The Shift Within NFTs
We know; a couple million dollars for a pixelated portrait is a lot, and digital collections have arguably become the new hot thing to get in on - however, we’re beginning to see the shift from collectability, to functionality and IRL usage.
The Descent Below The Tip Of The Iceberg
As discussed in some of our previous blogs, the recent adoption and interest towards the concept of NFTs has only ever lightly touched the surface. An entire world lies beneath, with opportunities that will undoubtedly disrupt and re-shape most major sectors and industries.
Collectible art was and is, just the beginning. There’s an entire future within blockchain to utilize NFTs to securely store important documents, and enable a seamless, decentralized, intermediary-less transfer of IP and other forms of property. Pink slips for cars, deeds and titles for land and houses, etc.
As with all things, it’s important to remember that Rome wasn’t built in a day. NFTs are certainly not exempt from this. It will certainly take time for governing bodies to recognize on-chain storage of IP to further enable the access of decentralized trade between 2 parties. So until we get there, it’ll be a few iterations of baby steps. Small, but who doesn’t love seeing a child find their feet for the first time?
Baby Step #1
It goes without saying, NFTs in the form of collectible art have undoubtedly slowed down. Existing projects like Crypto Punks, Bored Ape Yacht Club as well as others will keep the flame alive - however they’ve already sucked most of the oxygen in the room, creating a very high barrier for entry for any newly minted projects coming to market.
So who shut the door and cut the oxygen supply? Functionality.
Functionality has begun tip-toeing its way into the NFT space. And by functionality, we mean anything.
NFT projects with special features for both IRL and on-screen usage are beginning to sweep marketplaces such as OpenSea. There are multiple examples featuring exclusive access passes and a multitude of other member benefits.
A Few Examples:
1. Rubber Duck Bath Party
Rubber Duck Bath Party is a collection of 10,000 hand-drawn, party-loving, dynamic NFTs. Once in a while, your duck will be invited to a bath party - a virtual event where your duck can win, swap, or lose a particular trait.
2. Fancy Bears
Fancy Bears are 8888 bears ‘chillin’ in a metaverse club. Here you can hang out with artists, top athletes, influencers, celebrities and Nobel prize winners. In the Metaclub you can join concerts, pool parties and play tennis with your favorite creators. Holders also gain access to free merchandise, and other exclusive deals and offers across Web2 and Web3.
3. BYOPill
BYOPill acts as the first consumable of the metaverse. It provides holders with power-ups or visual experiences across different worlds while acting as a key for future drops.