Better conversion rates and more loyal customers are just some of the benefits of utility NFTs

Humans have always valued utility. From developing stone tools to perfecting animal husbandry, our ancestors crafted technology that creates value by making life easier — or, sometimes, simply more interesting. Look around, and you’ll find that we’ve never lost that mindset, it’s just evolved. Nowhere is that clearer than NFT projects with utility, which show how the Web3 internet is helping people and businesses connect.

Popular tokens have one thing in common: They prioritize utility NFT benefits as part of the experience

Most of us first learned about NFTs (non-fungible tokens) because of their relation to digital art, but the technology is capable of much more. NFTs that function as utility tokens act as a gateway to the new possibilities afforded by Web3 technology. By embracing utility NFT benefits, brands will be better equipped to engage audiences in any industry, from music to apparel and beyond. Let’s dig into some examples of successful NFT projects and how you can implement their lessons into your project.

From creating new experiences for fans to building new content and beyond

Maybe your entertainment brand has already dove into the deep end of NFTs (non-fungible tokens) with a range of artist and community collaborations. Or maybe you weren’t convinced by the early days of NFTs and observed from a distance instead. Either way, the still-young technology has steadily redefined public perceptions of scarcity and value in ways no one expected. But now that it’s integrating with another technology that promises to redefine how we work and play, it may be time for your next (or first) on-chain project. We’re talking about AI (artificial intelligence) NFTs.

Each token is unique, and each day is different, but this is a typical day in my life as an NFT.

10:00 AM

Today’s the big day—I’m getting authenticated. An expert will examine my provenance trail, kind of like a background check. I’m not worried, of course, but it’s always nice to be validated by companies like PSA/ Beckett, Analogr, and CGC/WATA.

NFTs aren’t just digital art — they can be used for event access, land deeds, and much more

NFTs (non-fungible tokens) have become a foundational part of the internet’s Web3 future in the few short years since they burst onto the scene. While some still see them as fancy jpegs (or, more accurately, pngs), the truth is that NFTs are much more than digital pictures. With NFT utility, brands can offer unique ways to engage audiences, ranging from proof of ownership of physical goods to access passes for major events. By the time you’re finished with this article, you’ll understand the major types of NFT utility as they exist today.

Music NFTs are changing the dynamic between fans and artists, giving both parties new ways to engage online. The new dynamic is made possible by music NFT companies, who are fueling the transition with innovative new types of tokens that can be bought, sold, and traded online. Music NFTs allow fans to own portions of a song’s royalties, iconic memorabilia, or even access to digital concerts. Here are the companies making the biggest impact.

In 2021, just a few years since anyone had first heard of them, the market of music NFTs was valued at $1.24 billion — and it’s forecasted to grow to $42 billion by 2032. Blockchain technology has granted musicians a new way to monetize their craft, and this guide will show you how to be part of it. You’ll learn what NFTs for musicians are, why your business goals should include NFTs, and how you can grow new revenue streams with digital assets.

More people are minting unique NFTs than ever before, offering potential buyers and sellers plenty of online storefronts to choose from when purchasing unique digital tokens. In fact, there may be too many to choose from if you’re on the business side and just trying to find the right platform to bring your assets to the blockchain.

Tokenization is an excellent way for IP owners, collectors, property owners, and businesses to monetize their most valuable assets. Unless you already have extensive experience creating and promoting your own physical-backed NFTs, you’ll be best served by finding a partner to help you issue tokens and manage investor communications. Most importantly, this tokenization platform must understand your asset’s monetary and cultural value as intimately as it understands the technological complexity of the blockchain.

Everything’s going digital these days — even physical assets. We’re not talking about staking out the virtual equivalent of real estate in a metaverse somewhere and hoping the land will appreciate in value. We’re talking about brands and organizations finding effective and profitable ways to monetize the real, physical assets they hold using the blockchain. It’s a new way of doing business, but it’s already a potent one. If you want to get started right, your best bet will be to follow the example of or partner up with dedicated asset tokenization companies.