NFT Utility Ideas – Top 7
The Utility of an NFT means the functional benefits one can get by simply holding an NFT, other than the capital gain from the appreciation of the artwork. Without a Utility, a non-fungible token is just an artwork.
NFT Utility Ideas You Can Implement To Your NFT Collection
NFT utility idea 1 – Subscription Services
To add subscription services as an NFT utility, you either need to own a business or have a partnership with another company/business. It doesn’t matter whether it’s product-based or service-based. If your business is already based on the subscription model, all you have to do is connect the dots. Let’s look at a few examples,
Ex 1: Owner of a sneaker shop
We all know people love sneakers. Why not use that as an advantage. For the holders of the NFT, you can give away a pair of sneakers every month, and for the other NFT holders at a discount. Add some conditions to the giveaway, like a person needs to hold the NFT for at least two months or needs to have at least two NFTs to win the sneakers.
Ex 2: Partnerships
Create partnerships with other existing subscription businesses and present your NFT collection to their current customers. This becomes a win-win situation for both parties. Your NFT gets a utility & their company gets a new chance to revamp their image and attract new buyers through your collection.
NFT utility idea 2 – Tickets for events & Exclusive communities
Another excellent NFT utility example. People love the feeling of being in an exclusive social circle. The best example is the BAYC collection. They recently had a VIP bored ape yacht club party for the holders. Organizing a yearly VIP event for the holders is a pretty good utility for an NFT collection as people will try to hold the NFT for a much more extended time.
You can partner up with a band/singer/music festive organizers to make these non-fungible tokens function as keys for concerts. Imagine there are only 5,000 backstage passes for the Tomorrowland. How rare would it be?
NFT utility idea 3 – Merch Drops
Merch or clothing exclusively designed for your NFTs is a perfect utility example for an NFT collection. Although people are interested in the digital world, who would say no to a good, comfortable hoodie or a T-shirt. Design a website where holders can verify their NFTs and then order their merch. This way, you are not only in the NFT space, but you are building a clothing brand too. A perfect example of this is Rebel Rabbits, where they offer a hoodie with their logo on the front.
NFT utility idea 4 – NFT Drops(WL)
One of the most common and the most straightforward NFT utility to implement in your NFT collection. A perfect example of this is the Bored Ape Yacht Club, where if you are an owner of a bored ape, you automatically get whitelisted for the bored ape kennel club and mutant ape club. Also, those who own bored apes get airdropped by a new NFT collection called bored ape chemistry club.
NFT utility idea 5 – Travel contests & Tour Giveaways for Holders
A brand new NFT utility idea if you are searching for utility ideas for NFTs that have not been implemented previously. Just like the VIP events we mentioned earlier, why not organize an annual tour contest for your NFT holders. Give them some conditions to enter the giveaway,
Ex – Need to hold the NFT for more than three months or require to hold at least two NFTs.
Organizing a full-paid event like this helps to attract more individuals; plus, at the same time, this will give the collection more visibility in the NFT space as no one has done this before.
NFT Utility Idea 6 – DAO (Stake to Earn)
The first step to create your own ecosystem in the cryptocurrency universe. Just as a cryptocurrency, the higher the number of holders, the higher the NFT collection value. Why not give something back to your loyal community. Make a DAO with a platform. Let the holders stake their NFTs and, as a reward, give the holders the native token of the DAO. This compels the holders to keep their NFTs and stake them instead of selling them.
To learn more about DAO click here
NFT Utility Idea 7 – P2E Game (Play to Earn Game)
A typical yet one of the most effective approaches for a utility NFT. Don’t have to be a massive 3D game with complex controls. Create a small blockchain game with simple controls that involve your NFT as a skin or somehow. It can be an arcade-type shooting game, an endless running game like temple run, or even a treasure hunt game on an existing metaverse like Sandbox or Decentraland. Make a native utility token and reward the players with the token.
Ex – Axie infinity.