NFTs have emerged as the newest craze in the market, generating billions of dollars in annual transactions. Some people refer to them as digital art installations, while others use them in a more practical sense. While many of these projects are less applicable than others, there are some NFTs that could genuinely provide real utility.
Regardless of your opinion on their value, they are now capturing our attention with a renewed enthusiasm around decentralized web services and web 3.0 concepts. Utility NFTs have the potential to provide an even greater infrastructure to the cryptocurrency and blockchain space.
Since everyone cannot get a Crypto Punk or a Bored Ape Yacht Club NFT, there are other ways to get our hands on some profitable NFT projects with real utility. So let’s take a look at a few of them in more detail.
NFT Projects with Real Utility
Fractal is an NFT gaming marketplace hosted on the Solana ecosystem that enables game companies to list NFT drops for durable in-game assets and sell directly to players. It successfully airdropped Genesis NFTs that allow game creators to use, develop, and shape them as they see fit. It also allows regular holders to gain access to in-game content, characters, and secret levels.
Fractal aims to be a leading NFT marketplace and intends on overtaking OpenSea. To ensure this, they have set in plans to ensure they achieve the goal. This will open the 100,000 chosen users to opportunities that range from increased finance and access to exclusivity.
Axie Infinity is one of the most popular Blockchain gaming platforms with millions of users. It is a game universe that lets you collect, breed and train your own creatures called Axies. These digital creatures can provide a lot of real-world utility as they can be used to play the game or exchanged for other cryptocurrencies. The platform includes a user-controlled economy that allows players to buy, sell, trade, and own in-game assets that can help them fight for leaderboard rewards and SLPs in a combat. They can breed Axies by recombining existing body parts, and they may even speculate on the rare Mystics and Origins Axies.
Axie Infinity ranks as one of the top Ethereum gaming platforms and players have spent an accumulated amount of over 3 billion dollars.
Nike is one of the most high-profile sporting brands in the world and they are well aware of NFTs. In December 2021, they acquired RTFKT, a leading brand that combines culture and gaming with cutting-edge innovation to produce next-generation collectibles.
RTFKT is creating a one-of-a-kind virtual product and experience by combining gaming utilities, NFTs, blockchain authentication, and augmented reality. These products include sneakers and other digital artifacts that exist digitally.
One Nike NFT can cost as high as $25,000 and as low as $2,600. Despite the high price, they are selling fast.
The Sandbox is an online gaming platform that provides an environment where users can create, collect, sell and monetize their own virtual reality NFTs. Unlike similar projects, this isn’t just limited to virtual avatars or video game characters.
Instead of being limited by a few preset templates, designers have the freedom to create whatever comes to mind and sell it on the open market. If you need new inspiration or help with some basic building techniques, The Sandbox also offers a catalog of 3d models that you can use for free ( as long as they are not used for commercial purposes ).
The sandbox token, SAND has a total market capitalization of over $10,000,000. It is also one of the fastest-growing NFT tokens used for social interaction or to buy in-game resources.
Pool Lotto is a blockchain-based lottery platform that addresses the common issues that people face in the present centralized lottery.
In response to these loopholes in the lottery, Pool Lotto sets itself to be a trusted third party that ensures honest payments, fairness, and equal returns on winnings.
It uses the blockchain and smart contract technology that ensures transparency and no longer allows users to trust a third party to manage their funds because they can claim the winnings directly from a smart contract with no additional fees or commissions.
They are also planning to set up an NFT ticket that will help improve user engagement and facilitate mass usage. This NFT ticket will be a utility-based NFT that offers better features and potential returns to the players.
Autograph is an NFT platform that brings together the most iconic brands and legendary names in sports, entertainment, and culture to create unique digital collections and experiences.
Hosted on Polygon, it gives fans the chance to meet with their favorite celebrity and uniquely interact with them. They have featured a wide range of celebrities, including athletes such as Usain Bolt, Tom Brady, and Naomi Osaka.
They are worth millions of dollars and have over 1000 users, making it one of the most profitable NFT projects.
Decentraland is a virtual reality platform with 3D digital assets that can be bought, sold, or traded. Projects on the platform are powered by the LAND token and can act as conventional land or break into an object in a digital world.
The platform has no entity, corporation, or central authority and works directly with its users to ensure blockchain-based transactions for rewards.
Users can create and own virtual objects through Decentraland that are made of LAND. Objects can also be exchanged between other users on the platform as well. The platform is decentralized, complete with its own network, blockchain, and an autonomous governing body.
While the NFT concept continues to gain popularity, it has been met with a lot of skepticism from many people who believe that it will not last long.
However, with the emergence of a new stream of NFT projects that deliver more than just artwork, there is reason to believe that NFTs are here to stay. Utility NFTs are the future of NFTs, and they determine what makes a great NFT project or a worthwhile investment.