Educational
October 12, 2022
3 min read

NFT Utility: Access NFTs explained (with examples)

The investigation of value-based real-world application cases for NFTs is still in its early days, and many newcomers love to get NFTs explained. The value of an NFT utility token can go beyond the confines of just investing in it. It can also alter the ways we live, work, and play.

Share this article
Author

Vicky Petrova

The investigation of value-based real-world application cases for NFTs is still in its early days, and many newcomers love to get NFTs explained. Non-fungible tokens can perform a variety of functions on a blockchain network and are cryptographically distinct from one another. The value of an NFT utility token can go beyond the confines of just investing in it. It can also alter the ways we live, work, and play. 

Utility NFTs means that usage is beyond the representation of very distinct digital assets. A characteristic of top utility NFTs is that they can grant distinct privileges, rewards, or rights to owners that can’t usually be earned through traditional means of ownership.

Think about organizing a concert for 800 people. When it comes to the ticket number for this concert, every single ticket is distinct from the others. But each ticket serves the same purpose—entry to the event. The idea of an NFT for such an event is that there would be 800 uniquely different tickets for each audience member. 

Anyone interested in utility non-fungible token initiatives will undoubtedly want to understand how they operate. 

What are access NFTs?

It’s an NFT and its utility can include the chances, perks, or advantages owning specific NFT offers. These parameters can influence its worth. 

Access NFTs are a rapidly expanding subset of the NFT market. Access NFTs are NFTs that, as their name suggests, grant their owners access to particular groups, activities, and possessions in the metaverse or the real world.

Access and membership

If you've been fully involved in the cryptocurrency world, you've encountered non-fungible tokens (aka NFTs) by now. 

It expresses an interesting narrative of how NFTs fit into the creator economy. It is actively reinventing how businesses, celebrities, and artists from a variety of industries share and profit from their creations.

NFTs are, in essence, built on blockchain technology. The blockchain, which is also the basis of cryptocurrencies, is used for transactions. The similarities probably end with blockchain, though. 

NFTs work more like proof of ownership than like cash, in contrast to cryptocurrencies. The unique value per NFT highlights an asset's distinctiveness and scarcity. The phrase "non-fungible" refers to the absence of one-to-one value exchange.

Through reimagining access via NFTs, community involvement can be expressed in new ways.

Membership NFTs

Brands have started introducing NFT-based memberships as NFT popularity has increased to give owners of these digital assets unique access and benefits.

There are NFT social clubs where membership in a branded NFT grants access to exclusive communities. NFT memberships are used by some restaurants to gain access to upscale service features like private lounges, lavish dining experiences, and celebrity dinners. NFT holders may even be given access to behind-the-scenes material, meet and greets with actors and crew, and monetization opportunities over the finished work in an NFT-funded film and television projects.

NFT memberships provide eCommerce business owners the chance to foster a stronger sense of community, increase brand loyalty, and reward their most loyal consumers with special access and benefits. Customers can enter the brand's store (or a particular area of the store) that may offer exclusive collections, perks, and more by connecting their crypto wallets and confirming their possession of specified membership NFTs.

Examples of Membership NFTs

Flyfish Club

Because NFTs are entirely digital, they are frequently criticized. People might argue that since you don't possess the painting, you don't own the art and that you can create a Discord server without NFTs. These people may want to take note of Flyfish Club.

Through Flyfish Club NFTs, you can get access to a real-world restaurant (and an expensive one at that). 

Flyfish Club, a fine dining establishment with a seafood theme that will be accessible with one of their NFTs, was co-founded by Gary Vaynerchuk. Dining here can cost more than the typical seafood supper at 2.7 ETH, but they also offer you access to more gastronomic adventures. 

Rock Three Stripes In The Metaverse With Adidas

Adidas successfully executed one of the most Web3-native debuts for a non-NFT brand by handing out POAPs and working with Bored Ape Yacht Club, gmoney, and PUNKS Comic on their first NFT after purchasing land in The Sandbox.

Adidas: Into The Metaverse was the moniker given to the project. Adidas quickly generated a lot of buzz as a well-known sports and streetwear brand. Adidas has established its position in the Web3 community following the release of a second edition, an official Discord, and exclusive clothing for holders.

While still in its early days, the NFT craze might be just the right choice your brand makes right now. Relite aims to empower businesses via NFTs, a $300B market, by opening the funnel for NFT mainstream adoption. We help retail brands like yours implement a custom-tailored NFT strategy that will keep you on the edge of the competition.  

Want to sell NFTs on your website? The Relite creative team is here to assist! If you are not sure where to start but you want to innovate, contact us today to discuss the best NFT strategy, specially tailored for you.

Welcome to the Relite community

Stay up-to-speed with Ecommerce & NFTs.