
To Sum Up
In conclusion, finding an answer to the “how to add utility to an NFT” question is actually pretty easy. From a legal perspective, it is essential to remember the restrictions on content and logos as applicable under applicable laws. Considering some of these details certainly increases the complexity of an NFT project and requires extra consideration before launch. However, despite that challenge, there are still many ways to develop functionality in your NFTs with licensing opportunities. Moreover, if you need additional guidance, don’t hesitate to contact a lawyer for advice specific to your unique circumstances. Until then, keep experimenting and pushing the boundaries of this incredible new technology —for its diverse range of uses makes it so powerful. Do your research – study the marketplaces and review best practices from those already adding utility – and with luck, perhaps you, too, can create a new trend in the world of nonfungible tokens!
