Contrary to popular belief, non-fungible tokens (NFTs) are far more valuable than cool-looking pictures or pieces of artwork. They have evolved into something worth so much more thanks to the introduction of utilities.
With such a crowded space, it’s imperative that NFT creators find a way to stand out, which is why utilities were created. These unique functions provide users value beyond the primary function of a non-fungible token. Yes, NFTs are unique in nature and cannot be replicated. Yes, they are great keepsakes and can be used as digital collectibles. With utilities, however, they can also provide value through rewards and holder privileges that would otherwise be impossible to access.
In fact, NFTs that offer utility are far more likely to sell out than their non-utility counterparts. There are three main ways utilities contribute to a project’s success: they offer uniqueness, exclusivity, and are value-oriented.
