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Enough said about the hype of NFT, what exactly are the utilities of NFT nowadays? This article will lay down all the relevant ideas on how NFT is being utilized as well as how it is evolving from one idea to another. For those of you who are interested in owning a NFT or are already owning NFT, this will clarify further what type your NFT belongs to and how you can strategize a game plan to maximize the benefit / advantage of your NFT!Since 2017, Cryptopunk NFT has appeared and the variety of NFT has blossomed since then and it continues. It has been 5 years since the birth of the very first few NFT. Today, NFT has become a buzzword that people are talking about, whether as a collection or there is a specific use case attached to it. Here we list down a few big buckets of the utilities and be reminded that this is not an exhaustive list as the NFT space is ever changing!First and the most commonly recognized utility of NFT is the collectibility or ownership of an item. Some of the collections included but not limited to originally digital art, physical turned digital art, tweet and etc. On top of that, those examples that are more focused on ownership are virtual real estate and financial instruments (e.g., bonds, stock and etc).Secondly, NFT is being utilized to gain access to certain benefits, events and networks too. For example, Crypto Baristas is an “all-encompassing caffeine experience” that entitles NFT holders to discounts at future cafe locations, at an online store and on merchandise. To this date, there are some concerts or events already started to utilize NFT as the ticket. This not only helps to improve the efficiency in ticketing, but also being more environmental friendly to reduce paper used in ticketing.Lastly, NFT is being used to show status or present an identity of the owner. There are some prominent examples that are mainly in the form of profile pic. Multiple projects and some are quite successful in creating a social status for the owners of their NFTs.

The utilities of NFTs

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